Mya Systems Scoops Up $18M Series B Round
SAN FRANCISCO, CA, Mya Systems, the creators of AI recruiter Mya, announced today that it has secured $18M in Series B funding.
The round was led by Foundation Capital with participation from Emergence Capital. The company also announced new, groundbreaking product advancements, including multi-lingual support, and proprietary AI capabilities that automate the candidate sourcing process. The new funding will enable Mya Systems to accelerate growth of its world-class AI team, open new offices in Europe to support its ever-growing global customer base, and expand its solution into new job categories.
Mya Systems' Series B funding builds on its $11.4M Series A that was announced this past May. As part of this funding round, Foundation Capital partner Paul Holland will join Mya Systems' board. In the past month alone, Mya Systems has added ten Fortune 500 accounts and will now support 15 of the largest light industrial employers in the U.S., as well as three of the industry's five largest recruiting agencies. The company recently entered into a three-year global partnership with the world's leading workforce solutions provider, The Adecco Group, and will be supporting Adecco Group's largest enterprise accounts.
"We're at an exciting inflection point in Mya's development during which we're both scaling our existing platform and developing new capabilities to support our longer-term vision," said Eyal Grayevsky, CEO and co-founder of Mya Systems. "This funding will provide the capital to extend our market leadership position, expand our solution globally, and invest toward innovation -- like our outreach capabilities and multi-lingual support -- that makes Mya truly unique."
New Capabilities Increase Candidate Response Rates and Reach
Mya's ground-breaking ability to automate candidate sourcing is driven by a more robust AI engine, developed in-house by Mya Systems' engineering team. The technology engages with passive candidates from both internal and external sources, and through conversation is able to match them to relevant job opportunities, or schedule them onto the calendar for an interview. Mya Systems' new automated candidate sourcing technology delivers 45 percent response rates, which is 10 times greater than traditional manual approaches. This enables recruiting teams to spend their time placing hires rather than spending countless hours searching for profiles and sending cold emails to passive leads.
Mya Systems also announced multi-lingual support that will begin rolling out in 2018, making Mya the only AI recruiter with the capability to support clients in both the U.S. and in the largest markets in Europe and the Asia-Pacific regions.
"The need for a solution like Mya Systems is immense," said Paul Holland, General Partner at Foundation Capital. "High-volume recruiting is wracked with inefficiencies, which cry out for a technological response. AI will fundamentally change the industry, and we believe that Mya Systems, with the breakthrough capabilities it has introduced today, is by far the best application of AI to the recruiting space."
Mya is your team's AI recruiter. The technology leverages proprietary natural language processing and machine learning techniques to automate outreach and communications with job candidates throughout the end-to-end recruiting process. It addresses the inefficiencies in recruiting that have been exacerbated by the growing use of job boards and other digital application processes, and are most striking in the high-volume, high-turnover segments of the hourly workforce. Mya applies advanced matching algorithms and predictive models to shortlist large applicant pools and can automatically schedule interviews enabling recruiters to prioritize their time with candidates most likely to succeed. She also keeps existing databases warm and engaged, refreshing profile contents and attracting best-fit candidates to open roles.
About Mya Systems
Formerly known as FirstJob, Mya Systems was co-founded in 2012 by Eyal Grayevsky, CEO and James Maddox, CTO. The San Francisco-based company launched Mya, its AI-recruiter in July of 2016, and quickly gained an A-list of customers and a rapidly growing list of Fortune 500 companies. The team is comprised of seasoned recruiting, sales, marketing and business executives as well as world-class scientists and engineers, including many with PhDs and/or Masters in Machine Learning, NLP and Data Science. Since its launch, Mya has garnered industry recognition and several awards, including: recognition in Bersin by Deloitte's 2017 Disruptions Report, named a Top 10 Recruiting Tool by Recruiter.com and selected to Kairos Society's K50.
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