AI-Powered Startup Mercor Revolutionises Job Market
Updated: Sep 20
Mercor, founded by three 21-year-old entrepreneurs, has raised US$32 million in its Series A funding round. In less than two years, the startup's AI-powered platform has prescreened 300,000 job candidates and conducted more than 100,000 interviews. Mercor's revenue is growing by 50% month after month, with a run rate in the tens of millions.
In a watershed moment for the tech industry, Mercor, an innovative startup founded by three 21-year-old entrepreneurs, has raised $32 million in a Series A funding round. In less than two years, the company's AI-driven job marketplace has vetted 300,000 job candidates and conducted over 100,000 interviews.
Brendan Foody, Adarsh Hiremath, and Surya Midha, all Thiel Fellows, founded Mercor in January 2023 as a side project while attending Georgetown and Harvard. The trio's decision to drop out of university and focus on their venture has paid off handsomely, with the company now generating tens of millions of dollars in revenue and growing at a rate of 50% per month.
Mercor's AI-powered platform uses large language models to automate talent assessment processes. Job seekers submit their CVs and take part in a 20-minute video interview with the AI, which assesses their experience and responses to relevant case studies. This innovative approach has enabled Mercor to connect candidates with open positions in a variety of industries, including engineering, product development, design, operations, and content creation.
Investors have been paying close attention to the startup's success. Benchmark led the recent funding round, and Victor Lazarte, the firm's newest partner, has joined the Mercor board. Notable individual investors include billionaire Peter Thiel, Twitter co-founder Jack Dorsey, and former US Treasury Secretary Larry Summers.
Foody, Mercor's CEO, explained the company's mission: "We were fascinated by labour, and how brilliant people all around the world aren't getting opportunities. Applying large language models and automating the processes associated with talent assessment, we can solve this inefficiency."
According to Mercor's internal tests, its platform has already outperformed human recruiters in predicting applicant performance. The startup intends to publish its methodology in November, bolstering its position as a pioneer in AI-powered recruitment.
Mercor, founded by three 21-year-old entrepreneurs, has raised US$32 million in a Series A funding round.
The startup's AI-powered platform has vetted 300,000 job candidates and conducted over 100,000 interviews in less than two years.
Mercor's revenue is growing at 50% month-on-month, with a run rate in the tens of millions.
Source: Forbes