Bright.com, a job search site that uses data science to match employers and job hunters, has raised $14 million in a Series B round led by Toba Capital. The company plans to use the funding to build up its visibility among employers and add to its data science team.
Like plenty of other sites, Bright.com, which launched in 2011, gives job seekers an online destination to search for open positions. But its key innovation is a “scoring” process that analyzes a job hunter’s profile and then maps it against an employer’s job description. The company says it considers hundreds of variables, including educational information, length of employment, a previous employer’s prestige and resume length. And then it gives both the job candidate and the recruiter a numerical assessment that indicates how well-suited a particular person might be for a given job.
“The internet has democratized the job application process. If you’re on the receiving end, you’re inundated with a lot of noise,” said CEO Steve Goodman. “This eliminates the need for recruiters to sift through hundreds of apps. It automatically brings up the top [candidates].”
The company clearly has stiff competition in LinkedIn, which has a treasure trove of employment data and also offers tools for recruiters – and with less than 5 million monthly unique visitors, compared to LinkedIn’s 140 million unique visitors, it has a ways to go when it comes to attracting job seekers. But Goodman said Bright doesn’t want to be a professional networking site, but a data-science-driven tool for recruiters and job seekers.
What’s particularly interesting to me is that, as online education courses and new learning opportunities proliferate, scores from third-party data-driven companies like Bright.com could give employers new ways of quantifying job candidates’ learning and skill sets.
The company doesn’t just give candidates extra points for attending Harvard or Yale, it looks at who employers have previously hired and their educational and employment experiences. If alternative certification programs have led to successful candidates for certain jobs in the past, Bright.com’s algorithms could favor future candidates with similar profiles when it comes to those jobs. That could conceivably enable students of non-traditional learning programs to get recognition for their work and, over time, encourage a diversity of educational and career paths.
The company’s series B round, which also included current investors like John Burbank of Passport Capital, follows $6 million previously raised.