Bengaluru-based EdGE Networks, an AI-driven HRTech solutions company, has secured $4.5 Mn in Series A funding round led by Kalaari Capital and Ventureast.
The startup will use the capital to strengthen its core product offerings for workforce optimisation and talent acquisition.
The next phase of product development with data science-driven innovation across talent transformation and workforce planning will aim to prepare customers for the future of work and continuous upgradation of their manpower. Geographical and vertical expansion are two areas that the company will pursue across the next phase of growth.
“AI-driven solutions are fast taking main-stage in solving real problems faced by enterprises and opening up opportunities for step changes in business processes and cost innovations. Arjun and his team bring a rare combination of technical excellence, business innovation, and enterprise experience and we wish them great success in the years to come,” said Sumit Jain, Partner at Kalaari Capital.
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Launched in August 2011 by Arjun Pratap, Edge Networks is leveraging data science and artificial intelligence (AI) to match people with jobs. The HRTech solutions facilitate talent acquisition, internal workforce optimisation, and talent analytics.
The HRTech startup aims to solve the toughest talent acquisition and workforce optimisation challenges faced by large and mid-sized organisations and has delivered significant cost and efficiency benefits to its enterprise customers.
As claimed by EdGE Networks, their team expertise lies in Artificial Intelligence, semantic analysis, data science, machine learning and predictive modelling. The HRTech solutions offered by the startup enable HR organisations to lead with data and intelligence and improve workforce availability, billing, allocation and drive straight bottom line impacts.
“Workforce optimisation and right talent acquisition are critical for success in an increasingly tech-driven environment. The team at EdGE are building an AI-driven solution to address the future challenges in HR management,” said Siddhartha Das, General Partner at Ventureast.
The HRTech startup works with customers like Wipro, HCL, Virtusa and several others and is a winner of multiple awards including the India Emerging (IE20) 2017 and Deloitte Technology Fast 50 India 2016. In October 2016, the HR tech startup was also selected among the top 50 emerging Indian startups under Nasscom Emerge 50 awards.
Recently, in May 2017, EdGE Networks was selected to be a part of Global tech giant Google’s fourth edition of the Launchpad Accelerator Program. The startup is also an innovation partner with National Skills Development Corporation of India (NSDC).
Kalaari Capital is an early-stage, technology-focused venture capital firm with $650 Mn in assets under management. Ventureast, on the other hand, is one of the longest-standing venture capital fund managers in India, investing since 1997 and managing close to $400+ Mn.
Kalaari Capital has recently invested in companies such as Curefit, Perpule, CreditVidya and more. It is also actively supporting the ecommerce lobby group Indiatech led by Flipkart and Ola. Ventureast, on the other hand, has invested in Kissht, Women Celes Care, etc. Last October, the VC firm announced the first closing of its sixth fund – Ventureast Proactive Fund II (VPF2) with a target corpus of $150 Mn. The technology-oriented fund targets a final closing in the next six months. With support from two age old VC firms in the country, how HRTech firm EdGE Networks will be able to strengthen its position in the industry remains to be seen.