X0PA IA, a leader in objective, AI-powered recruiting solutions, today announced Series A funding of $ 4.2 million. The investment was led by ICCP SBI Venture Partners (ISVP), with additional funding from SEEDS Capital, AI8 Ventures, XCEL NEXT VENTURES and SASV Investments. The new funding follows significant growth in new markets and the launch of pioneering innovations in inclusive hiring.
Now more than ever, organizations are looking to increase diversity in their workplaces and reduce stigma, while reducing the time and costs to hire the best talent. X0PA’s smart recruiting solutions are designed to maximize objectivity in talent selection and leverage automation to empower candidates and employers to achieve the most fair and desirable recruiting results.
“Recruitment and selections can have significant biases, inequalities and inefficiencies. We seek to be a game-changer in fair hiring and selections by reducing unconscious bias and subjectivity leading to more diverse workplaces and better selection outcomes. We also want to continue to capitalize on our sophisticated algorithms and intelligent automation to make the whole process efficient, which saves considerable costs and time while ensuring the ideal match between employers and candidates ”, explains Nina Alag Suri, founder and CEO of X0PA AI.
X0PA offers a line of ethical AI-powered products, developed on Microsoft Azure, that seek to reduce manual recruitment and selection processes, increase inclusion, and solve people search challenges for businesses, universities and government. Market-leading patented algorithms, machine learning (ML) and robotic process automation (RPA) are at the center of powerful products that enable the search, selection and interviewing of candidates at scale.
The new funding round is led by ICCP SBI Venture Partners (ISVP), a joint fund between two of the oldest venture capital firms operating in Asia. ISVP’s seasoned partners and advisors from the Philippines, Japan and Silicon Valley invest in fast-growing technology companies in Asia and the United States. ISVP CEO Miguel Encarnacion focused on the future of work, with X0PA being his 6e investment in the vertical for the past 3 years and he has now joined the board of directors of X0PA as the ISVP strengthens its involvement in the future of X0PA.
“Advances in technology and computing power have paved the way for the use of big data and machine learning as a means of minimizing cognitive bias when hiring. In the process, many previously unknown or underestimated talent pools are now accessible. X0PA solves the talent bottleneck by using AI to find very talented outliers that don’t necessarily fit the usual profiles. More importantly, they pave the way for building a more equitable future of work. We are proud to help them continue to rely on a powerful and economical platform that optimizes recruiting operations while having a significant social impact. Miguel said.
At its home base in Singapore, X0PA also secured funding from SEEDS Capital, the investment arm of Enterprise Singapore. SEEDS Capital catalyzes smart investments in innovative technological start-ups in emerging and strategic sectors with high intellectual content and market potential.
Tan Kaixin, Managing Director of SEEDS Capital, said, “Fair and inclusive hiring practices are emerging priorities for organizations around the world as they seek to increase diversity within teams. Thanks to advanced analytics and artificial intelligence, X0PA’s solutions enable an objective and transparent recruitment process, which has the potential to transform and improve HR practices. We look forward to partnering with this innovative company and enabling its solutions to expand overseas. “
Dion DeLoof, Co-Founder / General Partner of AI8 Ventures, is also keenly aware of X0PA’s competitive advantage, saying, “We are delighted to invest in X0PA to disrupt traditional talent recruiting processes. Their AI and ML based candidate selection approach is a real competitive advantage. End customers are looking for solutions that eliminate unconscious hiring bias, accelerate hiring, and identify new talent pools. We look forward to working with Nina and her team.
The pursuit of growth in Asia remains a focal point for X0PA that Kevin Yu, founding partner of XCEL NEXT VENTURES wishes to accelerate. Kevin said: “Higher attrition, remote working and a candidate-driven recruiting market are currently putting increased pressure on employers around the world to hire faster, while lowering costs. access and integration of talents. X0PA’s advanced AI-powered recruiting tools solve these problems and position them as a future leader in inclusive recruiting software. XCEL NEXT supports founders transforming industries, and the X0PA team is one of them. We look forward to helping the company achieve sustained growth in Asia.
Another critical factor in this investment cycle has been client performance. “I’ve been following the X0PA journey since the early days and it’s amazing how far they’ve come. X0PA clients saw a 600% increase in ROI, 80% time savings and 50% hiring costs, ”said Sajit Nair, Managing Director and Founding Partner of SASV Investments, another investor in this cycle.
X0PA, a strong Microsoft partner, plans to use the capital for global expansion starting with the Asian, American, Latin American and European markets. This will include investments in the company’s go-to-market strategy and teams. Additionally, the newly secured funding will help support product improvements and innovation to continue to outperform the competition in terms of AI model maturity.