Perfect: Revolutionizing Recruitment with Agentic AI
Agentic AI is transforming industries, and recruitment is no exception. Perfect, an Israeli startup, has secured $23 million in seed funding to revolutionize how recruiters source and hire candidates. This platform acts as a co-pilot, assisting recruiters in crafting job postings, identifying optimal placement channels, and efficiently managing applications. Perfect boasts a 25-hour weekly time savings for recruiters and has rapidly grown its customer base to 200 businesses, including notable names like Fiverr and eToro, in just one year.
Founded by Eylon Etshtein, previously of Anyvision, Perfect's development stemmed from his firsthand experience with the scalability challenges of recruitment. Leveraging his AI expertise, Etshtein built a platform trained to understand specific hiring needs, a solution independent of large language models (LLMs).
Unlike many competitors relying on LLMs, Perfect uses a proprietary vector data set, painstakingly curated from third-party providers and meticulously cleaned. This approach addresses the limitations of LLMs when handling large datasets, which is crucial for analyzing the extensive candidate information (often 50+ data points per candidate) required for effective recruitment. This unique methodology, developed pre-ChatGPT, provides accurate results that LLMs struggle to replicate. The platform's development, although taking three years in stealth mode, has proven resilient to the advancements in LLMs, solidifying its position in the market.
Perfect's funding comes in two stages: $12 million in equity investment a year ago and a recent interest-free SAFE note from Hanaco Ventures, Joule Ventures, and Young Sohn (former Samsung president). This investment underscores the potential of Perfect's proprietary approach in a recruitment landscape plagued by outdated methods and insufficient AI solutions. Perfect’s future plans include enhancing existing tools and developing a free candidate-focused tool, generating valuable data for further platform improvements. The company sits amidst a crowded market of AI-powered recruitment tools, but its unique approach to data and its pre-ChatGPT development give it a significant competitive advantage.
Source: TechCrunch