Bengaluru: Edge Networks, a human resources technology start-up, Monday said it has secured $4.5 million in funding from investors including Kalaari Capital and Ventureast.
The company uses artificial intelligence as well as data science to automate human resources processes for organizations.
The start-up will use the fresh capital raised to strengthen its core product, which offers workforce optimization and talent acquisition solutions to various companies.
Edge Networks also plans to expand into new industries and markets with the fresh funding.
Its talent acquisition solution uses a candidate’s social media data to generate insights such as personal and professional interests, leadership qualities, personality traits and more.
The HR automation tool also provides automated job descriptions by accepting three job skills related to the job title.
This is done using natural language processing algorithms that has studied over 2 million job descriptions.
According to a survey done by PeopleStrong in July, Indian companies can save at least $600 million annually by 2021 using HR automation technologies.
The study estimated that Indian enterprises spend nearly $500 million towards managing full-time employees in the organized sector.
Arjun Pratap, founder and chief executive office of Edge Networks, said in an interview that the company has a large presence in the IT industry and works with customers such as Wipro Ltd, Dell Technologies, HCL Technologies, and Virtusa, among others.
“This funding will allow us to strengthen our technology, expand our team and move forward to realize our global ambitions," Pratap added in a statement.
The Bengaluru-based start-up was founded by Pratap in 2010 and was also chosen by Google for its 2017 Launchpad Accelerator programme in San Francisco as one of the six companies from India.