AVR EdGE Networks Pvt. Ltd, which runs human resource technology startup EdGE Networks, has secured $4.5 million (about Rs 29 crore) in Series A funding led by Kalaari Capital, a press statement said.
Venture capital firm Ventureast also put in money.
The company will use the capital to strengthen its core product offerings for workforce optimisation and talent acquisition. "Geographical and vertical expansion are two areas that the company will pursue in its next phase of growth," the statement added.
The Bangalore-based startup, founded by former Akamai and Dexler executive Arjun Pratap in 2010, harnesses artificial intelligence (AI) and data science to solve hiring and workforce optimisation challenges faced by large and mid-sized organisations. Its clientele includes companies like Wipro, HCL and Virtuasa, among others.
Sumit Jain, partner at Kalaari Capital, said: "AI-driven solutions are fast taking main-stage in solving real problems faced by enterprises and opening up opportunities for step changes in business processes and cost innovations... Arjun and his team bring a rare combination of technology excellence, business innovation and enterprise experience."
According to VCCEdge, the data research arm of VCCircle, National Skill Development Corporation invested $1.1 million in the company in March 2013 for an undisclosed stake. EdGE Networks was among the six companies chosen by Google for its 2017 Launchpad Accelerator programme in San Francisco, US.
EdGE Networks had reported a loss of Rs 4.4 crore for the financial year 2015-16 compared to a profit of Rs 26 lakh in the previous fiscal, according to VCCEdge. Net sales for FY16 stood at Rs 3.8 crore compared with Rs 3.3 crore in the previous fiscal.
Several startups in the space have attracted investor interest of late.
Last month, HR tech startup Shortlist raised $1 million in seed investment from US-based venture capital firm University Ventures and a clutch of other investors.
In June, enterprise HR management platform Darwinbox secured its second external round of funding from a group of investors.
In the same month, Bhavin Turakhia’s fintech startup Zeta made an undisclosed equity investment in cloud services provider ZingHR. Leave Your Comment