There are just under 10,000 companies in the U.S. with more than 1,000 total employees. All told, more than 58.5 million employees. In industries that have both high employee count and high turnover—like retail, restaurants, logistics, and healthcare—hiring and retaining a qualified workforce requires a large (and expensive) HR and recruiting operation. On LinkedIn alone, you can find 60,000 people with the title of Recruiting Coordinator, a role usually centered around phone screening, scheduling, rescheduling, and managing paperwork and records.
Founders with a deep and clear view of their customers’ pain points
So when we met AllyO, whose AI-powered chatbot solves multiple pain points in the hiring process, we became very interested very quickly. Today I’m pleased to announce that we joined in the company’s Series B funding round. You can read the official release here.
We were immediately impressed with Co-Founders Sahil Sahni (a former McKinsey consultant who leads everything Business) and Ankit Somani (a former Google PM who leads everything Product), who’ve been best friends since 2003 when they met at IIT Madras. Their scope of knowledge on the many pain points larger companies experience in finding qualified talent, especially in today’s low unemployment environment, was clear. You see that clarity of vision in the AllyO product itself.
AllyO shows the world how to do conversational AI the right way
In broad strokes, AllyO is an “end to end AI recruiter” that uses conversational AI in the form of a customer-tailored chatbot interface to automate many of the routine aspects of qualifying and managing a talent pipeline. How well does it work? 91% of applicants complete the AllyO interview process. Companies pretty quickly see value, especially through a 50% reduction in cost and time-to-hire.
We also appreciate how quickly the company has attracted a customer list that already includes more than 10% of the Fortune 50, distributed across multiple verticals – to us, a sure sign of true value being created by a new technology product. AllyO counts 50+ customers across 6 verticals: retail, staffing, technology, restaurants, logistics, and healthcare. With marquee customers like Brinker International, G4S, The Cheesecake Factory, Avis Budget Group, Pitney Bowes, MasterBrand Cabinets Inc., and Panda Restaurant Group.
We look forward to supporting the company as it continues its rapid growth in the years ahead. Congratulations to everyone at AllyO on today’s milestone.