California Business Startup Receives Funding For New Job Website
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Business Formation & Planning on Wednesday, July 4, 2012.
With unemployment rates in the U.S. hovering just over 8 percent, the amount of people searching for jobs has been increasing steadily. Although the demand for good job-search websites is high, the supply of jobs in an ailing economy may present a challenge. Bright, a business startup in California, is taking on the challenge. The company has just received a $6 million initial venture capital investment to start a service that matches job seekers to posted jobs on various job-search websites.
Recently, the company launched its website which utilizes a machine-learning algorithm which was created by "a team of neuroscientists, mathematicians and nuclear physicists," According to a news story. In creating the algorithm, the team underwent 18 months of data analysis. The algorithm takes into consideration thousands of factors including education, employment history, and social connections. The website then uses this set of data to determine compatibility of job searchers and open employment positions.
The website enables job seekers to upload a resume at no cost. The algorithm then analyzes the job seeker's credentials, education, job history, and a variety of other factors in order to create a list of compatible employment openings. Also employers are able to post job openings to the website in order to receive a list of suitable candidates. The list of candidates is ranked according to how well they fit with the job requirements.
The California business startup received the first $6 million through a variety of angel investors including a hedge fund manager. The company plans to look for a second series of funding in the fall. In the meantime, the company plans to earn revenue by charging employers to view candidates who had not previously applied for the employer's job postings.
Source: San Jose Mercury News, "San Francisco startup Bright gets $6 million in funding for job-matching service," Mauro Whiteman, June 19, 2012