The company will use the funds to increase its skill library selection, reach more global enterprises, and widen its partnership base within the HR Tech ecosystem, it said in a statement.
This is the first institutional fundraise by the seven-year-old bootstrapped startup, which is profitable. iMocha operates out of India and the United States.
Founded in 2015 by Amit Mishra and Sujit Karpe, iMocha helps talent acquisition and management teams to thoroughly assess individual skill proficiency with job-role based assessments for both recruitment and learning.
Leveraging AI simulators, interviewing tools, and talent analytics, iMocha is a skills assessment platform serving global organisations.
“Without a skill assessment platform to help measure and scale their talent pool, businesses will quickly lose out on talented team members. At iMocha, we’ve built the broadest and deepest technology skills library in the world with measurable outcomes,” said Mishra, who is also its CEO, said.
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By 2025, half of the world’s workforce will have to upskill to next-gen digital skills. And by 2030, 60% of the skills required to perform enterprise roles will be different, making skills the new currency for staying relevant and competitive, Karpe, the chief technology officer, said.
“Because of our innovation and, most importantly, our ability to create a skill-fit market, numerous Fortune 500 and global enterprises entrust us with their skills assessment and benchmarking needs,” he said.
iMocha’s library has over 2,000 assessments across coding, data science, AI, ML, cybersecurity, RPA, enterprise applications, cloud computing, storage, network, infrastructure management, application development, aptitude, and banking.
“Leveraging an expansive and unique skills database, iMocha’s AI-powered assessment platform has enabled organisations to make the talent management processes more robust and efficient,” said Aditya Systla, Partner at Eight Roads Ventures.
From hiring to onboarding to talent management and upskilling through internal training, tech companies offering human resource solutions are gaining traction among the investor community.
These companies – which include Apna.co, Ally, Refyne, DarwinBox, Sense, and Advantage Club – have raised more than $500 million in 2021.
