HR technology startup Talent Fabric Ltd., trading as Perfect, announced today that it has closed a $13 million seed funding round as it looks to take on established platforms like LinkedIn Corp. in talent recruitment.
Today’s round was led by Target Global and saw participation from Joule Venture and RTP Global as well as individual investors. They include Leon Recanati, Cemi Peres, the Kalish brothers, Oren Rozenbach, Dan Naftali, Uri Levy, Tomer Pomerantz, Nir Adler and former Samsung Electronics Ltd. president Young Sohn.
Based in Israel, Perfect has created what it says is a productive artificial intelligence-powered platform that helps organizations fill staffing vacancies by mapping the profiling career graphs of millions of technology-focused professionals.
The company says it wants to break LinkedIn’s monopoly on the talent scouting market, so it relies on generative AI to help companies find the right signals for each available position they want to fill. Perfect scans dozens of public data sources, including social media and other databases, to find ideal candidates who match the skills employers are looking for.
While all the data it digs into available talent is posted online, Perfect’s advantage is that its AI search aggregates that information into a list of prospective candidates for specific roles, then presents it in an easy-to-digest way. Its AI algorithms analyze each candidate’s information to extract the most compatible matches for each position. Furthermore, it also takes into consideration how likely each candidate is to accept a new job offer.
Perfect’s talent search tools are free to use, though subscribers get additional tools to refine their searches, the company said.
To date, Perfect reckons it has mapped the profiles and career graphs of millions of US-based technology professionals. It said it is constantly scanning public sources for live signals about companies, including layoff notices, senior role changes and other news.
Chief executive Eylon Etshtein says the company sees itself as the “Spotify for talent” and works by learning each company’s hiring preferences, so tailoring its recommendations.
“We bring a real revolution to a world stuck in the past and relying on manual searches on tools like LinkedIn, which disrupted the market in the old world,” Etstein said. “The multitude of changes in the marketplace requires companies to be precise and quick in their ability to take advantage of the opportunities that arise and hire the most qualified employees.”
Incredibuild Ltd., RocketVisor Corp. And RTP Global, the venture capital firm that backed it in today’s round, is among its clients, which includes several tech firms, Perfect said.
The company intends to use the funding from today’s round to increase its market penetration efforts and accelerate product development.