- End-to-end AI recruiting platform AllyO recently announced it raised $45 million in Series B funding
- New investors Sapphire Ventures and Scale Venture Partners joined existing investors Gradient Ventures, Randstad Innovation Fund, Bain Capital Ventures, and Cervin Ventures for this round
AllyO, a company that is known for its end-to-end AI recruiting platform, announced earlier this month that it raised $45 million in Series B funding. New investors Sapphire Ventures and Scale Venture Partners joined existing investors Gradient Ventures (Google’s AI fund), Randstad Innovation Fund, Bain Capital Ventures, and Cervin Ventures for this round.
This round of funding is a big deal since it is the largest ever raised in the AI recruiting category. Including this round of funding, AllyO has raised $64 million in under three years.
AllyO was founded by long-time friends Sahil Sahni and Ankit Somani. They built AllyO using conversational AI to help employers find more qualified candidates, automate processes, and receive actionable insights. Shortly after launching out of stealth mode in 2018, AllyO received immediate interest from Fortune 50 customers along with Avis Budget Group, The Cheesecake Factory, Pitney Bowes, Brinker International, etc.
“At AllyO, we aim to make recruiting more delightful and efficient for everyone. The AllyO team works very hard prioritizing customer success, generating clear ROI for the world’s largest employers. We are humbled by our exponential growth but also acknowledge the excitement of being able to see the path to an IPO in around three years. Partnering with Jai (Sapphire) and Stacey (Scale) will aid this significantly,” said Sahni.
In the last year alone, AllyO grew 4.5x and the company is planning to continue expanding its recruiting solutions, hire more AI team members, and grow its global presence. With this ambitious plan, AllyO is expecting that more than 15% of Americans will find their next job using its platform in 2020.
“Customers have taught us that AllyO’s consumer-like, engaging experience along with workflow automation solves so many of their employee lifecycle problems efficiently. With this fresh round of funding, we are excited to double down on this vision,” added Somani.
In conjunction with this funding round, Sapphire Ventures president, managing director, and co-founder Jai Das is joining AllyO’s board.
“AllyO is a fast-growth B2B startup that has helped some of the largest employers staff up their teams. Customers have rapidly expanded the use of AllyO across the enterprise under the goal of hiring the best talent quickly. Sapphire Ventures is delighted to invest in AllyO as they rapidly scale their business, and I look forward to their digitizing the hiring industry using ‘Boring AI’ in the process,” said Das.
AllyO has a simple mission of making the recruiting process delightful and efficient. And it does this by addressing the traditional inefficiencies of lost applicants and conversions due to poor candidate experience, the high costs of recruiting due to overburdening of administrative tasks on hiring teams and lack of visibility, and control for HR leadership.
The company utilizes deeply conversational AI to fully automate an end-to-end recruiting workflow by intelligently engaging via texting over mobile devices and the web. And it is used by Fortune 500 enterprises that have experienced a 2-6x increase in applicant capture and conversion rate, 91% application completion rate and over 50% reduction in cost and time to hire.
“In a relatively short time, we’ve seen the inclusion of artificial intelligence and machine learning enhancing recruiting results with many new offerings rapidly picking up speed. In today’s labor market, every organization is competing for top talent while seeking to deliver an exceptional candidate experience. As a result, AI/ML driven recruiting will increase hiring by improving accuracy, efficiency and fairness, with a few pioneering firms like AllyO well-positioned as leaders in the category,” explained CareerXroads principal and co-founder Gerry Crispin.