New Information Systems (VCV)

VCV is the digital recruiter working at a basis of AI which helps the companies to make hiring process more smart and fast, thanks to preliminary selection of the curriculum vitae of candidates, the organization of calls and record of a video interview with recognition of the person and a voice. The mission of VCV — to help the companies which care for the potential employees. VCV can save more than 20 working hours thanks to bots recruiters which are ready to select candidates and to hold a video interview 24/7. Sensing technologies of the person and a voice can also "notice" nervousness of candidates, define their behavioural features to help the recruiter to create safer and favorable environment for the interviews conducted any more not by a bot, and the person.

History

2020: Investments from the former co-owner of Troika Dialog Ruben Vardanyan

On January 23, 2020 it became known of investments into VCV from the former co-owner of the company of Troika Dialog, the entrepreneur Ruben Vardanyan. The founder of a HR startup Arik Akhverdyan on the page on Facebook told about the transaction.

According to him, Vardanyan is his mentor two years, and "recently Ruben suggested to legalize the relations also investment into VCV" as the businessman "believes that the future behind talents and technologies which these talents select or is trained".

Founder of VCV Arik Akhverdyan (at the left) and entrepreneur Ruben Vardanyan

As Arik Akhverdyan explained to the edition Inc., Ruben Vardanyan invested in VCV as an angel, i.e. itself, but not through venture fund. Akhverdyan did not begin to disclose the amount of investments, having referred to terms of the contract.

Ruben Vardanyan  holds  the 103rd place in the rating of 200 richest businessmen of Russia of 2019 according to Forbes. The magazine estimates its fortune in  $950 million.

According to Akhverdyan, investments will go for development of a product and the company in international markets. Start of the new directions, including b2c is planned.

In general, a course of our development — on a joint of video and artificial intelligence. Service of the video summary for selection of personnel where the part of decisions can be made using AI — the founder of the project reported.

Arik Akhverdyan also reminded that the startup storms the Japanese market after attraction of money from local investors. Japan is the 3rd economy of the world and the huge potential for VCC service. If the big Japanese company needs to employ 500 people, such company receives about 50 thousand summaries,  Akhverdyan noted, saying that the VCV service helps employers to estimate applicants, using artificial intelligence for recognition of a voice and the analysis of behavior.

VCV attracted $1 million including from the co-owner of Red Wings airline and Talent Equity Ventures fund earlier.^[1]

2019: Investments from the Japanese fund and opening of office in Tokyo

On April 23, 2019 the Russian startup of VCV announced attraction of $1.7 million from the Japanese fund Will Group, Talent Equity Ventures, 500 Startups and angel investors, including Takesim's Masahiro from Indeed. Financing will help VCV to develop the technologies and to strengthen positions in the world market of recruitment — the company announced opening of new office in Tokyo.

The Russian HR service working at a basis as AI entered the market of Japan

The VCV company set a goal to reduce time for search of employees to 50% and to overcome bias of the recruiter that process of hiring became more fair. The efficiency of hiring, by estimates of the company, can increase up to 75%. The artificial intelligence developed by VCV is already used by such companies as Beeline, PWC, Sibur, L’Oreal, Danone, Mars, PepsiCo and Citibank, for preliminary candidate screen and holding an interview with recognition of a voice and record of a video interview.

Technologies already simplified a set of workflows, but hiring of personnel often remains behind line of innovations. For a decade of work in the field of recruitment I noticed many times that process of hiring became outdated and inefficient — Arik Akhverdyan, the founder and the CEO of VCV.AI says. – But AI can improve and simplify it and also help to overcome bias which is inherent to all people. I do not see any reason why technology innovations should not transform this field of business, especially considering that the human talent is the most important asset of any organization.

According to CareerBuilder poll, a talent shortage — one of the biggest obstacles which recruiters in 2018 faced. Nearly three quarters of respondents said that they experience difficulties, selecting suitable candidates. According to the last survey conducted by Deloitte, the companies on average spend about $4 thousand for the organization of an interview and assessment of candidates. VCV helps the companies to save more than 20 working hours which usually leave on search of potential candidates and communication with them, attracting the bots working round the clock.

Using VCV potential candidates can record video, having used the computer or the smartphone on iOS and Android. Candidates have no opportunity to be prepared for questions in advance — all as on this interview, only process is automated. Besides, sensing technologies of the person and a voice can estimate mood and behavior of candidates to help recruits to make the decision as far as the person will suit the company. So the technology does not replace work of the recruiter, but considerably expands his opportunities.

We are proud of the fact that we support VCV at a new stage of their growth — Sakamoto, the chief executive on Will Group investments told Rio. – Researches show that about a quarter of Americans change a workplace every year — not the accidentally world market of recruiting was evaluated in $215.68 billion in 2017 and, according to forecasts, will quickly continue to grow. The VCV company upgrades this quickly emerging market using the bots, algorithms, machine learning and other innovative solutions — all at the flexible price and through the competitive platform.

2017

Investments from 500 Startups

In the summer of 2017 service for hiring of personnel of VCV went selection to 500 Startups (USA). In total in an accelerator there passed 36 startups from 2000 thousand stated. Program 500 Startups is expected three months and includes training in internet marketing, design of the interface and to involvement of users. Residents get access to the famous mentors and a workplace in the headquarters in San Francisco. The amount of investments into VCV was $150 thousand. The raised funds will be spent for development of HR service in the territory of the USA and Europe. The Russian office on self-sufficiency since January, 2015.

Average monthly revenue of service - 2.5 million rubles

For summer of 2017 VCV has average monthly revenue of 2.5 million rubles, among clients of service there are about 50 large companies and corporations, and by the end of the year businessmen were going to earn 40 million rubles^[2].

VCV is a service of a video interview which allows to invite the candidates for passing of a preliminary interview and record for video of answers to questions who are already selected according to the summary. Besides, service allows to browse videos, and by the time of the personal meeting to exclude obviously improper candidates, previously to estimate soft skills and compliances to values of the company. And time answers of the candidate are written on video and are stored in a cloud, it is easy to send them to the employing manager for approval and appointment to a personal meeting. Service is effective at selection both specialists with experience, and graduates. Service is capable to help with selection with Moscow and with regions.

Main Advantages:

• 5 minutes of a video interview save 60 minutes of a personal interview with the improper candidate;
• Invitation of the candidate for an interview with website job (hh.ru, superjob.ru, and dr);
• The invitation directly from a personal account;
• Integration into different databases (Experium, E-Staff and dr) or the section of career on the website.

2010-2013

In 2010 the producer Nikolay Volchkov and web developer Ilya Lazuchenkov created VCV — the online platform for looking for work. Its main difference from already existing services was that the applicant of a vacancy could post instead of the usual text summary the video about himself. Partners attracted 30 million rubles of investments and with variable success developed service. But success came only in three years when the professional of the market of HR Akhverdyan Arik joined the project and suggested to change the concept.

Notes