Capital Indigo led a R$20m seed round in Beejobs, a Brazilian recruitment platform developing an applicant tracking system for SMEs.
(Contxto) Media everywhere is buzzing with headlines that highlight unemployment rates. Reason dictates that spells trouble for HR startups specializing in recruiting talent.
Yet Brazilian Beejobs is defying these odds as it recently closed an investment for R$20 million (~US$3.8 million) for its AI-enhanced recruitment platform.
Capital Indigo was the lead investor on this occasion. Meanwhile, Beejobs shall use the funds to improve its tech and for business development purposes.
Beejobs and recruitment
Despite Covid-19 leading to lay-offs, the startup has fared rather well for itself.
It reportedly grew 48 percent during the first quarter of this year. Plus, the fact that it closed an investment in recent months shows investors’ confidence in its business model, pandemic or not.
But that’s because the startup can save company resources by automating some parts of the recruitment process.
Beejobs offers recruiters an applicant tracking system, or ATS, that can collect, scan, and rank candidates. Basically this software filters through the information provided by a job candidate for example using keywords.
It can then build short-lists for HR teams so they may only contact those that meet the desired profile.
Beejobs before and beyond Covid-19
Digital recruitment tools should find a permanent place among HR departments.
And that’s because even before the viral outbreak, companies were embracing remote talent. This trend was only pushed further by the global pandemic.
Correspondingly, for Cláudio Vinícius, CEO and co-Founder of Beejobs, Covid-19 has only further showcased the need to digitize the recruitment process.
But when it comes to AI tech used for hiring purposes, there’s still room for improvement.
Amazon’s failed 2015 experiment using machine learning for recruitment set a bad precedent when it comes to AI in HR.
That’s not to say one should discard the approach entirely. But rather it’s important that startups working with these types of solutions consistently evaluate how they’re handling these ethical dilemmas.
Beyond that machine learning has the potential to automate other processes within HR. For example, by monitoring and registering employee progress on projects. That way supervisors don’t have to personally “hover” over them.