SAN FRANCISCO — OnboardIQ, a hiring automation platform for hourly workers, has closed a $9.1 million series A financing round. The round was led by Origin Ventures with additional investments from SoftTech VC, Crosslink Capital, and Y Combinator.
“With the rapid growth of the ‘gig economy’ and contingent workers, we expect more employers in diverse industries will turn to this emerging sector of the workforce. As they do, the ability to remove time and expense by automating the on-boarding process can make the difference between success and failure. OnboardIQ brings market-leading, flexible software to this emerging sector of the labor market,” said Brent Hill, partner at Origin Ventures.
Founded by a pair of technology and human resource leaders Jeremy Cai and Keith Ryu, OnboardIQ’s cloud-based solution uses machine learning and automation to address the challenges that today’s HR and operations teams face when hiring large workforces such as analyzing data that’s siloed in on-premise HCM suites, screening an increasing number of applicants with a lean HR team, and delivering a branded, enjoyable candidate experience.
“We are excited to welcome Brent to our board, and drive forward in our mission towards maximizing labor-market efficiency and creating economic opportunity for local employees,” said Keith Ryu, co-founder and CEO of OnboardIQ.
This financing marks the latest update from OnboardIQ, who over the past year tripled its annual revenue, expanded its customer base internationally, and passed the milestone of 3,500,000 applicants screened using the platform which resulted in 400,000 job placements.
“Companies are now using OnboardIQ to process over 300,000 applications each month, across more than 700 cities in 46 countries,” said Jeremy Cai, co-founder and COO of OnboardIQ. “OnboardIQ is purpose-built to serve hourly workers, a demographic that makes up the majority of the global workforce but has been overlooked by modern HR software.”