Barcelona-headquartered recruitment software provider Factorial has launched Factorial AI, a generative AI tool to help businesses streamline operations and save time and costs, according to a statement from the company.
It also includes an AI talent capability that Factorial says speeds up the recruitment process by automatically screening CVs. The company asserts that this speeds up the recruitment process by 35% and cuts hiring time by 30% and should help HR teams prioritize the best candidates, streamline operations and drive growth.
The company says its AI tools accelerate the recruitment and onboarding process. According to the company, it has increased client numbers by 10% and headcount by 46% since the beginning of this year.
The new product features custom competency descriptions which are automatically suggested and assigned by Factorial AI to each role and level. Managers can use it to create descriptions for specific roles, thereby improving accuracy and consistency across roles and departments, the company maintains.
The product also generates document summaries that highlight key information, insights and findings.
Factorial AI will also be added to Amazon.com’s AWS Marketplace, which, the company said, will further extend its reach and accessibility. This will allow businesses to leverage the product directly on the platform, unlocking new benefits and integration possibilities, it maintains.
“Combining the power of our software with AI allows Factorial to further supercharge businesses,” said Peter Santis, head of Factorial in North America.
“We’re here to modernize HR processes while bringing innovation to the table, and this is just the next step to taking HR automation to the next level.”
Factorial was founded in 2016. It says it has more than 75,000 users across more than 65 countries, with such clients as KFC and Booking.com.
In October 2022, the company raised $120 million in a Series C funding round that was led by Atomico, with GIC and existing investors Tiger Global, CRV, K-Fund and Creandum also participating. This round valued the company at more than $1.0 billion.