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After a $1.6M round the blockchain-based HR company Ispolink launches beta version of its platform

Ispolink founders
Image credit: Ispolink, Emanuil Pavlov, CEO of the company (left) and his co-founder Nikolay Pavlov, CTO (right)
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Blockchain-based HR startup Ispolink is launching the beta version of its AI-powered cross-chain platform. The news comes after Ispolink raised $1.6M in May through the sale of its cryptocurrency  – Ispolink token (ISP), to leading blockchain VCs. Among them are Genblock Capital, AU21 Capital, X21, and Moonwhale Ventures. The round was also joined by angel investors, including Danish Chaudhry, CEO of Bitcoin.com Exchange.

Ispolink’s solution connects tech experts with recruiting firms through blockchain on an international scale. The goal of the platform is to match tech talents with global companies in a faster and more effective manner. The beta version will allow users to familiarize themselves with the product and test it personally.

“We’re on the brink of achieving another significant milestone – the launch of the Ispolink beta version. Securing our funding round back in May from reputable blockchain investors was the catalyst which has helped us to expedite the development process, expand the team, and establish key partnerships,” Emanuil Pavlov, CEO of Ispolink, shared with The Recursive.

We talked to him to learn more about the company and its crypto platform, along with Ispolink’s global ambition to scale.

Eliminating weak sourcing tech

The startup was established in 2020 by Emanuil Pavlov and his co-founder Nikolay Pavlov, CTO of the company. The Ispolink Native Token, ISP, is based on the Ethereum blockchain, the second-largest cryptocurrency by market capitalization. 

The Ispolink platform is powered by Binance Smart Chain and Polygon’s layer 2 scaling technology. It utilizes blockchain to collect, screen, and share a job candidate’s information with employers securely. The match-making solution automatically filters and displays the most suitable candidates for the open positions in a particular company. The platform scans a candidate’s resume for fraud when it comes to the authenticity of their degrees. The hiring process is done without the participation of third-party intermediaries, while all hiring services can be paid with Ispolink’s native cryptocurrency. In the platform, employers have the ability to create a company profile and track the status of their applicants’ progress in the hiring process. 

On the other end of the rope, the solution enables candidates to filter companies in their relevant field of expertise and receive instant feedback once their recruitment process is over. For now, the Ispolink platform targets companies and users in the IT industry, with the latter including software engineers, developers, and UX/UI designers.

Going public and the milestones ahead

In April and May 2021, Ispolink conducted a triple public sale of its native $ISP tokens across fundraising platforms Gate, Ignition and DAO Make. Later in June of the same year, the company announced a strategic partnership with Reef Finance, an earned value management (EVM) compatible chain that allows developers to transfer their decentralized applications from Ethereum, thus facilitating centralized exchanges through the company platform.

“Our goals for 2021 are to upgrade the product and make key integrations that will allow us to create an in-app chat calendar and scheduling of interviews through the platform. We will also launch support for Binance Smart Chain blockchain, in addition to Ethereum and Polygon, which we currently maintain. When it comes to long-term priorities, we aim to build a user base of experienced staff at the global level to prepare the ground for a strong start in the launch of the platform. From there on, we will focus on attracting the first customers mainly from the blockchain sector,” Emanuil Pavlov concluded.

Breaking the barriers of traditional HR

AI-based optimization of talent management is becoming increasingly popular as a concept. Significantly reducing the time required for processing job applications and solving the problem of third party involvement, AI has the potential to displace the majority of traditional HR practices. According to a 2020 global online survey on artificial intelligence, AI is adopted at the highest rate for product or service development and operations functions. When it comes to talent management, the study cites a 10-percent increase in the endorsement of AI for recruitment and retention procedures in companies. According to 22 percent of the respondents in the survey, the use of artificial intelligence is responsible for 5 percent of their 2019 organization-wide earnings before interest and taxes (EBIT).

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Viktoria is an Innovation Reporter at The Recursive and a sophomore-standing student at the American University in Bulgaria. Combining her Business Administration studies while mapping the Southeastern European startup ecosystem is a positive-sum game for her as she has the chance to interact with the most active entrepreneurs in the region. Her favorite topics include venture capital structures, investments, as well as innovations in the scitech and fintech sectors.