HireSure.ai, an HRTech platform that enables companies to leverage data in making more efficient compensation decisions, announced that it has raised $2.5 million in seed funding co-led by YCombinator and Binny Bansal’s Three State Capital, with participation from San Francisco-based Tribe Capital and Pioneer fund. According to the press statement, the Bengaluru-based startup plans to use the funds to strengthen the community, build new products and primarily scale up the engineering and product teams for product development.
Started in 2019 by three graduates from IIT Kanpur -Anurag Dixit, Anshul Mishra, and Ramesh Konatham, HireSure.ai uses real-time compensation benchmarking data to help companies make more efficient compensation decisions and eliminate pay disparities. The startup also allows one to communicate your offer to the candidate in the most presentable and engaging manner. It also uses behaviour signals to predict a potential dropout to make course corrections and retain them.
The platform designed a delightful journey with a sequence of custom touchpoints to ensure candidates are motivated and reduce the chances of potential dropouts. It aims to achieve pay parity by helping companies leverage data to make scientific and fair people decisions, starting with compensation.
Sharing about the company, Co-founder of HireSure.ai., Anurag Dixit said:
We believe that this problem of pay disparities can be solved only when companies come together to democratize access to real-time compensation benchmarks. This is why ‘Total Rewards’ leaders of funded startups are coming together to form an invite-only community with us. As of now, compensation data is sitting in silos in multiple systems. Our product CompUp aggregates compensation data from various systems and comes up with insights to make better compensation decisions.
Anurag further added:
More than half of the world’s GDP is salaries. Yet there is no full-stack solution to provide real-time compensation benchmarks and insights and enable companies to make data-driven compensation decisions for their employees. This results in removing biases in decision-making and reducing pay disparities. We have a first-mover advantage in solving this real-world challenge.
The company has also announced the launch of CompUp, a full-stack compensation management platform that combines all the compensation data and insights into one place. Companies will use this to compare, strategize, and communicate ‘Total rewards’ to their employees and candidates. CompUp is launching ‘Compensation Insider’, a community where CHROs and Reward professionals across sectors and companies would come together to share best practices around rewards and contribute towards building a global compensation platform that will make fair pay a reality. It will transform how pay processes are managed in companies to drive a higher fairness quotient among employees.
HireSure.ai. has partnered with more than 200 funded startups in India, including Meesho, Slice, Dream11, Apna, Porter, Dunzo, Khatabook, and Rapido. It also plans to partner with about 800 startups by the end of 2023 and will expand its offering to Southeast Asia and the Middle East. It directly or indirectly competes with other HRTech companies like Belong, Darwinbox, Edge Networks, Monjin, and Mettl.