O5 Systems/Ideal secures $3M financing

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By Ted Liu

O5 Systems, Inc., dba Ideal, has raised $3 million in funding led Mike Durland, Michael Hyatt and Richard Hyatt, alongside the MaRS Investment Accelerator Fund (MaRS IAF).

Ideal is an intelligent virtual assistant for recruiters. Ideal’s artificial intelligence automates time-consuming, repetitive tasks including candidate sourcing, resume screening, shortlisting and candidate outreach. Ideal eliminates human bias, improves quality of hire, enhances the candidate experience and increases recruiter efficiency.

New funds will be used to accelerate the capabilities of the virtual recruiting assistant and streamline high-volume hiring.

“We are thrilled to be able to work so closely with our investors and the MaRS Investment Accelerator Fund. It is a huge vote of confidence and marks a very exciting time for us,” said co-founder and CEO, Somen Mondal.

“These funds are going directly to supporting our new and existing customers,” added COO and co-founder, Shaun Ricci, “We really excel at working with each customer and building out additional functionalities efficiently. Our product roadmap is ambitious and we’re looking forward to releasing new features to our customers.”

Scott Pelton, Investment Director at MaRS IAF said, “Ideal is taking on a problem that impacts a huge market. Companies across industries and around the world struggle with high-volume hiring. Ideal has an incredibly talented team that is well-positioned to play a role in Canada’s booming AI ecosystem.”

photo credit: StockSnap via pixabay