Contxto – Earlier this month, a Peruvian HR tech platform known as Quantum Talent closed a seed round worth US$660 thousand thanks to Angel Ventures Peru’s Seed Fund I with over US$2 million committed capital, and other individual investors from Peru and Mexico.
Besides scaling across Latin America over the next 18 months, the startup will use the new capital to acquire more clients and add new features to its recruitment process.
Operating out of Lima, Peru, Quantum Talent isn’t your average HR startup. That’s to say, it uses the latest software to assess talent and train candidates seeking a vocation.
To ensure productivity, Quantum Talent pairs individuals with relevant positions based on their respective gifts and interests. Candidates take online tutorials to measure their hard and soft skills, all of which then go through a machine learning algorithm that interprets the data.
By using scientific insights from economics and psychological fields, this patented technology predicts who will thrive best with certain jobs. In the process, the HR firm ensures that the most qualified applicants get the employment they deserve.
Unlike many other staffing agencies that hand out jobs regardless of one’s aptitude, this system is seemingly more efficient. Based on reports, its job placements are 50 percent more accurate, 5 times faster and 10 times less expensive than traditional methods.
Numerous Mexican and Peruvian enterprises are already utilizing Quantum Talent’s HR solution, some of which are even multinational companies. Corporate clients such as Oxxo, Scotiabank, Lindcorp, Arca Continental and Atento. According to the company’s co-founder and CEO, all of these partners have reaped the benefits.
“Quantum Talent delivers fast tangible results,” said Carlos Ganoza. “In six months, we helped Arca Continental reduce early turnover by 50 percent and Scotiabank cut costs by 50 percent, for example. All of our five multinational customers have also recommended us with their HQs. We learn from client data, making our product more valuable over time.”
As of today, Quantum Talent employs a team of 20 tech and data science experts. Thanks to them, hundreds of people are securing solid employment opportunities. Common positions range from entry-level cashier, retail clerk, sales, and distributor jobs.
Big data and ML are definitely ever-growing trends. Although previously it was hard to assess and quantify subjective data such as an employee’s soft skills, companies such as Quantum Talent are using data science to identify patterns and develop predictive analytics.
Using statistics to their advantage, even traditional and retail businesses can leverage from these technological tools to improve their business processes. I’d love to see more jobs besides entry-level ones, though.