Brazil AI-based HR platform Gupy has raised US$93 million in venture capital, vowing to expand operations to more countries across Latin America.
The funding round was led by Softbank and US venture capital firm Riverwood, Oria Capital, and Maya capital.
Sao Paulo-based company uses artificial intelligence (AI) to help businesses identify and hire the right employees for their operations. More than 480,000 professionals were hired through the platform in 2021 alone, according to local media reports.
The startup, founded in 2015, says artificial intelligence reduces the time spent on hiring by a staggering 70%.
Gupy claims have served over 1,500 companies in countries including Mexico, Argentina, Chile, Uruguay, Paraguay, Bolivia, Costa Rica, Colombia, Venezuela, and Peru. Its clients include the likes of Ambev, Renner, Itaú, and Santander.
The startup made headlines late last year when it acquired Niduu, a tech startup that makes it easier for businesses to upskill or reskill their employees in this increasingly changing marketplace.
With new cash on hand, Gupy would refurbish its tech platforms, offering easy options for Latin Americans to land a job of their choice.
The startup currently has 470 employees, but its headcount is likely to increase dramatically in the months ahead as there has been a significant increase in the use of its platform by global business groups looking for remotely-working employees.