AdeptID, the developer of a machine-learning-powered talent matching software that identifies hidden talent in the workforce, announced a raise of $3.5M in seed funding led by Zeal Capital Partners. Better Ventures, JFF's Employment Technology Fund, and other investors participated in the round.
The investment comes at a pivotal time for the future of work, as the pandemic amplifies labor shortages in high-growth sectors and increases the need for upward job mobility to fill middle-skilled roles.
AdeptID closes the labor gap by identifying hidden talent among the 80 million working Americans without college degrees and connecting them with relevant in-demand jobs or training based on transferable skills that have been observed in hundreds of thousands of job transitions. Since launching the public API earlier this year, the company has already licensed its AI models to YearUp, Generation USA and Enel Green Power to programmatically improve their talent strategies and facilitate an inclusive approach to discovering and developing talent.
AdeptID Co-founder and CEO Fernando Rodriguez-Villa said, "Poor talent matching is a problem experienced by stakeholders across the workforce ecosystem, resulting in over $1.3T of wasted tuition and lost annual profits in the U.S. alone. While skills-based matching and technology isn't a new idea, it has historically been hard to use, siloed, and way too expensive. We see a massive opportunity to improve outcomes for both those in the workforce looking to improve their economic mobility as well as employers struggling to fill roles in growth areas like allied health, IT, and renewable energy.”
The HR tech company will use the seed investment to accelerate software development and scale distribution through its API partners. By taking a matching-capabilities-as-a-service approach to solving the labor gap, AdeptID is providing open and industry-wide access to its recommendation engine as it scales to become critical infrastructure for improving economic mobility. Furthermore, as both employers and job seekers become increasingly wary of algorithmic job filters eliminating a large percentage of the population for in-demand jobs, AdeptID is taking an affirmative approach by utilizing its algorithms to recommend rather than reject candidates.