ThisWay Global, a Cambridge-based technology company that has created a software platform powered by machine learning for the recruitment industry, has launched its A-round fundraising in the US.
It is also set to open a new base in Silicon Valley to add to its other US hub in Austin, Texas, and its Cambridge UK mother ship.
The new round will seek to raise more than $7 million from international investors experienced in HR tech, software, marketplaces and Artificial Intelligence.
This series follows a $2m fundraise by the UK business in Europe last year and has been triggered by significant customer demand following the launch of its platform, GPS4Jobs at SXSW, powered by ThisWay Global’s machine learning algorithm Match-ic™.
The cash will be used to expand sales and operations and develop further innovation to address the fatigue of hiring and finding a job. The funds will support the company as it expands its offering, focused on serving HR tech companies and internal human resource departments through its US, UK and European operations.
ThisWay Global has also announced a strategic partnership with HireAbility, a provider of smart resume and CV parsing technology.
Angela Hood (pictured), CEO at ThisWay Global, says: ”This is the first time we have sought capital in the US following our successful fundraise in Europe last year.
“This funding will allow us to continue to build momentum around our recent product launch, which generated significant customer interest, and to expand our operations internationally. We have been very pleased with the quality of investor interest and negotiations.
“Today’s recruitment processes are still based on manual applications and time consuming, biased resume reviewing and processing, done mostly on paper. Our technology revolutionises the way companies recruit employees. GPS4Jobs is powered by our machine learning Match-ic algorithm and uses large-scale matching capacity and holistic analysis, to do in minutes what it would typically take a hiring manager 40 hours to do.
“Our GPS4Jobs platform helps companies eliminate subconscious bias in the selection process and provides them with a much wider and diverse pool of potential, pre-screened employees.”
ThisWay’s AI platform reduces conscious and unconscious selection bias in candidate profiling which provides a better choice of truly diverse candidates that will improve businesses ROI. The global recruitment industry is estimated to be worth $450 billion.
ThisWay has offices in Austin, Texas, and Cambridge UK and will soon add one in Silicon Valley. The company was incubated at ideaSpace in Cambridge. The group’s development team includes experienced entrepreneurs with IPO exits, researchers and advisors from University of Cambridge and University College London.