Online employment website ZipRecruiter has raised $156m in its series B of funding. The round of funding was launched specifically to aid the company grow its AI and machine learning (ML) infrastructure and help the company expand its global footprint.
The recruitment site, which was first launched in 2010, helps employers post job listings on multiple job sites, thereby increasing the number of eyes seeing an application. However, with this latest round of funding, ZipRecruiter is pivoting away from focusing only on volume and instead moving toward using ML and AI to refine job searches and pair quality candidates with the right employers.
This trend away from an approach that focuses purely on volume to a more refined method has been seen in the rise of job listing sites such as Glassdoor, Indeed, Facebook and Google. Speaking in an interview with ZDnet, Ian Siegel, co-founder and CEO at ZipRecruiter, explained the reason for this change in approach.
"For a long time, we were in the volume business and it worked well," Siegel said. "But then there was an inflection point where you had too many candidates. Once you get 150 candidates you go "I wish I could just get 10 really qualified candidates."
As candidate data sets continue to grow in size as the web becomes the main port for job seekers, reliance on ML and AI to sort through them will become more and more necessary. As Seigel further explained, "with a pivot to quality over volume, ZipRecruiter opened shop in Israel and now has 50 engineers focused on AI and ML matching techniques.
"Now we are surgical and can cherry pick matches," he added.