X0PA AI RAISES $4.2 MILLION IN SERIES A FUNDING TO SCALE AI-POWERED OBJECTIVE B2B HIRING & SELECTIONS SOLUTION
SINGAPORE, Jan. 4, 2022 /PRNewswire/ -- X0PA AI, a leader in AI-powered objective hiring solutions, today announced $4.2 million USD in Series A funding. 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 comes on the back of significant growth into new markets and the launch of trailblazing inclusive hiring innovations.
The world's most objective hiring and selections platform plans to expand globally and innovate further with cutting-edge AI.
SINGAPORE, Jan. 4, 2022 /PRNewswire/ -- X0PA AI, a leader in AI-powered objective hiring solutions, today announced $4.2 million USD in Series A funding. 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 comes on the back of significant growth into new markets and the launch of trailblazing inclusive hiring innovations.
Now more than ever, organisations are looking to increase diversity in their workplaces and reduce bias, while lowering the time and cost to hire the best talent. X0PA's intelligent hiring solutions are designed to maximise objectivity in talent selection and leverage automation to empower candidates and employers to get the most equitable and desirable hiring outcomes.
"Recruitment and selections can have significant bias, inequity and inefficiencies. We are looking to change the game in equitable hiring and selections by reducing unconscious bias and subjectivity leading to more diverse workplaces and better selection outcomes. We also want to continue to capitalise on our sophisticated algorithms and intelligent automation to make the entire process efficient hence saving considerable costs and time while ensuring the ideal match between the employers and candidates," explains Nina Alag Suri, Founder and CEO of X0PA AI.
X0PA offers a range of ethical AI-powered products, developed on Microsoft Azure, that look to reduce manual recruitment and selection processes, increase inclusion, and solve people sourcing problems for enterprises, academia and government. Market-leading patented algorithms, Machine Learning (ML) and Robotic Process Automation (RPA) are at the centre of powerful products that enable sourcing, screening, and interviewing of candidates at scale.
The new round of funding is led by ICCP SBI Venture Partners (ISVP), a joint fund between two of the oldest operating VC firms in Asia. ISVP's seasoned partners and advisors from the Philippines, Japan and Silicon Valley invest in rapid-growth technology companies from Asia and the US. ISVP's Managing Director, Miguel Encarnacion, has been focusing on the Future of Work, with X0PA being his 6th investment in the vertical over the last 3 years.
"Advancement of technology and computing power has paved the way for the use of big data and machine learning as a means of minimizing cognitive biases in hiring. In the process, a lot of previously undiscovered, or underestimated, talent pools can now be accessed. X0PA is solving the talent bottleneck by utilizing AI to find highly talented outliers that do not necessarily fit regular profiles. More importantly, they are leading the way in building a more equitable future of work. We are proud to help them continue building on a powerful, cost-saving platform that optimises recruitment operations while having an important social impact." said Miguel. Miguel joins the board at X0PA as ISVP step up their involvement in X0PA's future.
In its home base in Singapore, X0PA also secured funding from SEEDS Capital, the investment arm of Enterprise Singapore. SEEDS Capital catalyses smart investments into innovative tech start-ups in emerging and strategic sectors with strong intellectual content and market potential.
Said Tan Kaixin, General Manager of SEEDS Capital, "Equitable and inclusive hiring practices are emerging priorities for organisations worldwide as they look to increase diversity in teams. Through advanced analytics and artificial intelligence, X0PA's solutions enable an objective and seamless hiring process, which has the potential to transform and uplift HR practices. We look forward to partnering this innovative business and enable expansion of its solutions overseas."
Dion DeLoof, Co-Founder/General Partner at AI8 Ventures, is also keenly aware of X0PA's competitive edge, saying, "We are excited to invest in X0PA to disrupt traditional talent recruitment processes. Their AI and ML leveraged approach to candidate selection is a real competitive advantage. End clients are looking for solutions that remove unconscious hiring bias, increase speed to hire, and identify new pools of talent. We look forward to partnering with Nina and her team."
Further growth in Asia remains a focal point for X0PA which Kevin Yu, Founding Partner at XCEL NEXT VENTURES wants to accelerate. Kevin said, "Higher attrition, remote working and a candidate-led recruitment market is currently putting more pressure on employers across the world to hire faster, while also lowering costs in how they reach and onboard talent. X0PA's advanced AI-powered hiring tools are solving these problems and positioning them to be a future leader in inclusive hiring software. XCEL NEXT backs founders who transform industries, and team X0PA is one of them. We look forward to helping the company achieve sustained growth in Asia."
Client results have been another critical factor in this investment round. "I've been following X0PA's journey from early days and it's impressive to see how far they've come. X0PA's clients recorded a 600% increase in ROI, 80% savings in time and 50% in cost to hire" said Sajit Nair, Managing Director and Founding Partner of SASV investments, another investor in this round.
X0PA, a strong Microsoft partner, plans to use the capital for global expansion beginning with Asian, US, 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 enhancements and innovation to continue to outpace competition in the maturity of AI models.
To learn more about X0PA AI and find out how you can maximise objective hiring and reduce your time and cost to hire, please visit www.x0pa.com.
Follow X0PA AI:
LinkedIn | Twitter | Facebook | Instagram | Vimeo
About X0PA AI
Singapore headquartered, with offices across the UK, India and the UAE, X0PA AI is a SaaS company that helps in talent acquisition, hiring, assessment and areas that use Artificial Intelligence and Machine Learning. Recognised by IDC as AI-Automation innovator APAC, X0PA AI is a partner of SAP, Oracle, Intel and Nvidia, and a strategic Microsoft partner.
About ICCP SBI Venture Partners (ISVP)
ICCP SBI Venture Partners (ISVP) is a partnership between two leading Asian VC firms: ICCP Venture Partners and SBI Holdings. ISVP invests in rapidly growing tech companies in the U.S. and Southeast Asia, until Series B.
Photo - https://mma.prnewswire.com/media/1715264/Image_for_Cision_PR_Newswire__Series_A_Funding_Campaign__Nina.jpg
Photo - https://mma.prnewswire.com/media/1715256/Image_for_Cision_PR_Newswire__Series_A_Funding_Campaign__Miguel_Andre_P.jpg
