Canditech raises $9 million seed round from Insight Partners and StageOne Ventures to create a world without resumes
TEL AVIV, Israel, June 16, 2022 /PRNewswire/ -- Canditech, the Israeli startup helping companies accurately assess job candidates with the world's first online job-simulation platform, today announced that it has raised $9 million in seed funding led by global software investor Insight Partners and StageOne Ventures. The funding will fuel Canditech's expansion into new markets and help more companies streamline their hiring processes in a bias-free manner.
Co-founded by Guy Barel, Knaan Braz and Nir Dovrat, Tel Aviv-based Canditech helps companies hire better people, faster, while giving every candidate a fair chance to showcase their skills. Using work-sample tests that are tailor-made to simulate any position within the company, candidates can get a glimpse of the company and their future role, which allows them to experience day-to-day work scenarios such as writing code, analyzing data in Excel, writing emails to clients, optimizing a marketing campaign and pitching customers, all while providing an amazing can ]didate experience.
Since its founding less than two years ago, Canditech has helped companies across a variety of industries and sizes around the globe hire the right people—not the right CV—for the job.
"Anyone can write a CV that looks great for a certain role, but only a handful will actually excel in the job," said Barel, CEO and Dovrat, President and CTO. "Relying primarily on CVs in the initial screening processes, rather than on the candidate's qualities and potential, causes organizations to overlook excellent candidates and fall short on recruitment and diversity goals. We believe that an individual's true skills and their potential to succeed at the role should be prioritized rather than what's listed on their CV."
Canditech's solution presents a win-win situation for both the company and its candidates. The platform allows hiring managers to tailor simulations to their specific roles and invest their precious time on the candidates with the highest chance of excelling in the role, using advanced technology that reviews tests objectively and automatically. At the same time, candidates are given the opportunity to "sample" the positions at an early stage in the process, which dramatically reduces the chances for poor hiring decisions and turn-over.
"When we're searching for people to join our team, we're looking to attract and engage with top talent so that we can really make an impact together. Working with Canditech, we're able to find and recruit candidates quickly and provide them with the space to easily showcase their skills and experience, while using work-sample tests to provide a glimpse of what their future position at monday.com would look like," said by Shelly Albeck, Head of Talent Acquisition at monday.com.
"As a firm who prides itself in being a leader in innovation, it was a clear choice for us to incorporate Canditech into our recruitment and candidate-evaluation process. Canditech helps multiple teams within our firm streamline their hiring processes by allowing them to learn about candidates' skills and potential early on, thus saving significant time and resources. We are very happy to be collaborating with Canditech and their very professional and accommodating team," said by Galia Aloni, Partner & Talent Leader at EY.
The seed funding represents an exciting step in Canditech's journey towards making the hiring process and overall job experience better for candidates and recruiters. With Insight Partners and StageOne Ventures on board, the company will expand their platform into new markets, reaching more customers looking to streamline the hiring process.
"In today's world, hiring is not only a challenge faced by the HR team, but also by every manager within the company," said Liad Agmon, Managing Director at Insight Partners. "In a very short time, Canditech has managed to become a game-changing solution in the world of hiring by helping managers achieve their hiring goals through seeing how candidates will do the job, before they get the job. Insight is excited to partner with Canditech's team on this thrilling next step in the company's growth journey."
Industry leading companies are using Canditech to expand their pool of candidates and hire the best professionals faster using tailor-made job simulation tests - the best predictor of future job performance. Our bias-free tests empower recruiters and hiring managers to objectively evaluate both technical abilities (code, SQL, Excel, etc.) and soft skills (using video responses and email communication scenarios), all while providing an amazing candidate experience.
For more information about Canditech, visit https://www.canditech.io/
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About StageOne Ventures
StageOne Ventures provides financing and professional guidance to early-stage companies to help build exceptional enterprises. StageOne leads investments in Israel-related early-stage start-ups focused on solving large enterprise challenges utilizing transformative deep technologies. The fund is committed to providing its portfolio companies with top value creation through the technological and financial strength of its team, by building powerful partnerships that propel seed-stage entrepreneurs forward, from the initial innovation concept through additional quality rounds of funding to market leadership and impact. For more information: www.stageonevc.com.