Jobiak, the creator of an AI-based recruitment optimization technology for search and social media platforms (e.g. Google for Jobs, Facebook for Jobs), has raised US$2.3 Mn in a seed funding round led by a group of private investors and entrepreneurs including Jane Hirsh (former CEO/ Chairman of a major pharma), Raj Surapaneni (private equity), Joe Beard (Perot Jain PE), Rajat Gupta (Former MD McKinsey & Co) and Shafiq Lokandwala (successful HR tech entrepreneur). The founder, Venkat Janapareddy¬¬, has invested an additional $500K in this round.
Jobiak will use the proceeds to further capitalize on its unique market leadership position and patents by expanding its go-to-market footprint, innovative product development, and make key leadership team hires.
The HR Tech startup which headquartered in Burlington, MA, with international offices in India has successfully completed a beta phase having processed over half a million jobs and is now preparing for a full commercial launch in Nov 2019. The platform is designed to quickly and directly publish job postings to Google for Jobs, maximize their ranking and accelerate the flow of qualified candidates. Created for enterprise-level recruiters and talent acquisition teams, Jobiak claims to offer the fastest and most direct path to posting and achieving high ranking on social and search engines without the need for HTML coding or developer support.
While Google for Jobs has been disrupting the recruitment advertising industry since its launch in 2017, however, it requires recruiters to follow a fairly complex and time-consuming coding effort to meet its optimization requirements in order to gain the full benefit. The recruiters generally struggle to meet and maintain the requirements which result in an average of only 20% of the jobs showing up in the search results.
What Jobiak's machine learning platform has done is that it automated the entire process of meeting Google for Jobs' requirements, resulting in turning Google for Jobs into a very cost-effective recruitment channel for enterprises and their recruitment channel partners.
With this proposition, Jobiak is banking on partnering directly with search and social media platforms and recruitment channel partners to make available the benefits of its AI-based job scraping/ posting and optimization engine to the entire recruitment industry. As per founder Venkat Janapareddy, over 80%+ of job seekers today, start their job search on social and search engines. This presents a unique opportunity to Jobiak to address this need and garner a sizeable portion of the recruitment marketing space.