SAN FRANCISCO--(BUSINESS WIRE)--Restless Bandit, (https://www.restlessbandit.com/), the HR software company that rediscovers the best matched candidates within a company’s existing pool of past applicants, launches to bring data insights to the talent acquisition industry. Furthermore, the company announces it has raised $10 million in financing from GGV Capital and Toba Capital. Restless Bandit’s solutions use artificial intelligence, data science and machine learning to save recruiters time, substantially increase applicant quality and reduce company spend on job advertising.
The company’s flagship product uses these talent matching algorithms to programmatically rediscover and reach out to the best candidates already in a customer’s applicant tracking system and Human Resources Information System.
The combined $8 million Series A and $2 million seed investments will be used to build out the Restless Bandit team and continue to power the data science behind its Talent Rediscovery platform and Resume Refresh product. Restless Bandit’s founder and CEO Steve Goodman sold his previous HR tech startup Bright to LinkedIn in what was at the time LinkedIn’s largest acquisition ever.
After spending a number of years in the HR tech industry, Steve and his team discovered just how much recruiters value sophisticated algorithms that instantly surface and reach out to the right candidates from large resume pools. It became apparent that there wasn’t a solution for HR departments sitting on top of hundreds of thousands, if not millions, of resumes from ideal candidates with an expressed interest in working for that company.
GGV Capital Managing Partner Glenn Solomon, who will join the Restless Bandit Board of Directors as an Observer, says, “Identifying and retaining talent is a top priority for companies in the Fortune 500 and mid-market. Restless Bandit has invented the category of Talent Rediscovery, re-engaging past candidates to find the best matches for open jobs. In our due diligence, we spoke to several Fortune 500 recruitment leaders and uniformly heard that Restless Bandit’s Talent Rediscovery platform delivers unprecedented qualified candidate flow rapidly, utilizing existing profiles and obviating the need for expensive marketing campaigns. Restless Bandit’s positive momentum with customers, industry leading technology and proven team all contribute to our excitement, and we’re very optimistic for the company’s future.”
The best applicants are often those who have already shown an interest in a company by actively applying for a job. Companies with more than 1,000 employees typically have more than 50,000 resumes in their talent pool. Companies with more than 5,000 employees often have more than one million resumes on hand. Restless Bandit leverages these pools of untapped resumes to fill open positions, saving millions of dollars in job advertising and freeing recruiters from the exhausting review of large volumes of incoming applications. It also eliminates recruiters’ unconscious bias, which generates a more diverse workforce and leads to greater adaptability, productivity and reputation.
Restless Bandit’s sophisticated algorithms were developed by a team assembled from Google, LinkedIn and Bright, including four PhDs in technology disciplines, with academic backgrounds from Stanford, Princeton, Cornell and UC Berkeley. The team has invested more than 50,000 man-hours deconstructing resumes, identifying hiring patterns and drawing correlations to inform their machine-learning algorithms. The company aggregated more than 120 million job descriptions and 30 million resumes to train its algorithms. Restless Bandit tracks hundreds of resume variables against open job requisitions that help determine the fitness of a candidate for consideration.
Restless Bandit’s simple and intuitive products Resume Refresh and Talent Rediscovery seamlessly integrate with an organization's recruiting workflow.
Restless Bandit’s Resume Refresh product automatically updates resumes already submitted to companies with publicly available data to prevent resume decay, unlocking the value of past applicants instead of paying to recruit them again.
Talent Rediscovery, a new term and category coined by Restless Bandit, is an essential component of a talent acquisition strategy along with targeting passive candidates and active candidates that come from job boards. The Talent Rediscovery tool saves companies time and resources looking for new candidates, discovering the best matched applicants in an existing resume database in real time.
“Companies are sitting on a gold mine of great candidates, and looking outside of their organization is a sub optimal use of time and money. After tens of thousands of hours of analysis we’ve shown the best candidates are hiding in plain sight—and they are 14 times more likely to respond to a company’s email than a cold recruiter message because there’s an existing relationship,” says Restless Bandit’s founder and CEO Steve Goodman. “We’re thrilled that so many companies want to work with us, and we’ve already started filling positions at some of the most exciting enterprises in the world.”
About Restless Bandit
Companies’ best job candidates are hiding in plain sight. Restless Bandit's HR recruiting software platform breathes life into existing applicant pools with its Talent Rediscovery and Resume Refresh tools. Launched by technologists from Google, LinkedIn, and Bright, Restless Bandit uses artificial intelligence, data science and machine learning algorithms enabling recruiters and enterprises to discover the strongest candidates within their existing resume database. The San Francisco-based company has raised $10M and places top talent for clients including: Gannett (USA Today), IHOP, Applebee's, comScore, Rosewood Hotels, Cabot Corporation, Aimco among others.
About GGV Capital
GGV Capital is a venture capital firm founded in 2000 with the unique idea to have one team investing in both the U.S. and China. With $3.8 billion under management across 8 funds, the GGV portfolio includes Airbnb, Alibaba, AlienVault, BitSight, Ctrip, Didi Chuxing, Domo, Grab, Hashicorp, Houzz, Nimble Storage, Opendoor, Pactera, Pandora Media, Percolate, Slack, Square, Synack, Wish, Youku Tudou, YY, Zendesk, 51credit and more. For more information: www.ggvc.com | Twitter: @GGVCapital | WeChat: GGVCapital.