Rs 1.75 Cr raised by Param.ai in seed funding

Param.ai has raised INR 1.75 crores in Seed funding led by the US-based Institutional Fund Core Financials LLC and National Award Winner Actor Ashish Vidyarthi.

“Automation and Artificial Intelligence (AI) are influencing and entering pretty much every walk of life, promising substantial productivity gains for the economy. Technology (and automation) is helping us elevate the scope of our jobs by reducing or eliminating the low-value mundane tasks, and freeing up time which can be used to perform higher impact tasks which add greater value. Param.ai aims to add intelligence to hiring decisions. I am excited to be a part of the Param.ai story as it transforms the recruiting landscape in India” said National Award Winner Actor Ashish Vidyarthi, who is an investor and a brand endorser for Param.

EquiCorp Associates led by Partner Aashish Srivastava acted as the legal counsel for Param.ai in the transaction.

Param.ai is an AI based inbound hiring solution which helps companies make data-backed hiring decisions by streamlining, cleaning & standardizing their data sets and aims to utilize the funding to facilitate the product’s upcoming version which will have automated outbound hiring, candidate engagement, and a few other features.

Commenting on the fund raise, Ashish Kumar Sahoo, CTO and Co-founder of Param.ai said, “At Param.ai we strive to innovate and use technology to fill in the gaps in recruitment. We use data science and NLP extensively to understand the hiring pattern of a company. Having said that, it is not an easy job to do so, because the data is very unstructured in nature. Normalising such data, deriving knowledge from applicant profiles and making patterns out of them is an enormous job. Param’s algorithms are smart and help achieve accuracy in forming these patterns. We are currently working on incorporating voice technology which will help sourcers and recruiters increase their efficiency by 40%. We are also releasing our developer APIs so that developers can build solutions leveraging Param’s technology.”