Pin, the AI-powered recruitment tool that automates tedious hiring tasks and reduces time-to-hire by nearly 70 percent, has successfully raised a sum worth $3 million in a seed financing round.
According to certain reports, the stated round was led by Expa Ventures, a leading early-stage venture firm and incubator, and it will generate funds required to facilitate Pin’s expansion. This includes allowing the company to accelerate product development, scale marketing efforts, and meet rising demand driven by early customer success while growing its team.
To understand the significance of such a development, we must acknowledge that, in what would be a $500 billion recruitment market, lengthy hiring processes are hampering growth for companies. You see, at the moment, 47 percent of companies reported to be unhappy with how long it takes to fill roles, whereas on other hand, no more than 56 percent said that they found their recruiting efforts effective.
This is largely because most AI tools for recruiting are falling short, and traditional platforms are unable to offer anything but a complex and ineffective mechanism.
Fortunately enough, Pin arrives on the scene with a distinct ability to solve these challenges, and it does that by automating tedious and time-consuming steps like sourcing, outreach, and scheduling, acting as a Google-like search engine for recruitment efforts. The overarching idea here is to deliver precise candidate matches, and therefore, help recruiters focus on what matters most i.e. building meaningful relationships with candidates and securing top hires.
“The hiring process is one of the most important, but frustrating responsibilities for companies because they are bogged down by inefficiencies and tedious tasks,” said Steven Lu, CEO and co-founder at Pin. “Pin tackles this problem head-on, freeing recruiters from time consuming tasks to focus on building relationships and hiring the best candidates ten times faster than traditional methods. We’re dedicated to making hiring not just faster but more human.”
We referred to how Pin reduces time-to-hire by almost 70 percent, but what we haven’t mentioned yet is how it also an estimated 70 percent of candidates, who Pin recommends for their customers are also accepted into the hiring pipeline, a figure which is well above the industry average. All in all, leveraging Pin can allow you to fill positions in just two weeks, as compared to the 44-day industry average. This means saving over two hours daily to focus on your business and securing top talent.
Talk about the company’s proprietary technology on a slightly deeper level, we begin from how it uses advanced automation and data-driven insights to help organizations, like we briefly touched on, source, engage, nurture, and schedule candidates with speed and efficiency.
Starting from the component of source, Pin instantly identifies here a pool of ideal candidates based on a deep understanding in relation to company’s needs. By doing so, it cuts sourcing time from 4-10 days to immediate results.
“As organizations strive to streamline their hiring processes, maintaining high-quality candidate interactions has never been more crucial,” said Milun Tesovic, partner at Expa Ventures. “Pin stands out as a leader in this space, automating fundamental hiring tasks to address critical pain points faced by recruiters today. We are excited to support their vision to transform the recruitment landscape and look forward to collaborating with their talented team to drive meaningful change across the industry.”
The next component in line would be Engage, which basically makes it possible for you to save time with pre-written and highly personalized emails that achieve exceptional open rates. This particular feature treads up a long distance to reduce the typical 1-3 day process to instant.
Then, there is Nurture, where tailored follow-ups are roped in to ensure that no candidate conversation falls through the cracks, shrinking response time from 4-10 hours to instant.
Finally, we have Schedule. Basically, the solution’s hassle-free scheduling eliminates the wasteful back-and-forth, and at the same time, streamlines the process from 1-2 hours to instant.
Pin’s excellence in what it does can also be understood once you consider it presently serves more than 600 customers nationwide, having signed over 300 of them in the past 40 days.
