X0PA AI announces USD 4.2 million raising in series A funding

Series A funding for X0PA AI has raised USD 4.2 million. SEEDS Capital, AI8 Ventures, XCEL NEXT VENTURES, and SASV Investments also contributed to the round, which was led by ICCP SBI Venture Partners (ISVP). The additional funding follows significant expansion into new markets and the introduction of leading inclusive hiring innovations.

Organizations are striving to improve diversity and minimise bias in their workforce now more than ever, all while reducing the time and expense of hiring the greatest personnel. The intelligent hiring solutions from X0PA are designed to maximise impartiality in talent selection while also leveraging automation to enable candidates and employers to achieve the most equitable and desirable hiring outcomes.

“Recruitment and selections can have significant bias, inequity and inefficiencies. We are looking to change the game inequitable hiring and selections by reducing unconscious bias and subjectivity, leading to more diverse workplaces and better selection outcomes. We also want to continue to capitalize on our sophisticated algorithms and intelligent automation to make the entire process efficient hence saving considerable costs and time while ensuring the ideal match between the employers and candidates,” explains Nina Alag Suri, Founder and CEO of X0PA AI.

X0PA offers a set of ethical AI-powered technologies, based on Microsoft Azure, that aim to decrease manual recruiting and selection procedures, promote inclusion, and solve people sourcing issues for businesses, universities, and government. At the heart of powerful tools that enable sourcing, screening, and interviewing of people at scale are market-leading patented algorithms, Machine Learning (ML), and Robotic Process Automation (RPA).

ICCP SBI Venture Partners (ISVP), a combined fund between two of Asia’s longest operational venture capital firms, is leading the latest round of fundraising. ISVP’s seasoned partners and advisors from the Philippines, Japan, and Silicon Valley invest in fast-growing Asian and US technology firms. Miguel Encarnacion, ISVP’s Managing Director, has been focusing on the Future of Work, with X0PA being his 6th investment in the sector in last 3 years.

“Advancement of technology and computing power has paved the way for the use of big data and machine learning as a means of minimizing cognitive biases in hiring. In the process, a lot of previously undiscovered, or underestimated, talent pools can now be accessed.X0PA is solving the talent bottleneck by utilizing AI to find highly talented outliers that do not necessarily fit regular profiles. More importantly, they are leading the way in building a more equitable future of work. We are proud to help them continue building on a powerful, cost-saving platform that optimises recruitment operations while having an important social impact.” said Miguel. Miguel joins the board at X0PA as ISVP step up their involvement in X0PA’s future.

X0PA also received money from SEEDS Capital, Enterprise Singapore’s investment arm, in its home country of Singapore. SEEDS Capital is a venture capital firm that makes sensible investments in creative tech start-ups in emerging and strategic industries with high intellectual substance and market potential.

Said Tan Kaixin, General Manager of SEEDS Capital, “Equitable and inclusive hiring practices are emerging priorities for organisations worldwide as they look to increase diversity in teams. Through advanced analytics and artificial intelligence, X0PA’s solutions enable an objective and seamless hiring process, which has the potential to transform and uplift HR practices. We look forward to partnering this innovative business and enable expansion of its solutions overseas.” 

Dion DeLoof, Co-Founder/General Partner at AI8 Ventures, is also keenly aware of X0PA’s competitive edge, saying, “We are excited to invest in X0PA to disrupt traditional talent recruitment processes. Their AI and ML leveraged approach to candidate selection is a real competitive advantage. End clients are looking for solutions that remove unconscious hiring bias, increase speed to hire, and identify new pools of talent. We look forward to partnering with Nina and her team.”

Further growth in Asia remains a focal point for X0PA which Kevin Yu, Founding Partner at XCEL NEXT VENTURES wants to accelerate. Kevin said, “Higher attrition, remote working and a candidate-led recruitment market is currently putting more pressure on employers across the world to hire faster, while also lowering costs in how they reach and onboard talent. X0PA’s advanced AI-powered hiring tools are solving these problems and positioning them to be a future leader in inclusive hiring software. XCEL NEXT backs founders who transform industries, and team X0PA is one of them. We look forward to helping the company achieve sustained growth in Asia.” 

Client results have been another critical factor in this investment round. “I’ve been following X0PA’s journey from early days and it’s impressive to see how far they’ve come. X0PA’s clients recorded a 600% increase in ROI, 80% savings in time and 50% in cost to hire” said Sajit Nair, Managing Director and Founding Partner of SASV investments, another investor in this round.

X0PA, a long-time Microsoft partner, intends to use the funds to expand globally, starting in Asia, the United States, Latin America, and Europe. Investments will be made in the company’s go-to-market strategy and teams. Additionally, the newly received capital will aid in product enhancements and innovation, allowing the company to stay ahead of the competition in terms of AI model maturity.