myInterview, a leading video job interview platform developed in Australia and Israel, has successfully completed a second round capital raise of $AUD1.6million, through a consortium led by VC firm Entrée Capital, and former LinkedIn ANZ & SEA MD, Cliff Rosenberg.
myInterview is a video-based candidate screening platform used by employers and recruiters to make more astute hires and placements. Established in 2014, it is the brainchild of Sydney-based Guy Abelsohn, and Tel Aviv-based Benjamin Gillman, whose own frustration at the post-university job search process led them to develop the unique technology behind myInterview.
“myInterview provides a fundamental leap forward from traditional online resumes,” said Guy Abelsohn. “Through AI and machine learning, a video interview through myInterview can track candidate metrics such as speech to text, emotion and tone, and specific employer requirements. Considering culture fit is crucial when screening candidates, and when used at application stage, myInterview can reveal top talent earlier. The time saved per hire is as significant as 60%, but the real benefit lies in the improved accuracy of a placement.”
The new capital investment comes on the back of strong growth, which includes high profile clients Pandora and the Catch Group; and partnerships with Human Resource Specialists such as Hudson, Jobadder and Workable.
Why has myInterview attracted this funding?
“The myinterview platform solves a real issue for recruiters and candidates by adding a visual and auditory element to written job applications. This balances the unconscious bias that typically occurs with written resumes. By adding in an AI layer, the platform also helps recruiters select the very best applicants in a timely and cost-effective manner,” said Cliff Rosenberg, whose other private equity investments include ASX listed Afterpay and MadeComfy, who recently completed a $6million investment round led by Investec.
“My personal investment strategy centers around backing innovative entrepreneurs and I have been thoroughly impressed with the energy and passion displayed by both Benjamin and Guy. They work extremely well together and excel at leading a multi-cultural team across two countries. The investment team we have assembled look forward to helping the company scale and innovate.”
The investment will be used to expand further into the recruitment and HR sectors in Australia, the UK and the US. Funds will also be used to invest in R&D with a strong focus on machine learning to promote data driven hiring decisions.
“The best feedback we receive is when a client tells us they made a hire that would have initially been rejected via a traditional online application,” Guy Abelsohn says. “Candidates with the right attitude and culture fit have greater productivity and can therefore be retained at a much higher rate, reducing staff turnover and increasing the bottom line.”
Ben Cartland, Talent Acquisition Manager at the Catch Group, has used myInterview for recent staff recruitment drives.
“myInterview enabled our project team to quickly review and determine whether the retail assistants have the right mix of energy and customer service skills,” said Ben. “The solution enabled us to appoint 40 staff members in 15 days.”
Why is myInterview doing differently from the rest?
Processing thousands of videos a week, myInterview is bringing greater clarity to the recruitment process. myInterview is unique in a number of ways, including:
myInterview is used at the application stage of the interview process. With a video recording time of up to two minutes it removes the need for time-consuming cover letters and phone screens. Having a video accompany resumes allows for greater internal collaboration and visibility, compared to one-on-one phone calls with applicants. This method gives candidates the ability to demonstrate their knowledge, enthusiasm for the position and applicability for the role.
Candidate experience – myInterview has worked closely with behavioral psychologists to create a compelling candidate experience that is quick to complete. It is integrated directly into partner sites and is also fully mobile responsive, without the need to download apps.
AI – myInterview Intelligence takes data from successful candidate interviews in specific industries, positions and experience levels and draws trends between new job applications. This machine learning is used to flag top candidates to ensure their applications are not overlooked.
Flexibility – myInterview can be easily integrated into any website. This means that the employment sector is only one vertical in which myInterview can be used – marketplaces, universities and insurance providers are just some examples of industries using the myInterview platform.