Cleveland tech startup HR Signal Technology Inc. came out of stealth mode with a $1.6 million fundraise on Thursday, launching a software platform that helps employers retain and plan for workers.
Gammite Ventures in Cleveland and Tzur Daboosh in Israel — along with Aaron Grossman, CEO and founder of TalentLaunch in Independence, Ohio — provided the pre-seed funding, HR Signal said in a blog post.
The Cleveland HR-tech company plans to use its new capital to hire sales, marketing and customer success workers to take its software-as-a-service platform to market, said Andrew Spott, co-founder and president, in an interview.
"We also have to buy a lot of data. Our algorithm is processing billions of data points every month. So that's the third category of (capital) spend," said Spott, who also helps lead Vivid Front, the digital marketing and web development agency in Cleveland.
HR Signal was founded by experienced business leaders and data scientists, including Sagy Cohen, who leads the company's research and development team in Tel Aviv, Israel, Spott said. Cohen also is the startup's co-founder and CEO.
The company, which already has benchmarked 50,000 job positions, uses data and algorithms to predict whether a worker is getting ready to jump ship, giving employers time to take steps to retain the employee, Spott said.
"Our first product, which is this predictive retention risk score, helps employers know who to have a stay interview with," Spott said.
HR Signal privately launched a beta version of its first product to a handful of customers in May 2021, he said.
The platform HR Signal launched on Thursday includes four other products — people analytics, HR business intelligence, market data and career pathing — that provide more tools to employers for talent retention and culture building, Spott said.
