TalentSpring announced today that they received funding to the tune of 1.6 million. Based in Seattle, Washington, Talentspring is a leading provider of semantic-search technology for talent sourcing. This round of financing was provided by Second Avenue Partners and some private un-named investors.
TalentSpring will use the money to help further their launch of a revolutionary semantic-search technology that they have been developing for two and a half years. The semantic-search technology they speak of, will enable recruiters and hiring managers with the ability to search through social networking sites, job boards, and corporate applicant tracking systems to find the best matched talent around the web for open positions. The service will be piloted to 50 organizations and they intend on launching to the public in May 2009.
“We’re solving a huge problem for recruiters by automating the candidate sourcing process of manually
reading and ranking resumes,” says Bryan Starbuck, CEO and Founder of TalentSpring.
TalentSpring uses their semantic-search technology to find resumes around the web that are similarly match to the needs of the job that needs to be filled. This process greatly increases the pool of potential high-quality candidates and is a major innovation over today’s Boolean search method which only finds candidates whose resumes contain the exact Boolean logic and keyword(s) the recruiter used. If a candidate’s resume doesn’t have the exact keywords used in the search, it is discarded before ever
being read by a recruiter. The result is that organizations are not able to take advantage of the large
available labor pool to find the best matched candidates for their positions.