Param.ai raises Rs 1.75 crore in seed funding
Param.ai has raised INR 1.75 crores in Seed funding led by the US-based Institutional Fund Core Financials LLC and National award winner actor Ashish Vidyarthi.
Param is an AI-based inbound hiring solution which helps companies make data-backed hiring decisions by streamlining, cleaning and standardising their data sets.
“Automation and artificial intelligence (AI) are influencing and entering pretty much every walk of life, promising substantial productivity gains for the economy. Technology (and automation) is helping us elevate the scope of our jobs by reducing or eliminating the low-value mundane tasks, and freeing up time which can be used to perform higher impact tasks which add greater value. Param.ai aims to add intelligence to hiring decisions. I am excited to be a part of the Param.ai story as it transforms the recruiting landscape in India” said national award winner actor Ashish Vidyarthi, who is an investor and a brand endorser for Param.
Param.ai CEO Hari Krishna and CTO Ashish Sahoo share their views exclusively with People Matters about the funding.
The funding will be used to facilitate the product’s upcoming version which will have automated outbound hiring, candidate engagement and a few other features.
Param.ai has been part of the People Matters TechHR Spotlight Program. And how did the platform help Param.ai? “We couldn’t have asked for a better forum than TechHR to present the product. This forum helped us get the idea validated, gave us the visibility in the HR community, connected us with potential investors and also helped us get first-hand feedback from industry leaders. TechHR helped us get connected with Singapore-based VC firm Yournest. It was too early for us to have funding discussions during TechHR. We are in discussions with them and hoping for a positive outcome from subsequent discussions as the time is right now,” said Hari Krishna-founder and CEO of Param & Ashish Sahoo, the CTO of the company.
A spokesperson for Core Financials LLC said, “Artificial Intelligence is changing the way we do business. Companies will have to adopt more efficient ways to continue finding, building, retaining and growing talent. Param.ai promises to change the way companies hire. Core Financials LLC is proud to announce its partnership with Param.ai and investment in this great product, which has a vision to revamp recruitment.”
“Data is key in recruiting and is dynamic. Param aggregates and standardises the ATS data, automating low-impact repetitive, tedious tasks like resume screening so that recruiters can stay focused on their most high impact tasks. Param insights will help recruiters, talent acquisition personnel and business leaders to make data-driven hiring decisions. We are glad to have Core Financials and Ashish Vidyarthi onboard. We have an exciting roadmap ahead. In the upcoming version, we plan to focus on automate outbound hiring and candidate engagement” stated Hari Krishna.
“At Param.ai we strive to innovate and use technology to fill in the gaps in recruitment. We use data science and NLP extensively to understand the hiring pattern of a company. Having said that, it is not an easy job to do so, because the data is very unstructured in nature. Normalising such data, deriving knowledge from applicant profiles and making patterns out of them is an enormous job. Param’s algorithms are smart and help achieve accuracy in forming these patterns. We are currently working on incorporating voice technology which will help sourcers and recruiters increase their efficiency by 40%. We are also releasing our developer APIs so that developers can build solutions leveraging Param’s technology,” said Ashish Kumar Sahoo, CTO and Co-founder of Param.ai.
Param.ai was backed by Satya D. Sinha and Gyanendra Singh - Founders of Mancer Consulting from the ideation stage.