British edtech company Multiverse has acquired Californian talent platform Searchlight to apply generative AI to closing skills gaps at organisations.
The deal will see Multiverse integrate Searchlight’s technology, which uses AI to screen job applications and automate parts of the hiring process, into its own platform.
Founded in 2018 by twins Anna Wang and Kerry Wang, Searchlight has built tools that it claims can reduce bias in hiring and identify suitable candidates four times more accurately than traditional hiring techniques.
Searchlight began at the prestigious Silicon Valley accelerator Y Combinator. It has since received financial backing from venture capital firms including Accel and Founders Fund.
It is London-based Multiverse’s second acquisition after it snapped up Danish startup Eduflow in May last year.
Blair – the son of former UK Prime Minister Tony Blair – founded Multiverse in 2016. The company provides people with access to education and apprenticeship opportunities beyond university.
It became the UK’s first edtech unicorn – a startup valued at $1bn or more – after raising $220m at a $1.7bn valuation in June 2022.
“Searchlight’s AI, platform, and exceptional talent will allow us to better diagnose the skills needed within companies and deliver impactful solutions,” said Blair. “Combining our scale and world-class learning with Searchlight’s technology and team will ensure even more companies and individuals benefit.”
Multiverse did not disclose the terms of the acquisition. Kerry Wang will become CTO of Multiverse, while Anna will become head of AI. An additional seven Searchlight employees will join Multiverse, the company confirmed to UKTN.
Kerry Wang, co-founder and CEO of Searchlight, said: “By joining forces we can apply Searchlight’s tech and expertise at scale with some of the world’s largest companies, effectively becoming the workforce development platform of the future.”
While revenues have grown at Multiverse, it is yet to achieve profitability. Last November, Multiverse cut jobs equivalent to 5% of its global headcount in a bid to revive its US business amid widening losses.
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