Recruitment of the start-up Paradox valued at $ 1.5 billion after a funding round of $ 200 million

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Startup Paradox Inc., which provides an artificial intelligence assistant that promises to streamline companies’ recruiting efforts, has secured $ 200 million in new funding to support growth initiatives.

Announced Monday, the Series C round of funding was LED by three leading technology investors: Stripes, Sapphire Ventures and Thoma Bravo. The companies were joined by more than half a dozen other funders, including Twilio Ventures and Workday Ventures. Paradox is now valued at $ 1.5 billion.

Paradox, based in Scottsdale, Arizona, provides an AI assistant called Olivia who can automate many of the tasks involved in a company’s hiring workflow. The startup promises a double benefit for organizations. According to Paradox, its software frees up recruiters’ time by automating manual work and at the same time improves the candidate experience.

Candidates applying for a position with a company that uses Olivia can interact with the assistant through an app. Olivia manages the application process by automatically collecting information such as the number of years of experience of a candidate. According to Paradox, the assistant’s ability to collect information automatically reduces the time it takes to submit a job application to just three minutes.

During the hiring process, candidates can ask Olivia questions about the company. Paradox says the assistant’s AI algorithms can generate responses in three seconds, which also frees up recruiters’ time by automatically responding to common requests.

Olivia can also handle a variety of related tasks. The Assistant includes a set of specialized features that companies can use to host virtual career fairs. To meet the needs of large companies in multiple regions, Paradox supports dozens of different languages.

Paradox says its software is used by more than 500 companies, including major brands such as General Motors Co., Unilever PLC and Nestlé SA. The startup also revealed that its revenue has grown almost 20-fold in the past three years, but it did not share absolute numbers.

Paradox will use the capital to hire more employees in its sales, marketing and product departments, as well as other teams. The startup currently has around 400 employees. “This fundraiser was all about building teams,” said Paradox Founder and CEO Aaron Matos. “We will continue to create the most innovative software in the industry, while developing and expanding Team Paradox. ”

Recruiting is one of the many business processes companies streamline with the help of chatbots. Another use case is the processing of support requests that employees send to the IT team. Moveworks Inc., the developer of an AI platform that can automatically respond to technical support tickets and other employee inquiries, raised $ 200 million at a valuation of $ 2.1 billion earlier this year.

There are several startups with tools that allow companies to create custom artificial intelligence assistants for more specialized use cases. One of these startups, Kore.ai Inc., recently firm a funding round of $ 73.5 million. The large number of players in the AI ​​assistant segment indicates that there is potential for consolidation in the futures market, especially if more established enterprise software makers join the fray through acquisitions.

Image: Paradox

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