The HR Fund invests USD 500k in Chennai-based HR start-up, PiQube

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The HR Fund (The Fund), India’s first human resources (HR) focused private investment company has announced its third investment in PiQube – a Chennai based HR start-up, which aims to disrupt the hiring industry by the use of analytics and machine learning. The HR Fund will be investing USD 500k and will also have board presence in the investee company.

The proceeds of the investment will be used by PiQube for primarily expanding its technology and sales team along with aggressive geographic expansion – both within India and the South East Asia.

PiQube’s unique approach first searches the entire Internet for candidate profiles allowing access to almost 100% of the employable population. Then, PiQube’s algorithm uses data patterns to identify the best matching candidates and provide a highly relevant set of candidates who could be interviewed .

PiQube was founded by Jayadev Mahalingam. Jayadev has an engineering background and worked with Infosys, for approximately four years before venturing out as an entrepreneur. PiQube was a winner of global payment leader PayPal’s ‘Start Tank Incubation Challenge’ in 2014 to identify and incubate the India’s s next generation tech startups. They are currently hosted at PayPal’s Start Tank incubator center in Chennai, where they receive technology support and mentorship

Jayadev, Founder & CEO, PiQube said, “The HR Fund with its deep expertise in the HR domain will help PiQube refine its product from a functional perspective. The investment will not only help us scale up and grow rapidly, but also we are confident that we will become the new benchmark for recruitment processes going forward.” He further added, “We are excited to have ‘The HR Fund’ as partners and look forward to growing the business together.”

According to Utkarsh Joshi, Principal, The HR Fund, “We are keenly interested in looking at the recruitment sector as we believe it is ripe for innovation. Over the years, a large chunk of processes in this segment have remained manual, leading to inefficiencies and high recruitment costs. PiQube has the technology and the team to provide new dimensions to how new-age recruitment processes should work.”

The Fund’s board and management team will be the advisors to the company, mentoring them with operational and strategic guidance – to lay a strong foundation for rapid future growth.

About The HR Fund(www.thehrfund.com)

The HR Fund (the company, the Fund) is India’s first human resources (HR) focused private investment company with a vision to institutionalize HRentrepreneurship in. The Fund’s unique strength lies in itsdedicated focus on the HR sector,strong team with domain expertise, and wide-ranging network. The founders and investors of the fund are seasoned HR and business professionals with a track record of setting and scaling up HR businesses both in India and abroad. Witha network spread across India, Singapore, and the United States, the company is a growth investor with functional expertise combining HR, Technology and Finance.

About PiQube(www.piqube.com)

PiQube is a hiring intelligence tool that brings mimics a recruiter’s brain through use of analytics and machine learning. An application that intelligently searches the entire internet for profiles matching the client requirement – PiQube’s intelligent algorithms understand various aspects that humans derive from every profile.It solves two primary problems in the Hiring industry:

  1. Sourcing – PiQube allows access to almost 100% of the employable population as it searches the web to get the profiles
  2. Screening – PiQube’s algorithms uses past data patterns to identify the best matching candidates for the current search undertaken. PiQube’s algorithms take into consideration almost 72 different data points to arrive at the best match. Some important data points considered are skill depth, domain knowledge, Stability factor, mobility factor, Managerial skills, etc. The magic sauce is Analytics!

Using Piqube, recruiters only need to spend their valuable time on interviewing the right candidates rather than scanning 1000s of profiles on a daily basis with no end in sight.

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Mohit Bansal(23) is B.Tech in Electronics and Communication Engineering from Indian School of Mines, Dhanbad, India. He has interest in business and entrepreneurship and has published couple of research articles. He is also associated with various NGOs. He is with Techaloo when it was just in concept stage. The Techaloo site was not existing even then. Currently Mohit is working with Mu Sigma as a Business Analyst Profile.

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