Smart video interview startup raises $5m to bring recruitment process into the video age
myInterview, a smart video interview platform prioritizing personality in the hiring process, announced a $5 million Seed round led by Aleph, with participation from previous investors Entrée Capital and SeedIL Ventures.
The funding will be used to expand the company's sales, product, and R&D teams as it continues to grow in the US and UK markets and around the world. myInterview had previously raised $1.6 million in pre-seed funding, which included investment from former LinkedIn executive Cliff Rosenberg.
Video interviews, conspicuously absent from the standard application process in this video age, enable companies to rethink how they find their most important resources: their employees. By highlighting candidates' personalities, soft skills, and workplace compatibility with company culture – key features missing in one-dimensional resumes - myInterview enables character to feature more prominently in the application process. The platform streamlines recruitment for businesses and applicants alike by utilizing pre-recorded (asynchronous) video interviews that allow candidates and reviewers to fit the interview into their schedules.
The demand for video interview tools has climbed sharply in the wake of remote working and social distancing norms, and helped fuel myInterview's rapid growth, including a significant rise in new users on the platform and a 500% increase in Annual Recurring Revenue since 2019. myInterview is already being used by over 2,000 companies globally including Ocado, B&M, and P&O Ferries. myInterview has also worked with Facebook Career Connections and has a strategic partnership with reed.co.uk, the UK's #1 job site.
Benjamin Gillman, CEO and Co-founder, myInterview: "The way companies recruit talent is outdated and doesn't provide the necessary level of insight into applicants required by HR professionals. A video is worth a thousand resumes. By utilizing video interviews, we help businesses prioritize personality and cultural fit, optimizing the screening and selection process by ensuring that the applicants who are the best fit are moved to the head of the line. We use video in so many facets of our lives – recruiting and hiring are finally catching up."
Founded in 2016, the myInterview platform was designed to be easy to use and accessible for both applicants, SMBs, and enterprises alike. It makes hiring a fully collaborative experience, allowing colleagues and managers to review the video submissions and provide feedback quickly and efficiently, leading to a 60% faster average time to hire.
To ensure that the right candidates are moved to the front of the line, myInterview's "myInterview Intelligence" suite utilizes Machine Learning-powered analytics to generate candidate-match ranking and automated shortlisting, with particular emphasis on office culture compatibility. The myInterview Intelligence™ platform and data set were built from the ground up to help prioritize and un-randomize job applications, while avoiding the biases which plague other talent acquisition systems.
Aaron Rosenson, Equal Partner, Aleph: "myInterview's asynchronous video interviewing tool is redefining how employers and employees connect. Their growth is both explosive and global, and we are excited to partner with this excellent team as they continue to transform the way people and companies discover one another."