Joveo, a job advertising platform, has raised $5 million in a Series A round led by its existing investor Nexus Venture Partners. The company will use the proceeds for expanding its outreach and scaling up artificial intelligence (AI) layer.
Apart from funding, the Hyderabad-cum-San Francisco-based Joveo has also announced the acquisition of Ripple Media, a programmatic media buyer which partners with agencies to provide an open publisher marketplace and trading expertise.
Joveo was founded in 2016 by Kshitij Jain, who is a well-known figure in the recruitment business and has worked with job platform like Monster.
It offers campaign management and provides analytics tool, which helps job offering companies to diversify their advertising and create actionable insights.
Joveo helps recruitment agencies, job boards, RPOs and staffing agencies to improve their hiring efficiency at substantially lower cost-per-hire model. It currently has 500 companies as its clients.
Despite based in San Francisco, the company has its engineering team stationed in Hyderabad.
The firm directly competes with Skillate, which also empowers the recruiters to hire the best talent using artificial intelligence and machine learning. Its AI program can read the resumes of candidates and check their experience, education background and matches it to the job description.
Last month, Bengaluru- based Skillate raised an undisclosed amount of funding from Incubate Fund India.
In the last few years, the recruitment industry in India has grown up to $6 Billion with the use of technology. The industry has also made the selection process easier and helped multiple companies in the hiring process.
The number of startups involving in the industry has increased. These startups are not only limited to screening of candidates but also provides multiple HR Tech solutions to the industry. The startups in the recruitment process are continuously growing with the new layers in the process.
The funding news was first reported by vccircle.