In a round of financing yielding $3 million, Ideal — a Toronto-based company marketing an “intelligent virtual assistant” for recruiters — recently achieved a substantial sum to channel into its proprietary product’s capabilities and enhance its potential.
Company spokespersons cited the efforts of investors Mike Durland, Michael Hyatt and Richard Hyatt in tandem with a fund originating from Toronto venture accelerator MaRS Discovery District.
“We are thrilled to be able to work so closely with our investors and the MaRS Investment Accelerator Fund,” Ideal's co-founder and CEO Somen Mondal said. “It is a huge vote of confidence and marks a very exciting time for us.”
Ideal strives to close potential gaps in the recruiting process. Explaining that large companies annually receiving enormous numbers of resumes often lack the capability to read them all, officials noted that Ideal’s platform uses artificial intelligence to screen and vet every job applicant.
“These funds are going directly to supporting our new and existing customers,” Ideal’s co-founder and Chief Operating Officer Shaun Ricci said. “Our product roadmap is ambitious and we’re looking forward to releasing new features to our customers.”
Ideal performs the task faster than recruiters could, freeing professionals to complete other work; a representative from Ideal’s client Indigo Books and Music summed up the experience.
“The talent was already there, we just didn’t have the resources to unlock it,” Sarah Wilson, Indigo’s talent acquisition director, told the company. “Ideal found a way to triple our pace and both the cost and time savings were immediately significant.”