NASHUA, N.H.--(BUSINESS WIRE)--Joberate, a global platform of unique talent insights that helps organizations attract more diverse talent faster, improve employee engagement and reduce voluntary attrition, today announces that it has raised $1.2M in a Series Seed 2 funding round led by Falmouth Ventures LP. The proceeds from the financing will be used to accelerate product development and client expansion.
Joberate’s core technology platform brings together the Internet of publicly available yet disparate information about the global workforce. The technology then uses Machine Learning algorithms to enrich the information with proprietary metadata, including patent-pending J-Score®, which has become the standard in measuring online job seeking behavior. Leading organizations increasingly rely on Joberate’s unique talent insights to help support elevated decision making.
“Joberate clients are leveraging our sophisticated talent sourcing and analytics tools to help them find top talent in this tight labor market,” said Michael Beygelman, Joberate CEO. He continued, “We are also seeing growth in clients using our tools to help identify potential talent risk within their own organizations, including early warning of potential workplace bias.”
According to a recent PWC survey, “63% of CEOs said availability of skills was a serious concern” while “93% of CEOs say that they recognize the need to change their strategy for attracting and retaining talent.”
Workplace diversity and inclusion initiatives, and elimination of workplace bias, are also top priorities for organizations. Recently nearly “250 Chief Human Resources Officers and Chief Diversity and Inclusion Officers from CEO Action for Diversity & Inclusion™ (CEO Action) signatory companies convened for a summit to learn, listen, and support CEO efforts to lead with action-oriented steps and drive diversity and inclusion commitments.”
“Joberate has developed a unique technology that helps CHROs and CEOs make better decisions about their workforce,” said Daniel Frawley, Managing Director of Falmouth Ventures LP. Frawley continued, “We have been focused on emerging technology in the Talent Management area for 25+ years so when we conducted Joberate client interviews during our due diligence process, it became clear to us that Joberate offers their clients a uniquely valuable technology solution that has become an indispensable part of their HR and Recruitment strategy.”
According to Grand View Research, the Workforce Analytics market will be $1.87B by 2025, fueled by the growing concern of large enterprises having to deal with massive volumes of data pertinent to human capital, and the widespread adoption of human capital information system to enhance profitability of the industry by reducing operational cost.
Joberate has emerged as a leader in the burgeoning Workforce Analytics segment. This funding round led by Falmouth will help Joberate capitalize on the market opportunity by making investments to accelerate product development and client expansion.
Organizations that are interested in learning more about Joberate’s award-winning talent analytics platform are encouraged to visit http://www.joberate.com.
Joberate’s mission is to create unique talent insights to support elevated decision making. Organizations utilize Joberate to help attract more diverse talent faster, improve employee engagement and reduce voluntary attrition. No other platform has created so many opportunities for organizations to leverage unique data about the global workforce. Joberate was a winner of the Red Herring Top 100 North America award in 2016, and has been featured in the Washington Post and The Harvard Business Review.