[Funding alert] HRtech and AI startup Hyreo raises Pre-Series A round
Kerala-based HRtech and AI startup Hyreo on Thursday announced the closing of its Pre-Series A funding from investors led by Callapina Capital with participation from Anas Rahman Junaid, Konglo Ventures, Raveendranath Kamath, Nat Natraj and other investors from Silicon Valley.
The company will use the proceeds to fuel its international expansion as well as beefing up its product development teams.
Arun Satyan, Co-founder and CEO, Hyreo said,
“This round will push us to the next stage of growth. We have, since our inception, built a highly capable and relevant product, which has a global appeal. It is time for Hyreo to start looking at larger international markets including the US and other APAC regions. With the conclusion of this funding round and onboarding marquee investors, we are setting out to achieve our Hyreo 2.0 vision in the next few months.”
Co-founded by Arun Satyan, Mahesh Raju and Sreenath N in 2017, Hyreo seeks to simplify the recruitment process and improve candidate experience using AI. The startup offers a customised candidate relationship management (CRM) tool with deep conversational AI capabilities, to enterprises and large customers across technology, IT, banking and financial services domains.
Anas Rahman Junaid, Founder and Managing Director, Hurun India, added,
“HRtech is fast evolving as a preferred sector of focus given the need to automate and build efficiencies amidst high volume and lower budgets. The opportunity globally is $30 billion and the new normal has clearly accelerated the need to address the same. We are extremely happy to support Hyreo in their mission to automate the process through technology and deep industry understanding.”
The startup, which has a team of 25, expects to increase its headcount by 100 percent in the next one year. It presently caters to more than 40 clients across India, the US, and South Asia.
Vinod Jose, Founder, Konglo Ventures said, "I first met Arun in 2017 and what struck me was his laser focus on solving the pain points in the HRtech space. Such mission-driven founders are rare to find and they will go on to create a paradigm shift in the space they operate in."
Going forward, Hyreo aims to expand its service offerings to offer additional capabilities around sourcing automation, effective talent communities and talent marketing tools.