Multiverse, a British unicorn that builds apprenticeship programs where people can learn skills on the job, has made an acquisition with the aim of upskilling. The company acquired Searchlight, a startup and recruiting platform that uses artificial intelligence-based technology to acquire talent. The plan is to use Searchlight’s technology to build new AI products for the Multiverse and expand professional training services.
“Searchlight’s AI, platform and exceptional talent will allow us to better diagnose the skills needs within our company and deliver impactful solutions,” Euan Blair, founder and CEO of Multiverse, said in a statement. “Combining our scale and world-class learning with Searchlight’s technology and team will allow even more businesses and individuals to benefit.”
Searchlight was co-founded by twin sisters Kerry and Anna Wang (CEO and CTO, respectively). Existing customers (including Udemy, Zapier, Talkdesk, and other tech companies) will continue to receive service until their contract ends. After that, we plan to scale back Searchlight’s recruiting services while focusing on Multiverse’s business.
The deal highlights the growing role of AI in work and education. Some will use AI to speed things up. Others would argue that AI will completely take over certain jobs. This acquisition helps us build a third area where AI is coming into play: more efficient professional training services to fill recruiting gaps.
AI and recruiting have sometimes been strange bedfellows. Amazon famously had to scrap its AI recruiting tool after it was found to be inherently biased against women for technical roles because it was trained on generic hiring data that typically came from men. But technology, and a clearer awareness of how models are built and trained, have come a long way since then, Searchlight’s CEO told TechCrunch.
“Our AI model can identify four times more people suited for a role than traditional interviews,” Wang said. “We are solving the same problem: ensuring everyone has equitable access to economic opportunity. Multiverse has a great business, but we want to expand into an all-in-one workforce development platform.” Kerry will become Director of Product for Multiverse and Anna will become Head of AI.
Founded and led by Blair (the son of former British Prime Minister Tony Blair and renowned lawyer Cherie Booth Blair), Multiverse currently has approximately 1,000 customers, with a list of past and present clients including Cisco, government agencies, financial services and industrial sectors. I’m doing it. company.
Multiverse initially made its name by focusing on apprenticeships as a viable alternative for people looking to build careers in fast-moving fields like technology, but has since expanded to include professional training for those already employed. Multiverse currently offers some AI-based services, said Ujjwal Singh, the company’s chief technology officer and chief product officer. Multiverse already provides users with personalized AI-assisted coaches. Now they want to continue layering more technologies to improve their overall platform and improve the confidence of their customer base who want to buy and use the most modern services possible.
Financial terms of the deal were not disclosed, but for some context, the Wang sisters, impressive and accomplished Stanford graduates, launched their startup through Y Combinator in 2018. In total, Searchlight raised nearly $20 million, but that was largely through dating. A few years ago, in 2021, we achieved a $17 million Series A. The list of investors includes many well-known companies such as Accel, Founders Fund, Emerson Collective, and Shasta Ventures. Pitchbook estimates the company’s 2021 value to be $64 million.
Meanwhile, Multiverse was last valued at $1.7 billion in 2022 and has been struggling to raise money for several years, raising hundreds of millions of dollars from investors including General Catalyst and Lightspeed. This is the second acquisition following the acquisition of YC company Eduflow last year.
From what we understand, investors are “satisfied” with the results. “From the beginning, Anna and Kerry thought carefully about building Searchlight’s AI model to complement their vision,” Keith Rabois, who led the Series A, said in a statement provided to TechCrunch. “Searchlight’s differentiated technology is a magnet for innovative companies such as: multiverse. I am very excited about the positive aspects of this Searchlight acquisition. multiverse.”