Recruitment Smart's game-changing technology uses machine learning to match CVs to job specifications.
- London, United Kingdom
Categories: Recruitment & Procurement Digital B2B
- Social Media
- Company number
- Incorporation date
- 14 Oct 2015
- Investment sought:
- Discount offered:
Learn more about convertible campaigns.
SniperAI is a game-changing technology that uses machine learning to match CVs and job specifications quickly and accurately. The technology looks to be the perfect sourcing solution for corporate HR departments and Recruitment companies. No more endless searching and scanning to assess the ideal candidate. SniperAI aims to bring the best match straight to the top!
SniperAI is developed by a researcher from Carnegie Mellon University and recruitment specialists.
The unique features of SniperAI include:.
1. Auto screening - all CVs are screened with a % suitability score.
2. Auto sourcing - integration with the organisation's job boards.
3. Duplicate checker - reduce duplicate candidate occurrence.
4. Multiple languages - over 100+ languages.
5. CV refresher - screens past CVs and updates them.
6. JD suggestion - provides recommendations to standardise job descriptions.
7. Skill gap map - provides skill gap recommendations.
8. Business rules engine - set specific business rules.
The HR TECH Partnership, a specialist VC in the people tech space is the lead investor behind the current crowd campaign by RecruitmentSmart. Many investors in the People Tech Fund II (which have backed this investment) are FTSE 100 CHRO's and bring strong domain expertise.
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Recruitment Smart advanced subscription agreement are set out below. See also attached Key Terms document for further details.
• Discount – conversion at a 20% discount to the valuation set by a Trigger Event.
• Valuation cap of £16,000,000.
• Conversion is triggered by ("Trigger Events"):
o An Equity Fundraise – defined as the Company raising investment capital of at least £1,500,000 from one transaction or a series of transactions, in exchange for the company issuing of Ordinary Shares;
o A Change of Control of the company (transfer of more than 50% of the share capital); or
o An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
• Longstop Date is 12 months from the date of the convertible agreement.
• If conversion has not been triggered by the longstop date shares will be issued on the longstop date at a valuation based on the lower of:
(i) the lowest price of any Ordinary Share issued after the date of this Agreement; and
(ii) a pre-money company valuation of £10,000,000 on a fully diluted basis.
The convertible would also convert to equity at this price in the event of winding up or liquidation of the company.
The current recruitment process in most large organisations is highly labour intensive and has become increasingly complex due to new and emerging online job boards, compliance and reduction of bias.
● AI-enabled systems can scan applications far more quickly than humans and work out whether candidates are a good fit.
● AI-enabled systems can leverage candidates from historic applications, once interested to work with the organisation.
● HR departments are under increasing pressure to be inclusive to all sexes, ages, backgrounds, religions, creeds, beliefs etc. AI-enabled systems can provide an unbiased solution promoting diversity in the workplace.
SniperAI aims to provide an AI-powered solution to all the existing problems around sourcing and screening so that recruiters can spend time in candidate engagement and thereby increase the candidate experience by many folds.
Substantial accomplishments to date.
Over the past three years, we have been busy designing and refining our product, SniperAI. At the start of 2017, we started with pilots for customers in UK, US and India. We have 3 customers with 200 recruiter licenses and larger pipeline across the globe.
Infosys, a technology services giant with revenues of over $10 Bn and employee strength of over 150,000, is a client since Mar 2017 when SniperAI was first signed up as a pilot. Since then, adoption has increased to various geographies.
Current pipeline consists of Fortune 500 companies in Banking, Technology, Retail, Real Estate, Construction and Healthcare sectors.
Recruited an expert team with broad capabilities, ranging from product design to industry acumen. Our team have previously worked at companies such as Capgemini, Wipro, Accenture and Cognizant.
● Recruitment Smart was selected to take part in PWC scaleup accelerator program in July 2018.
● We have shortlisted to present in the NOAH conference happening on 30-31st October 2018 in London.
● Recruitment Smart was categorised as a Game Changer technology in 2017 in Recruiter magazine.
● Recruitment Smart was awarded as Global Top 20 Future Creators of 2017 by Kabeela.life – Jan 2018 publication.
● Recruitment Smart was chosen as the Top 5 startup to Present in India UK tech summit during the London Tech Week.
The global recruitment market is worth £350 billion and growing at an increasing rate. Many organisations are constantly buying and upgrading their IT systems and ATS’s in the hope that they can source candidates quicker and cheaper.
Our product pricing model is aimed to make the recruiters decision an easy one. There are no charges for placements (as with agencies), no charges for data volumes (some IT suppliers use this model) and no unknown costs.
The pricing model is simple and straightforward:.
● Initial integration cost to capture job descriptions and data sources.
● Monthly user licenses, irrelevant of placement numbers, data usage, geography.
● Enterprise license (use as much as you like) available to larger users.
We also work with partners, some of them are suppliers of ATS’s - SAP and Oracle, and in discussions with other including technology service providers like Accenture, Capgemini, E&Y, PwC, Deloitte who introduce innovation and industry best practices to their clients.
Use of proceeds
We are executing this funding round to continue scaling up business operations while also investing in new product development. Use of proceeds is detailed below:.
MARKETING AND SALES:.
• Grow customer reach and brand awareness through increased marketing expenditure.
• Attend events such as Slush in December.
• Launch additional pilots with our existing leads.
• Recruit a full-time Marketing Manager.
Disclosure regarding outstanding convertibles
Please note that the company has two separate convertibles outstanding. The details of these are as follows:
- Amount invested: £112,000
- Discount: 11.11%
- Valuation cap: £17.77m
- Equity fundraise required to trigger conversion: £1.5m
- Long stop date: 26-07-2019
- Fall back valuation: £11.11m
- Amount invested: £75,000
- Discount: 30%
- Valuation cap: N/A
- Equity fundraise required to trigger conversion: £3m
- Long stop date: 13-09-2019
- Fall back valuation: £16m
Investors in the second convertible may receive a lower share price on conversion than Seedrs investors, depending on timing and valuation of the trigger event.