impress.ai, a Singapore-based AI chatbot for hiring, has raised US$3 million in a pre-series A funding round led by Summit 29K.
Seeds Capital, the investment arm of Enterprise Singapore, also participated in the round.
This development was first reported by TechInAsia.
The AI startup will use the newly raised capital for product development, hiring, and expansion across Australia, Hong Kong, and Taiwan.
One of the biggest complaints of job seekers is that employers don’t respond to their requests. However, very often it can be physically daunting for hiring managers to respond to each and every request.
Also Read: What will the next wave of VC investment in HR tech look like?
Founded in 2017, impress.ai seeks to solve this problem through its chatbot, which allows hiring managers to interview, engage and shortlist candidates quickly.
To make the hiring process even easier, the bot conducts structured interviews using techniques from Industrial-Organizational Psychology.
The company told TiA that it reached its operational break-even point in May last year.
In 2017, impress.ai had raised an undisclosed amount of funding from the Javelin Startup-O Victory Fund, a Singapore-managed seed capital fund.
The global human resource management market size had been valued at US$16.01 billion in 2019 and is expected to exhibit a CAGR (Compound Annual Growth Rate) of 11.7 per cent from 2020 to 2027.
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