Multiverse, a British unicorn that builds apprenticeship programs for people to learn technology skills on the job, has made an acquisition as it aims to develop its own skills. The company bought Searchlight, a startup and recruiting platform that uses AI-based technology to find talent. The plan is to use Searchlight's technology to create new AI products for Multiverse to expand its professional training services.
“Searchlight’s AI, platform and exceptional talent will allow us to better diagnose the skills needed within companies and deliver impactful solutions,” Euan Blair, founder and CEO of Multiverse, said in a statement. “Combining large-scale, global learning with Searchlight’s technology and team will ensure more businesses and individuals benefit.”
Searchlight was founded by twin sisters Kerry and Anna Wang (CEO and CTO respectively). It will continue to serve its existing clients (including Udemy, Zapier, Talkdesk, and other tech companies) until their contracts expire. After that, the plan will be to wind down Searchlight's recruiting services as it focuses on its Multiverse business.
The deal underscores the growing role that artificial intelligence plays in the worlds of work and education. Some people will use AI to speed up what they do; Others will claim that AI takes over certain jobs completely. This acquisition addresses a third area where AI is emerging: helping build more efficient professional training services to fill employment gaps.
AI and recruiting have sometimes been strange bedfellows. Famously, Amazon once had to scrap an AI-based recruiting tool after it was found to be inherently biased against women in technical roles, due to being trained on typical hiring data, which comes mostly from men. But technology — and greater awareness about how to build and train models — has come a long way since then, Searchlight's CEO told TechCrunch.
“Our AI model is able to identify the right person for a role four times larger than a traditional interview,” Wang said. “We're solving the exact same problem, which is increasing equitable access to economic opportunity for everyone. Multiverse had a great business but are looking to expand into a full-fledged workforce development platform. Kerry will become Product Manager at Multiverse, while Anna will become Head of AI.
Founded and led by Blair (son of former UK Prime Minister Tony Blair and high-profile lawyer Cherie Booth Blair), Multiverse currently has around 1,000 clients, with a list of past and current clients including Cisco, government organisations, financial services and industry. Companies.
While Multiverse first made its name focusing on apprenticeships as a practical alternative for people looking to build careers in fast-moving fields like technology, it has since expanded to include apprenticeships for people already working. Ujjwal Singh, the company's chief technology officer and COO, said Multiverse has some AI-based services: It already offers a dedicated AI assistant coach to users. It now clearly wants to continue adding more technology to improve the platform overall, and its credibility with a group of customers intent on purchasing and using what appear to be the latest services possible.
Financial terms of the deal were not disclosed, but for some context, the Wang sisters — both impressive and accomplished Stanford graduates — founded their startup through Y Combinator in 2018. Altogether, Searchlight has raised nearly $20 million, but… This is primarily through dating fundraising. Several years ago, it had a Series A of $17 million in 2021. Its long list of investors included a number of notable names such as Accel, Founders Fund, Emerson Collective, and Shasta Ventures. Pitchbook estimates its value in 2021 at $64 million.
Meanwhile, Multiverse, last valued at $1.7 billion in 2022, has been on a fundraising tear over the years, raising several hundred million dollars from investors including General Catalyst and Lightspeed. This is the company's second acquisition after acquiring another YC company, Eduflow, last year.
From what we understand, investors are “happy” with the result. “From the beginning, Anna and Kerry thought about building their own AI models for Searchlight to complement their vision,” Keith Rabois, who led the Series A, said in a statement provided to TechCrunch. “Searchlight's outstanding technology is an attraction for innovative companies like Multiverse. I'm excited about the upside of this acquisition of Searchlight and Multiverse“.
