Checkr, a San Francisco, CA- and Denver, CO-based background check company using artificial intelligence and machine learning to improve hiring, raised $160m round of funding.
The round, which brought the valuation of the company to $2.2 billion, was led by funds and accounts advised by T. Rowe Price Associates, Inc., joined by Bond, Coatue, and long-time investors Accel, Y Combinator, and IVP.
The company intends to use the capital in three key areas:
– Expanding the functionality of its platform,
– Improving accuracy and fairness while creating new products, and
– Developing new international capabilities to align with the expansion plans of customers operating globally.
Founded in 2014 by CEO Daniel Yanisse, Checkr provides a platform that allows thousands of customers to hire people using advanced background check technology to understand the dynamics of the workforce, and bring transparency and fairness to their hiring efforts.
Checkr has processed more than 42 million background checks on job seekers for thousands of employers. Its hiring system includes:
- Artificial Intelligence Platform, which uses machine learning that reduces bias in the hiring process by filtering out records that employers define as irrelevant, resulting in fairer and more compliant assessment of candidates;
- dynamic workforce monitoring that allows companies to receive continuous updates about candidates’ potentially disqualifying criminal records, ensuring that workers always meet their safety standards, and
- Identity verification and facial biometrics that allows businesses to combine their choice of identity verification vendors with background checks on the same platform to mitigate identity fraud.
Today, the company serves thousands of businesses, including Elwood Staffing, PrideStaff, One Call, Adecco, Uber, Hot Topic and many others.