Reejig, a Sydney based startup that uses big data and AI to predict problems and opportunities in large complex workforces, today announced a $2.2 million first capital raise.
The company says the money will be used to scale its software as a service platform which connects various HR systems, collating the data on employees and potential employees to use in predictive analytics.
According to the startup, the analytics can provide information on an organisation’s gender bias, employee attrition, employee history, as well as insights on competitors’ workforces.
Accounting software company MYOB reportedly used the Reejig platform last year as part of a program to increase the amount of women in its technical roles.
The funding comes from Australian venture capital firm Right Click Capital and Arun Krishnankutty from OMKA Group.
“The benefits that data and AI are bringing to the professional workforce are phenomenal,” Reejig’s CEO and cofounder, Siobhan Savage said today.
“What’s unique about our product is the fact that it’s been developed while working alongside our customers – our core focus is to ensure our technology meets their evolving, complex needs when it comes to people management. We are extremely pleased to have supportive investors who share our vision of enabling businesses to be more effective in how they manage their workforce.”
Savage says Reejig’s customers include a mix of global enterprises, governments, and academia, which benefit from the Reejig platform because of their more “complex” workforces.
“The future of work is radically changing how companies manage talent and the pace of change is accelerating year on year,” she said. “Labour shortages are increasing and competition to secure the best talent is brutal. Automation and AI technology such as Reejig are critical components in helping companies to design the workforces of the tomorrow, today.”
Garry Visontay, Partner at Right Click Capital, said his firm invested because Reejig is at the forefront of solving workforce challenges.
“We believe the company will quickly become a leader in the HR technology space and we see the team’s solution as having global scalability.”