HR Signal Technology Inc, a Cleveland HRTech platform that helps companies proactively retain their employees by leveraging proprietary insights to foster successful career paths, has recently raised $1.6 million in a pre-seed round led by Gammite Ventures and Tzur Daboosh. The funding round was also joined by Aaron Grossman, CEO and founder of TalentLaunch in Independence, Ohio, the company said in a blog post.
According to Andrew Spott, Co-founder and President, the startup plans to utilize the new capital to hire sales, marketing and customer success workers to bring its software-as-a-service platform to market.
Co-founded by Andrew Spott, Daniel Gilon and, Aaron Goodman, Sagy Cohen, HR Signal is a software-as-a-service platform with a hands-on team of professionals. Its products and services are designed to support one’s organization’s employee retention, workforce planning and culture. The platform’s Workforce Insights Engine delivers value for employees and the organization. The company aims to improve employee career paths to keep companies growing. It uncovers proprietary insights to help employers better understand and nurture their people.
Speaking about the company, Co-founder & CEO of HR Signal, Sagy Cohen, said:
We also have to buy a lot of data. Our algorithm processes billions of data points every month. So that’s the third category of (capital) spend. The company, which already has benchmarked 50,000 job positions, uses data and algorithms to predict whether a worker is getting ready to jump ship, giving employers time to take steps to retain the employee. Our first product, which is this predictive retention risk score, helps employers know who to have a stay interview with.
The firm envisions a world where more companies focus on delivering the career paths that their employees need to thrive and reach their career potential. It visualizes a world where people don’t have to keep hopping jobs to find a company culture that supports their growth.
HR Signal’s channel partners include HR consulting firm ERC, which is used by 1,500 companies that want to improve their workplace culture and promote it from within. So far, the platform has been in prolonged soft beta mode to refine its algorithm’s output, and it has worked with employers ranging from 30 people up to 3,600.
According to the founders, the company’s ideal client has at least 100 employees because that gives HR Signal more data to use.