TechCrunch
Jobandtalent Raises $3.3M For Its Linguistics Algorithm-Based Approach To Recruitment
U.K.- and Spain-based recruitment startup Jobandtalent, which uses linguistic analysis to alert candidates to jobs they might otherwise have missed, has just closed a €2.5 million ($3.3 million) funding round, led by Spanish investors including Kibo Ventures, Félix Ruiz (co-founder of Tuenti.com) and existing shareholder Alfonso Villanueva.
There are scores of startups attacking the laborious problem of job hunting, from the seeker’s point of view, and the difficulty of locating quality candidates, from the employer’s. Jobandtalent is (yet) another purporting to take the strain out of matching candidates to relevant opportunities and vice versa — but their (they say unique) twist is a linguistics-based algorithm that parses job ads and seeker CVs to locate relevant pairings, thereby allowing passive candidates to be more easily folded into the mix.
If its spiders return with a match between a candidate and vacancy jobandtalent automatically sends a message to the candidate to notify them about the role. Its system also ties in with social networks such as Facebook to foreground any relevant connections job seekers might already have in their social networks linking them to a prospective employer so they can request an introduction.
The linguistics-based approach is a relatively new twist for the startup — which pivoted last year — and it’s that pivot that has attracted this latest investment. Prior to pivoting, and since being founded in 2009, it had been testing different approaches to tackling recruitment issues, including career guides and a social media approach, says co-founder Juan Urdiales – raising €1.1 million in total angel funding at that time.
Its linguistics algorithm, developed in collaboration with HR and big data experts, with input from PhDs from the IULA (Research Institute for Applied Linguistics) of Universitat Pompeu Fabra in Barcelona, identifies and recognizes linguistic patterns within the structure and phrasing of job adverts and CVs, and then converts them into data points to match candidates to suitable jobs. Jobandtalent claims its algorithm can create matches “even if they do not match a candidate’s or recruiter’s specifications word for word” — so it’s presumably doing something more sophisticated than keyword matching.
“We do big data analysis,” says Urdiales, explaining that this includes linguistic analysis between candidates’ profiles, and the job postings in its database. “We don’t only match the title of the position and the title of the job posting. We match everything. All the description of the profile — not only the title, but what the candidate has been doing when he was in that position and also we match… all the description of the job,” he says. It does also currently employ three internal recruiters (aka humans) to fine-tune its algorithm — to “sanity check” matches. But the ultimate aim is to have the algorithm taking all the strain.
Urdiales says the extent of the linguistic analysis of its algorithm sets jobsandtalent apart from its closest rival recruitment startup Bright.com which does semantic matching but apparently mostly parses just job titles and positions. “Our approach is much more advanced, uses much more information and is much more accurate,” Urdiales adds.
He pegs the current accuracy of the algorithm at 50% of matches being “totally accurate” (up from 20% when the beta algorithm was released about a year ago) and the other 50% having “a certain level of accuracy — but we cannot consider a perfect match”. The ambition, he says, is to get the algorithm as close to 100% as possible. “We will be happy if we can achieve 80% of accuracy,” he adds.
The core idea behind using an algorithm to parse job ads and profiles is that it saves times — and allows hundreds of thousands of jobs from different recruitment boards and sites to be speedily crawled. The method also foregrounds jobs and candidates that might otherwise miss each other, and therefore potentially increases the number of passive candidates alerted to job opportunities vs active job seekers. Passive candidates are generally valued highly by prospective employers since they may be the best suited to the particular role needing to be filled.
Since pivoting last year jobandtalent says it has signed up more than 200 “leading European and global companies” as employer customers — including Accenture, Morgan Stanley, Ericsson, Booking, L’Oréal and Deloitte. It also now has more than 500,000 registered users, and employs 20 members of staff itself, working mainly in technology, big data and marketing.
Urdiales said the new funding will be used to improve the accuracy of the matching algorithm and also to develop native mobile apps. It also plans to focus on boosting user-adoption in the U.K., and prepare its platform for launching into new markets — with a focus on the U.S. and Latin America. It’s aiming to launch in the U.S. in Q1 2014, according to Urdiales.
Samsung Joins Apple, Google And Microsoft With First Global Developer Conference October 27-29
Samsung has built itself into a consumer electronics giant to rival some of the biggest and baddest, and now it’s following the example of some of its lofty peers and announcing its first annual developers conference, which will take place in San Francisco at the West St. Francis Hotel in Union Square between October 27 and the 29.
Samsung’s three-day affair is unique in that it doesn’t take place at the Moscone Center, but it’s a brand new thing, so there’s no telling what kind of response there will be. Samsung is casting a wide net for developers, however, saying that it’s designed for people working on “all divisions, platforms and device” rather than just mobile. Samsung’s dev event will begin registration later this summer, and judging by the reach of the Korean company’s devices, across smart TV, smartphone, camera and other devices, space will fill up fast for the new SF-based event.
For Samsung this is a big step in terms of differentiating itself from other Android developers on the mobile front. Google already offers the opportunity for devs on its mobile OS to get together and see workshops and sessions, but these are device agnostic, and in fact cater more to developers who aren’t interested in one type of handset over another. A Samsung-specific event will help devs who want to target specifically the smartphones with the largest share of the global market, and help them build apps that leverage the unique capabilities of Samsung’s own modified Android platform.
Samsung also appears increasingly to be interested in building out its other divisions, and recently snapped up media streaming and cloud DVR startup Boxee to help it boost its smart TV efforts. A dev conference is the perfect place to highlight those other platforms, and also to bring some synergy into the mix in terms of highlighting the opportunities for software that works across the CE company’s increasingly varied lines of business.
You can sign up at Samsung’s developer conference site to be notified when registration is open if you’re interested in attending.
Yahoo Repurchases 40M Shares From Hedge Fund Third Point ($1.2B In Value) As Loeb, Wilson And Wolf Resign From Board
Looks like Yahoo is trying to take control of its own destiny once again. The company today announced that it would repurchase 40 million shares owned by the hedge fund Third Point LLC at a price of $29.11 per share, working out to some $1.164 billion in value. As a result, Third Point, led by activist investor Daniel Loeb, will own less than 2% of the internet company, and the three people it appointed to the board last year — Loeb, Harry J. Wilson, and Michael J. Wolf — will resign, effective July 31.
Entrepreneur Max Levchin, a joint appointment between Third Point and the Yahoo board, is staying on, and “the remaining directors are committed to revisiting the Board’s size and composition,” the company says. Levchin first joined the board in December 2012.
The move marks a sea change for Yahoo, with Loeb — an activist shareholder pushing through some significant changes at the very top of Yahoo at a time when the company was falling rapidly against competition from Google in search, ads and more — now taking a step back. Changes instigated by Loeb have included pushing out Scott Thompson and putting in Ross Levinsohn as the interim CEO before Marissa Mayer appointed as the permanent CEO.
“Harry, Michael and I are pleased to have played key roles in Yahoo’s resurgence since we joined the Board last spring,” said Loeb in a statement. “Since our Board’s rigorous search led us to hire Marissa Mayer as CEO, Yahoo!’s stock price has nearly doubled, delivering significant value for shareholders. I’m confident that with Marissa at the helm and her team’s focus on innovation and engaging users, Yahoo! has a bright future.”
For its part, Yahoo has released a courteous farewell statement, all the while acknowledging that there is still a lot of work to do — not least by integrating and making some sense of the 19 acquisitions Yahoo has made to date under its current CEO. (The latest, of social networking data startup Ztelic in China, was announced three days ago.)
“Daniel Loeb had the vision to see Yahoo for its immense potential – the potential to return to greatness as a company and the potential to deliver significant shareholder value,” said Mayer in a statement. “On behalf of the Board and our entire team, I’d like to take this opportunity to personally thank Dan, Michael, and Harry for the tremendous opportunities they created here at Yahoo!. They have been incredibly supportive as we have built our executive staff and developed our strategy, and they have helped position Yahoo! for future success. While there’s still a lot of work ahead, they’ve given us a great foundation.”
Yahoo says it expects to fund the transaction “primarily with cash, and the transaction is accretive to earnings per share (EPS).” Third point now owns around 20 million shares in the company’s common stock, Yahoo adds.
This share repurchase is part of a bigger $5 billion buyback program at the company.
Last week, the company said it repurchased $653 million in shares during Q2. Yahoo says it previously announced a plan to purchase an additional $1.9 billion of Yahoo! common stock: “The new repurchase agreement becomes part of that plan,” it notes. This means that there is an additional $700 million left in share buybacks remaining to be executed. We have reached out to the company to ask whether that will be in this quarter or later.
More to come. Release below.
SUNNYVALE, Calif.–(BUSINESS WIRE)–Yahoo! Inc. (NASDAQ: YHOO) today announced that it has entered into an agreement to repurchase 40 million shares of Yahoo! common stock beneficially owned by Third Point LLC (“Third Point”), at a purchase price of $29.11 per share. The purchase price equals the closing price of Yahoo! common stock on July 19, 2013.
Following the repurchase, Third Point will beneficially own approximately 20 million shares, representing less than 2 percent of Yahoo!’s outstanding common stock. In accordance with the Board’s settlement agreement announced on May 13, 2012, each of the directors originally nominated by Third Point — Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf — have submitted their resignations from Yahoo!’s board of directors, effective July 31, 2013. The Board will then comprise seven members. Max Levchin, who was appointed as a director upon mutual agreement between Third Point and the Board, will remain on the Board. The remaining directors are committed to revisiting the Board’s size and composition.
“Daniel Loeb had the vision to see Yahoo for its immense potential – the potential to return to greatness as a company and the potential to deliver significant shareholder value,” said Yahoo! CEO Marissa Mayer. “On behalf of the Board and our entire team, I’d like to take this opportunity to personally thank Dan, Michael, and Harry for the tremendous opportunities they created here at Yahoo!. They have been incredibly supportive as we have built our executive staff and developed our strategy, and they have helped position Yahoo! for future success. While there’s still a lot of work ahead, they’ve given us a great foundation.”
“Harry, Michael and I are pleased to have played key roles in Yahoo’s resurgence since we joined the Board last spring,” said Third Point CEO Daniel S. Loeb. “Since our Board’s rigorous search led us to hire Marissa Mayer as CEO, Yahoo!’s stock price has nearly doubled, delivering significant value for shareholders. I’m confident that with Marissa at the helm and her team’s focus on innovation and engaging users, Yahoo! has a bright future.”
Yahoo! previously announced a plan to purchase an additional $1.9 billion of Yahoo! common stock; the new repurchase agreement becomes part of that plan. Upon completion of this repurchase, approximately $700 million will remain under the $5 billion buyback authorization announced last year, on which the Company plans to continue to execute. Yahoo! expects to fund the transaction primarily with cash, and the transaction is accretive to earnings per share (EPS).
About Yahoo!
Yahoo! is focused on making the world’s daily habits inspiring and entertaining. By creating highly personalized experiences for our users, we keep people connected to what matters most to them, across devices and around the world. In turn, we create value for advertisers by connecting them with the audiences that build their businesses. Yahoo! is headquartered in Sunnyvale, Calif., and has offices located throughout the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa (EMEA) regions. For more information, visit the pressroom (pressroom.yahoo.net) or the company’s blog (yahoo.tumblr.com).
Aereo Will Expand Into Utah On August 19
Today Aereo, the live TV streaming/DVR service that brings content directly to any of your devices, at any time, has today announced its plans to launch service in Utah on August 19. Shortly after, the company has plans to launch service in Chicago on September 13.
Back in January, Aereo raised a $38 million Series B round and announced plans to expand beyond NYC into 22 new cities. So far, the company has successfully invaded Atlanta and Boston, and is moving westward with haste.
Here’s official word from CEO and founder Chet Kanojia from the release:
We’re excited to be launching our technology in Utah, or what is fast becoming known as the Silicon Slopes. Utahns are connected, tech-savvy and interested in innovations that can add value to their lives. When it comes to how you watch television, Aereo’s technology will bring more choice and flexibility to Utahns across the state, whether you live in Salt Lake City, St. George or Ogden. We believe consumers want and deserve a better television experience and our work is focused on delivering the best customer experience with the highest quality technology.
Utahns who pre-register for Aereo will receive priority access to the service starting August 19.
For those of you who don’t know how Aereo works, here’s a quick recap:
Aereo has built a special technology that shrinks down a TV antenna to the size of your fingertip. Because of this, Aereo can “rent out” antennas to users which they can use remotely to access live TV from 30 major broadcast channels. Users can also record shows and watch them later, on any device.
Obviously, this is not so pleasing to many of the major broadcast networks, as Aereo pays no fees whatsoever to these companies. After all, it’s the same process as buying a set of rabbit ears and hooking them up to your TV. The OTA signals are free, the hardware isn’t. So Aereo has provided the hardware, albeit remotely.
That said, Aereo is in a tussle with a handful of broadcast networks, including Fox, ABC, and NBC, who are looking to have the service banned in New York. But fortunately for Aereo, the court seems to be ruling in favor of the startup, based on a Cablevision precedent set a few years ago.
But that likely won’t stop the networks from attempting to battle the startup in other jurisdictions, like Boston.
Only time will tell if Aereo can stave off the attacks and continue to grow, though these rapid expansions point toward a worry-free startup with the world at its feet.
Leap Motion Launches With Limited Appeal, But It Could Be A Ticking Time Bomb Of Innovation
The much-anticipated Leap Motion Controller began shipping to pre-order customers today, as reviews of the input device hit the web. The startup behind the controller has done an impressive job raising interest in the novel gadget, and sold an incredible amount of pre-orders to early adopters. But reviews so far have been mostly lukewarm, citing experiences that don’t necessarily live up to the hype.
The Leap Motion controller went back to the drawing board and put off its wide launch to spend more time in a wider beta in order to get the consumer experience right. It sounds like they were focusing on the right area with that effort, as most reviews say the Leap Motion experience is a little underwhelming, or at least something that’s an admirable distraction but not useful for truly productive usage.
Leap Motion has done a good job of getting a decent selection and range of apps in the Airspace dedicated software store for its device at launch, so it has that going for it. But the problem here appears to be that all of the apps leave reviewers feeling more like they’ve just experienced a gimmick, than the next generation of computer interaction.
What Leap Motion can do now (scrolling and paging through apps and virtual environments, completing next and back functions) is a far cry from what it will likely eventually be able to do, however. The Leap Motion and devices like it are a long bet, and I think the companies behind them understand this; we’ll see a bit of what they’re capable of shown off in tech demos and current generation software, but what they’re offering is an entirely new paradigm for thinking about digital interaction. That means it’ll take time before developers wrap their head around what kind of software experience fits this mould.
Adapting Fruit Ninja or Google Earth to something like 3D gesture control is a simple enough process, one that’s opportunistic without being truly innovative. Some might say Leap Motion should’ve stayed in beta until it could begin to bring about the change needed to show its controller off to its full potential, but someone had to get the tech to market. It’ll grow accordingly, though I’m curious to see if consumer interest will be enough to sustain it through its awkward adolescence based on these initial, hopeful but ultimately reserved consumer-oriented reviews.
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