- The platform unites the job seekers and the recruitment managers in the field of software engineering.
- Celential uses AI to find job seekers that are suitable for the open position.
Introduction:
Ncube predicts that sometime this year, the software industry is bound to experience a shortage of about 1.4 million engineers. The employment of software developers is expected to show a growth of 21% from 2018 to 2028. As a result, the recruitment cost will remain substantial.
Concept:
On average it takes about 42 days to fill the open position. During this, the companies may face a productivity loss of about $33,251. Celential has a headquarters in Sunnyvale California. It was founded by a former product lead at Salesforce, VMware, and Zynga. They have developed a platform to match recruitment managers with engineering candidates essentially by “simulating” human experts. The startup has an AI-driven virtual recruiter that finds, vets, and engages passive candidates behind the scenes. This results in a 70% present to interview ratio according to the startup.
The process of the recruitment simulation:
Celential clients update the job description for the engineering, data science, or project manager roles on the platform. Then start up lines up candidates through engagement with them via an email engine that tracks open the rate, maintains automatic follow-ups, and gauges the sentiment.
For personalized emails, Celential’s algorithm finds talent and the company graphs vertically focused on over 3 million engineers and the employers for whom they have worked so far. It pulls thousands of data sources for training the natural language processing computer vision and machine learning algorithms. Names for a mutual fit between engineers and recruitment companies teams and opportunities. Since the platform works based on referrals, the match with the roles and companies that are actively recruiting show up on the top.
Competitors:
Celential’s competitors include plum which has candidates feel out problem-solving and personality tests that offer them points for talents like adaptation, communication, inclusion, and innovation. Another competitor Vervoe, true winds AI tools that test the future employees on the job skills with a mix of assessments, coding exams, and personality quiz.
Another competitor called Headstart, raised $7 million recently for which can mitigate recruitment bias. Xor is another startup that is developing an AI chatbot platform to unite recruiters and job seekers. Phenom people is a human resource platform that uses AI to help companies find out new talent.
About Celential:
A 40-employee company that focuses on software engineering talent recruitment has allowed it to stand out in the crowded field. The company claims to be on track to achieve “double-digit millions” in annual recurring revenue by 2022 after it grew the revenue by seven times in 2021.
“Celential is on a mission to fundamentally transform recruiting and career development,” Akhtar said. “With proven customer success, our vertically focused virtual recruiter, powered by AI, enables fast-growing companies to compete for talent cost-effectively, with little friction, and without having to build and scale up a recruiting team and infrastructure. Over time, we’ll leverage the same vertical approach and deep insights into talent, industry, companies, and opportunities to accelerate talent’s career development, through a virtual personal career agent solution.”
