Chilean HR tech Rankmi raises US$1.5 million to develop app and expand to Mexico

Conxto – Paper applications may soon become historical relics with Rankmi’s solution. The Chilean startup developing automatic HR technology recently raised US$1.5 million from Beagle Ventures.

In Summary 

Psychologist Felipe Cyadra and civil engineer Enrique Besa founded Rankmi in 2014 to automate human resource processes. At the time, they began the company in London but currently headquartered in Santiago.

“We overcame all of our initial expectations,” said Besa, who also served as the CEO.

Moving forward, news broke that Rankmi intends to create a mobile app and start operations in Mexico following the investment round that closed in May. The founders also chose to expand to Mexico based on current demand for effective management systems.

“Our business model tries to have the largest quantity of employers using our platform,” said Besa in recent email correspondence. “In this sense, Mexico has an interesting size for this type of solution. On the other hand, companies in Mexico invest more every day in issues related to people management. This is why our services are in demand in that country.”

Previously, the company raised US$40,000 during its time with Start-Up Chile.

In-Depth

Organizational development is what Rankmi focuses on, hoping to become a hub for human resources with its new application expected to be released in September. According to Besa, the product has already been pre-sold to 15 clients. 

With its current SaaS platform, users can generate reports and suggestions using machine learning. As a result, not only do partnering organization improve business practices but also the business environment. There is even a portal to evaluate employees as well as features to recruit new talent.  

“Users will be business collaborators,” said Besa. “They will have information related to vacations, remunerations, corporate such as organizational charts, and even provide access to building doors”. 

Additional Rankmi’s features include pay sheets, recruitment and selection process, training plans, workers’ history, among others. Currently, Rankmi’s technology is present at 170 companies in Chile, Colombia, as well as Peru. Some partners include Santander, Transbank, Grupo Falabella and Ripley. 

“The Rankmi platform is an excellent tool since it allows optimizing processes, obtaining results online, and being able to self-manage changes and permissions,” said Victoria Navarette, a project manager for Falabella Financiero in Chile.

“That is, one has both the results and the management of them in one place. Added to this, Rankmi ‘democratizes’ the results, since it makes more efficient and allows leaders to be the main drivers of change management with their collaborators.”

-JA