Allsorter Secures €1 million Investment from Elkstone
Allsorter, which provides Artificial Intelligence (AI) solutions for the global recruitment industry, has secured over €1 million in investment from Elkstone Partners, an Irish venture capital firm plus a group of high-profile angel investors including ex-executives in Indeed.com.
The funding will enable Allsorter to recruit the talent needed to further expand into Europe and Asia-Pacific, and for market entry into the USA. The investment will also be used to further develop Allsorter’s anti–bias software. Grant aided by the European Investment Bank, this software allows recruitment companies and both large and small firms to avoid unconscious bias in selecting new employees.
Niall McEvoy, Partner, Elkstone Ventures, said, “The ambition for Allsorter goes far beyond CV reformatting. The platform is a highly versatile, advanced natural–language–processing solution that can be applied to many uses, including bias elimination in hiring and text redaction at scale. This Elkstone–led funding round will support an accelerated hiring plan to execute and deliver against what is a significant global market opportunity.”
Declan Murphy, founder and CEO, Allsorter said, “As the most accurate CV formatter in the global HR market, which has annual sales in excess of $450bn, Allsorter has huge potential to grow. Add in our award–winning anti–bias software and it is difficult not to see our products as a compelling proposition for recruiters and companies alike. Our strength is our people, and this investment will allow us to build on what is already an outstanding team.”
Allsorter, which is supported by Enterprise Ireland and headquartered at NovaUCD, is also developing a new software product that will automatically remove personally–identified information for the compliance–fintech and regulatory–technology sectors. It is expected to roll out this product in 2023.
Founded in 2014 by Declan Murphy, Allsorter won EU disruptive–technology funding in 2019 under the Horizon 2020 programme. AllSorter’s CV solution integrates with JobAdder and Bullhorn, two of the world’s largest applicant tracking systems, and will soon integrate with Salesforce to further extend its customer reach.
ENDS
5 September 2022
For further information contact Micéal Whelan, Communications and Media Relations Manager, NovaUCD, e: miceal.whelan@ucd.ie.
Editors Notes
For further information about Allsorter visit www.allsorter.com
For further information about Elkstone visit www.elkstonepartners.com/
For further information about NovaUCD visit www.novaucd.ie