While India is seeing a growing number of artificial intelligence (AI) startups providing enterprises industry-specific solutions by making sense of mountains of unstructured data, there is a new kid on the block, which is attempting to change the way companies hire, engage and retain talent by going beyond traditional resume approach and structuring social portfolios of candidates.
Mumbai-based HR technology startup FlatPi Technologies, which offers an AI-based recruitment platform for enterprises, provides an integrated end-to-end solution that manages hiring workflow intelligently and sifts, ranks and stacks applications to provide for relevant contextualised candidates for job profiles.
The startup, which raised an early seed round in November 2015 from serial angel investor Sunil Kalra and Mohit Thukral, senior vice president, Genpact among others, made its debut in May this year, when it started pilot projects with select Fortune 500 companies and few growth startups in India. On Thursday, FlatPi Technologies said it is commercially rolling out its proprietary platform FlatPi.
"FlatPi aims to revisualise the way people hire, engage and retain talent through a technology driven solution differentiated by intelligent display of data and algorithms," said Pragnya Srivastava, Co-founder of FlatPi. "For organizations starting from growth level startup to an enterprise, the agenda is to reduce the cost-to-hire, time-to-hire ratio and enhance quality of hire."
Before starting the company, Srivastava, along with company's other two cofounders Devvrat Arya and Pritam Roy, did an an extensive year long market research and product validation, during which they realized that some of the biggest enterprises used multiple disconnected systems to manage talent acquisition process leading to inconsistent and unorganised data. FlatPi was built to address this problem statements by leveraging visual display of data, advanced data mining and scalable technology at a very affordable price, the company said.
Within six month of raising funds last year, the three co-founders successfully designed, launched and piloted with some of the most prominent growth startups in addition to few Fortune 500 companies. The startup is now working on its "Beyond CV" concept, which is essentially an effort to incorporate data points available about a candidate on internet and data generated during the hunting process in conjunction with existing CV.
"While at present FlatPi, the company's proprietary platform backed by smart algorithms and machine learning tools, makes hiring process structured, data driven and efficient that enables companies to optimize cost and time to hire, we are working towards inclusion of wide variety of information that are beyond CV to improve the results," said Srivastava. "These information may include but not limited to inputs like hard skills, soft skills, social profiling, interview and various assessment feedback, courses, personality and behaviour, culture fit, stress level index, competencies and characteristics specific to recruiters need."
"We are working towards a future where our system would be able to evaluate candidates not only based on their resumes' but also wide range of human factors. We see companies increasingly focussing on emotional quotient (EQ) rather than just IQ, our solution facilitates that transition through technology," she added.
FlatPi, whose other investors include Steven Sule, partner in investment firm Naste Advisors, Nitin Gupta, senior Executive, Google, Deb Dutt of Goldman Sachs PE, Lalit Patel, co-founder Bash Gaming, Slideshare, Anupam Prakash, Global Partner with Aon Hewitt and Mercer, Vikas Kuthiala, serial angel, Dhruv Prakash, senior consultant at Oliver Wyman, Rajesh Jain, serial Angel Investor, Rishabh Agrawal, co-founder Housing.com), Swanil Agrawal of Grab.in and Mikunj Joshi, Indus Ventures, is currently in the process of raising their next round of funding.