Itxaso del Palacio explains why she took the decision to invest in Mya.
We are thrilled to announce the investment in Mya, a company that is providing a conversational AI solution to corporates and staffing organisations to help them streamline their recruitment process. Talent shortage is a real issue for companies. It takes an average of 2 months to hire an employee and employers are concerned about finding employees with the right skills. Mya is tackling these issues by transforming the recruitment process, automating outreach and communication across the end-to-end candidate lifecycle and across multiple channels (SMS, Whatsapp, FB, etc). By doing so, Mya is aiming to become the AI recruiting platform for the ever growing HCM market which is projected to reach $30.55bn by 2026 (Fortune Business Insights). Because of its unique value proposition and rapid growth, Mya has already been able has garnered industry recognition and awards from CB Insights AI 100, AI Breakthrough Award, Brandon Hall Award for Best Advance in Emerging Talent Acquisition Technology, 2020 Big Innovation Award by Business Intelligence Group, and Kairos Society's K50, among others.
Mya Systems was started by Eyal Grayevsky and James Maddox in 2016. This is not the first startup that Eyal and James have built together; back in 2012, the two co-founders founded a startup called FirstJob, also in the recruitment space. Eyal knows the industry very well; his family owned a recruitment business and he worked as a technical recruiter for several years before starting his own business. Eyal and James have built an extremely experienced executive team to help them achieve their vision.
On the go to market, Mya is building seamless integrations with the leading ATS solutions such as Workday, Bullhorn, and SAP Successfactors. Mya is the only conversational AI partner in Workday’s Venture Partner Program and it has also been selected for the Tier 1 Partner Program with Bullhorn. These two strong partnerships have positioned Mya as the preferred conversational AI solution for enterprises and staffing companies in the US. Additionally, Mya partners with large RPOs (Recruitment Process Outsourcing) to help drive distribution across their mega enterprise customers.
Since they first launched the product in 2017, the company has built strong traction with large and mid-sized staffing businesses and corporations not only in the US, but also in Europe. Customers include staffing businesses such as Adecco, Hays and ICS Group, as well as enterprises such as L’Oreal, Deloitte, and Anheiser Busch. The engagement of the customers with the product keeps growing, as Mya has proved to increase hiring efficiency by 3x with far greater engagement. While hiring may slow down given the current crisis, staffing businesses will look to drive efficiencies to improve margins and Mya is uniquely positioned to help organisations in industries like healthcare, light industrial, call center, logistics, and supply chain that are seeing large spikes in demand due to COVID-19.
Around the table, Eyal has gathered a strong group of investors to support the growth and expansion of the company. We are delighted to be working with Joseph Floyd from Emergence Capital and Joanne Chen and Paul Holland from Foundation Capital who led the previous funding rounds of Mya. On the corporate side, Workday and Cisco Investments are also joining the round, which shows the strong interest and support from industry leaders.
We are incredibly excited about this investment and we are looking forward to helping Eyal and his team build Mya and grow in the US as well as European markets.