Multiverse, the U.K. unicorn that offers apprenticeship programs for individuals to gain technology skills while employed, has recently made a pivotal acquisition in hope of enhancing the company’s expertise. The latest addition to Multiverse’s arsenal is Searchlight, a startup and recruitment platform that utilizes artificial intelligence-based technology to identify qualified talent. This strategic purchase will allow Multiverse to develop new AI solutions and further expand its professional training services.
“Searchlight’s AI, platform, and exceptional talent will enable us to accurately assess the necessary skills within companies and provide impactful solutions,” proclaimed Multiverse’s founder and CEO Euan Blair as he announced the news. “By combining our resources and first-rate learning platforms with Searchlight’s innovative technology and team, we are determined to increase the benefits for both companies and individuals alike.”
Co-founded by twin sisters Kerry and Anna Wang – who respectively serve as the CEO and CTO – Searchlight’s existing clientele, including notable names like Udemy, Zapier, and Talkdesk, will continue to be served until their contracts expire. Afterward, Searchlight’s recruitment services will be phased out as the focus shifts towards Multiverse’s business. This acquisition underlines the growing significance of AI in the realms of work and education. While some see AI as a tool to expedite tasks, others argue that it’s slowly taking over certain job roles altogether. In this case, the acquisition addresses a third area where AI is being utilized – to create more proficient professional training services and bridge recruitment gaps.
AI and recruitment have had a complicated relationship. For example, Amazon was forced to scrap an AI recruitment tool after it was found to be inherently biased towards men when it came to technical roles. This was due to the tool being trained on data from predominantly male applicants. However, as Searchlight’s CEO revealed to TechCrunch, “Technology, and more specifically the awareness around how models are built and trained, has come a long way since then.”
“Our AI model has been consistently four times more efficient at identifying suitable candidates than traditional interviews,” Wang asserted. “We are addressing the same issue, which is providing equal access to economic opportunities for all. Multiverse has demonstrated a high level of success, but they are eager to create an all-encompassing workforce development platform.” Following the acquisition, Kerry will serve as Multiverse’s Director of Product, while Anna will take on the role of Head of AI.
Multiverse, led by Blair (son of former U.K Prime Minister Tony Blair and prominent barrister Cherie Booth Blair), currently boasts around 1,000 clients, and its extensive list of past and present partnerships includes the likes of Cisco, government organizations, financial services and industrial companies. While the company initially gained recognition with its focus on apprenticeships as a viable career path within rapidly evolving sectors such as technology, it has since expanded its reach to include professional training for already employed individuals. According to Ujjwal Singh, Multiverse’s CTO and CPO, the company already offers AI-based services, including a personalized AI assistant for its users. However, with this recent acquisition, Multiverse aims to continually incorporate technological advancements to elevate the overall platform and appeal to customers seeking innovative services.
While financial details of this deal have not been disclosed, some context can be derived from Searchlight’s background. The Wang sisters – both highly accomplished and graduates of Stanford University – participated in Y Combinator’s acceleration program in 2018. In total, Searchlight has raised nearly $20 million in funding, primarily through a 2021 Series A round worth $17 million. Their impressive list of investors includes leading names such as Accel, Founders Fund, Emerson Collective, and Shasta Ventures. In 2021, Pitchbook estimated the company’s valuation to be around $64 million.
On the other hand, Multiverse was recently valued at $1.7 billion in 2022 and has been the recipient of several hundred million dollars’ worth of investments from prominent firms like General Catalyst and Lightspeed. This is the company’s second acquisition, preceded by last year’s purchase of another Y Combinator product, Eduflow. According to reliable sources, the investors involved in this acquisition have shown contentment and enthusiasm towards its outcome.
“From the start, Anna and Kerry have been deliberate in utilizing Searchlight’s AI models to complement their vision,” said Keith Rabois, who spearheaded the Series A round. “Searchlight has established itself as a game-changer in the field of recruitment technology, making it a natural choice for innovative companies like Multiverse. I am immensely excited by the potential growth this acquisition has to offer for both Searchlight and Multiverse.”
