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Multiverse, a prominent UK unicorn that specializes in apprenticeship programs that allow individuals to gain technical skills on the job, has recently made an acquisition to further strengthen its capabilities. The company acquired Searchlight, a startup and recruiting platform that uses artificial intelligence (AI) technology to find talent. The purpose is to develop new artificial intelligence products using Searchlight’s technology to expand Multiverse’s professional training services.
Multiverse founder and CEO Euan Blair expressed enthusiasm for the acquisition, saying: “Searchlight’s artificial intelligence, platform and exceptional talent will allow us to better identify the skills needed within companies and deliver impactful Solutions. By combining our scale and world-class learning with Searchlight’s technology and team, we will ensure that more companies and individuals benefit.”
Searchlight co-founders Kerry and Anna Wang, twin sisters who serve as CEO and chief technology officer respectively, will play key roles in Multiverse after the acquisition. Kerry will serve as product director, while Anna will serve as head of artificial intelligence. Searchlight’s existing customers, including well-known technology companies such as Udemy, Zapier and Talkdesk, will continue to provide services until their contracts expire. Thereafter, Searchlight’s recruitment services will be phased out, with the focus shifting entirely to Multiverse’s business.
The acquisition highlights the growing importance of artificial intelligence in work and education. While some are using AI to increase productivity, others are concerned about AI completely replacing certain job roles. The acquisition addresses another aspect of AI’s impact – developing more effective professional training services to address recruitment gaps.
Collaboration between artificial intelligence and recruitment has encountered challenges in the past. Amazon, for example, discontinued its artificial intelligence recruiting tool after discovering that the tool exhibited inherent bias against women in technical positions. This bias occurs because the tool accepts recruitment data primarily from men. However, Searchlight’s CEO said significant progress has been made in the technology and awareness of the development and training of AI models.
Wang explained: “Our artificial intelligence model can identify candidates for positions four times more accurately than traditional interviews. We are solving the same problem, which is to provide equal economic opportunity for everyone. Multiverse has a great business, but they are Looking to expand into an integrated workforce development platform.”
Multiverse was founded by Tony Blair, the son of former British Prime Minister Tony Blair and famous barrister Cherie Booth Blair. The company currently serves approximately 1,000 clients, including well-known entities such as Cisco, government organizations, and financial services and industrial companies.
Initially conceived for its focus on apprenticeships as an alternative pathway for individuals pursuing careers in fast-growing fields such as technology, Multiverse has gradually expanded its services to include professional training for already employed individuals. The company already offers AI-based services, such as providing users with personalized AI assistant coaches. With this acquisition, Multiverse aims to incorporate more technologies into its platform to meet the needs of customers who prioritize modern and innovative solutions.
Although the financial terms of the acquisition have not been disclosed, it is worth mentioning that the Wang sisters both graduated from Stanford University and led Searchlight through Y Combinator in 2018. Searchlight raised approximately $20 million primarily through a 2021 Series A round of funding. Firms including Accel, Founders Fund, Emerson Collective and Shasta Ventures have provided financial support to the company. As of 2021, Pitchbook estimates Searchlight is valued at $64 million.
Multiverse, on the other hand, will be valued at $1.7 billion in 2022 and has been extensively involved in fundraising over the years. Investors including General Catalyst and Lightspeed have invested hundreds of millions of dollars in the company. The acquisition is Multiverse’s second after acquiring another Y Combinator company, Eduflow, last year.
According to statements provided by investors, they were pleased with the outcome of the acquisition. Keith Rabois, lead investor in Searchlight’s Series A round, expressed his enthusiasm, saying, “From the beginning, Anna and Kerry have been interested in developing Searchlight’s artificial intelligence models to fit their vision. Searchlight’s unique technology is so important to Multiverse innovative companies. I am excited about the potential benefits this acquisition will bring to Searchlight and Multiverse.”
FAQ
1. What is the multiverse?
Multiverse is a UK-based unicorn company that provides apprenticeship programs and professional training services to individuals seeking technical skills on the job. It aims to bridge the gap between education and work by providing practical learning experiences.
2. What does Multiverse gain?
Multiverse acquires Searchlight, an artificial intelligence-based recruitment platform. The acquisition will enable Multiverse to develop new artificial intelligence products and enhance its professional training services.
3. Who is the co-founder of Searchlight?
Searchlight was co-founded by twin sisters Kerry and Anna Wang. Kerry serves as CEO and Anna serves as chief technology officer.
4. What is the role of AI in acquisitions?
Artificial intelligence plays a crucial role in the acquisition, as Multiverse intends to leverage Searchlight’s AI technology to create more efficient professional training services and close recruitment gaps.
5. How will Searchlight’s customers be affected?
Existing Searchlight customers will continue to receive services until the end of their contracts. Thereafter, Searchlight’s recruiting services will be phased out to focus on Multiverse’s business.
6. Is Multiverse expanding its services beyond apprenticeships?
Yes, in addition to apprenticeship programs, Multiverse also expands professional training for already employed people.
7. Are there any concerns about AI and recruitment?
Artificial intelligence and recruitment have faced challenges in the past, particularly around bias. However, Searchlight’s chief executive confirmed that progress has been made in developing artificial intelligence models that are more fair and accurate in identifying suitable candidates for roles.
8. Who are the famous investors in Multiverse and Searchlight?
Multiverse has received investment from companies including General Catalyst and Lightspeed. Searchlight’s investors include Accel, Founders Fund, Emerson Collective and Shasta Ventures.
9. What are the valuations of Multiverse and Searchlight?
As of 2022, Multiverse is valued at $1.7 billion. In 2021, Searchlight’s valuation is estimated at $64 million.
10. How do investors view this acquisition?
Investors expressed satisfaction with the acquisition, highlighting its potential benefits to Searchlight and Multiverse.
Multiverse’s acquisition of Searchlight is significant for the apprenticeship and professional training services industry. As a well-known British unicorn company, Multiverse specializes in providing individuals with on-the-job technical skills. The acquisition enables Multiverse to leverage Searchlight’s AI technology to further enhance its capabilities and develop new AI products for its professional training services.
The apprenticeship program and professional training services industry is experiencing growth as demand for technical skills continues to increase. Multiverse currently serves approximately 1,000 customers, including well-known entities such as Cisco, government organizations, and financial services and industrial companies. The acquisition of Searchlight will enable Multiverse to expand its product range and meet the needs of customers who prioritize modern and innovative solutions.
Collaboration between artificial intelligence and recruitment has encountered challenges in the past. Examples like Amazon, which stopped using AI recruiting tools due to inherent bias against women in technical roles, highlight the importance of developing fair and accurate AI models. However, Searchlight CEO Kerry Wang said significant progress has been made in the technology and awareness of AI model development and training. Searchlight’s AI model can identify candidates for roles four times more accurately than traditional interviews. This shows the potential of artificial intelligence to improve the effectiveness of professional training services and address recruitment gaps.
Financial terms of the acquisition were not disclosed. However, it is worth mentioning that Searchlight raised approximately $20 million in Series A funding in 2021, with investors such as Accel, Founders Fund, Emerson Collective, and Shasta Ventures providing funding for the company. Multiverse itself will be valued at $1.7 billion in 2022 and has received significant investments from the likes of General Catalyst and Lightspeed.
Investors expressed satisfaction with the outcome of the acquisition and recognized Searchlight’s unique technology and the potential benefits it brings to Searchlight and Multiverse. The acquisition marks Multiverse’s second acquisition, the first being Eduflow, another Y Combinator company acquired last year. This demonstrates Multiverse’s commitment to expanding and improving its industry offerings.
Multiverse’s acquisition of Searchlight highlights the growing importance of artificial intelligence in work and education. It demonstrates the potential of artificial intelligence to enhance professional training services and close recruitment gaps. As the industry continues to evolve, companies like Multiverse and Searchlight are at the forefront of developing innovative solutions to meet the changing needs of the market.
source:
– Multiverse
– Searchlight
– Multiverse acquires Searchlight to change the world of work through artificial intelligence technology
– British education technology Multiverse acquires artificial intelligence recruitment startup Searchlight for an undisclosed amount
– Multiverse acquires artificial intelligence recruitment startup Searchlight to enhance its technology job training services
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