Series B financing round has brought the total funds raised by AllyO to $64 million

California based AllyO, an eminent developer of AI driven job hiring products, recently announced the conclusion of its series B financing round where it raised $45 million in venture capital investments.

Reportedly, most of the investment has been contributed by new investors, namely Sapphire Ventures and Scale Venture Partners, along with the existing ones like Gradient Ventures, that also happens to be Google’s AI fund, Bain Capital Ventures, Cervin Ventures and Randstad Innovation Fund.

The latest funds have helped raise AllyO’s total fund secured to $64 million. Co-founder Sahil Sahni confirmed the new investments would be utilized for the development and the expansion of the firm’s products.

Sahni observed that the company had exhibited a growth of up to 4.5 times in the previous year and trusts that the company’s recruiting solutions will be adopted by more than 15% of Americans in 2020.

The co-founder further comments that the company prioritizes customer satisfaction and their success by generating a transparent ROI for the world’s most sizeable employers. Sahni expressed the possibility of an IPO in 3 years and collaborating with Sapphire and Scale Venture will only escalate the process.

Apparently, AllyO tool deploys conversational AI to identify qualified people seeking jobs immediately and automate the procedure of recruitment, while bringing insights to hiring managers.

Citing reliable sources, the company’s tools are available in numerous languages across various channels, helping a candidate converse with precisely the same identity. Furthermore, the language processing algorithms manage job descriptions and profiles of the employees by to determine screening criteria, handle different interviews and constantly remind the new hires about training and orienting activities.

AllyO has drawn clients that were part of the Fortune 50 and popular brands like The Cheesecake Factory, Pitney Bowes and Avis Budget Group. Sahni has claimed that AllyO is highly effectual and has the potential to accelerate the number of applicants by six times, reduce the cost of sourcing by 20% and heighten satisfaction of candidates by up to 91%.

Source Credit- https://venturebeat.com/2019/06/05/allyo-raises-45-million-for-its-ai-driven-hiring-and-onboarding-platform