Mya Systems, the creator of the artificial intelligence recruiter Mya, and previously known as FirstJob, announced last week that it has secured $11.4M in Series A funding, led by Emergence Capital. The funding confirms confidence in the success of AI, and in particular Mya, an intelligent assistant that uses conversational AI to transform the application and hiring experience for candidates and recruiters, has captured the industry’s attention and catapulted to a leadership position.
Mya was launched last year as the first intelligent assistant to address the negatives in recruiting. The company quickly developed an A-list of customers including three of the world’s largest recruiting agencies, and several Fortune 500 companies. Despite zero marketing investment since launching, the demand for Mya has grown 26 percent MoM, particularly among retail, light industrial and call centre employers.
The secured finance will be used to meet demand and to hire the machine learning, natural language processing and data science talent required to continue developing Mya’s underlying technology.
“Our financing and new focus significantly increase our momentum and ideally position Mya Systems to grow and solidify our strong leadership position in the recruiting arena,” said Mya Systems CEO and Co-founder Eyal Grayevsky. “Our proprietary natural language technology is in production and scaling rapidly with our existing customers. We’re on pace to process 2M candidates by year end and the data from those conversations will help fuel Mya’s ability to learn and become a more effective recruiter.”
Mya aims to eradicate the bumps in the recruiting world such as applicants not hearing back from potential employers and for recruiters, finding top talent. Mya’s technology leverages proprietary natural language processing and machine learning techniques to automate outreach and communication with job candidates throughout the end-to-end recruiting process. It applies advanced matching algorithms and predictive models to shortlist large applicant pools so recruiters can prioritise their time with the candidates which are most likely to succeed. She also keeps existing candidate databases warm and engaged, refreshing profile contents and attracting best-fit candidates to new roles, automating up to 75 per cent of the recruiting process and improving candidate experience dramatically.
For one customer, Mya helped save as much as 80 percent in recruitment costs, increased candidate satisfaction to a score of 9.8 out of 10 and enhanced recruiter productivity by 200 percent.
“Mya Systems is on the leading edge of what Emergence believes is a huge opportunity to leverage machine learning to solve challenges for enterprise customers. With their deep roots in the recruiting space, the founders have direct experience with the inefficiencies inherent in the application and hiring process,” said Joe Floyd, Partner, Emergence Capital. “The Company has trained its AI using the proprietary data asset driven by the millions of job conversations Mya has facilitated. We believe Mya will have a massive impact on people’s lives as employees find better fit jobs faster and employers find better matched candidates with less manual effort.”
“The next generation of software will use AI to coach workers to do more than they ever thought possible,” said Gordon Ritter, Founder and General Partner, Emergence Capital. “The Mya team is transforming how high-volume employers will scale to meet the needs of millions of qualified workers. The technical prowess, deep industry experience and vision of the leadership at Mya are the ingredients of success for this new era of software.”
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