Hyreo, a Kerala-based HR tech and AI startup, announced on Thursday the completion of a pre-Series A funding round which will boost its international expansion.
The round was led by Callapina Capital and counted with the participation of other investors like Anas Rahman Junaid, Konglo Ventures, Raveendranath Kamath, and Nat Natraj.
The proceeds will be used by the startup to boost its expansion as well as to grow its product development teams in the near future.
Arun Satyan, co-founder and chief executive of Hyreo, referred to these plans,
“This round will push us to the next stage of growth. We have built a relevant product, which has a global appeal. It is time for Hyreo to start looking at international markets including the US and Asia Pacific regions.”
Hyero is planning to double the size of its team by the end of the year, allowing it to adapt to the growing demand the Indian industry has seen over the past years by offering better sourcing automation, effective talent communities, and talent marketing tools.
The startup’s software uses Artificial Intelligence to automate the hiring process, reducing costs and improving the results.
Anas Rahman Junaid, one of the investors who participated in the round, referred to the startup’s potential by stating,
“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 company currently serves more than 40 customers in India, the United States, and SouthEast Asia, regions in which the Covid19 pandemic forced companies to rethink their approach toward hiring.