It was valued at $5.1 million by the end of 2018 and has been invested by organizations such as Oxford University, Will Group (one of the recruiting giants in Japan). Newton is set to be the recruitment tool that will take much of the interview burden of in initial phases of the recruitment process. It works through a chatbot on Facebook Messenger, as an AI assistant for candidates job search, finding opportunities in a matter of a few minutes.
The system allows recruiters to find suitable candidates in less that 80% of the average time spent in initial interviews. It is a technology with artificial intelligence that crosses deep learning and the natural language processing to get to the best matches.
What distinguishes Newton.ai is the ability to select 5 to 10 interested qualified candidates who best fit the position in a matter of minutes. The startup that was founded last year already has clients ranging from scale-ups of incubators such as the Y Combinator or the 500 Startups to big corporates such as Nike.
How it works? Recruiters just need to give Newton the link for the job posting page of the company website and, in a few minutes, the platform will find top candidates for the profiles which the company is recruiting. On the side of job seekers, they just need to go to Newto.ai website and initiate a conversation through it’s messenger chatbot. In a few minutes, Newton will present job offers that suit the candidate’s profile.
“We realized that the market was inefficient and that we could make a difference if we used natural language processing to match the offers and the candidates,” says Rui Costa, co-founder of Newton. The system uses natural language processing to read the information of each job offer. This makes Newton understand that ‘truck driver’ and ‘delivery courier’ may be jobs assigned to the same profile. It also means that you can understand the level of seniority through earned salary, for example.
Converting days of work in 20 minutes
“What we are doing again is to list a job offer by the necessary skills and not by its literal sense. The idea is to cut through all the barriers that prevent a candidate from reaching his ideal job opportunity. The beauty of this technology is that in addition to bringing us a solution that presents the best candidates specifically for that offer, it manages to do so in about 20 minutes and free of bias, “explains Helder Silva, co-founder of Newton.
Newton recently put to works its newest algorithm MatchR. It will be particularly relevant in markets with less candidate supply and works best in cases where a candidate with an exact profile sought by the company is not found. Whenever this happens, recruiters need to increase the pool of candidates. In these cases, MatchR will be more efficient in determining which competencies or factors are not so relevant, thus increasing the number of potential candidates.
With the system fully operational in the US, Newton opened branches in Europe, Brazil and Japan in early February. With investment and expansion to the European and Asian markets, a return of 10 million euros is expected for 2019. Only the activity in San Francisco has already brought more than 80,000 candidates to the platform. It was valued at $ 5.1 million by the end of 2018 and has been invested by Oxford University or Will Group (one of the recruiting giants in Japan).
ABOUT NEWTON
Newton uses Artificial Intelligence and human know-how to help employers hire the best talent, quickly. The state-of-the-art technology it uses, manages to create selected lists of candidates interested and qualified for any job vacancy. By harnessing the power of artificial intelligence and combining it with human expertise, Newton reduces recruiting costs for companies by more than 80%.
For more information: newton.ai