Our Investment in CodeSignal: Helping Companies Uncover the Best Technical Candidates
The pandemic profoundly changed our world, yet the need for diverse pools of qualified candidates remains the same. In fact, the accelerated shift to digital has led to a surge in demand for developer talent as companies bolster their digital capabilities to respond, recover, and reimagine.
The employment of software engineers is projected to grow 22%, adding approximately 316,000 new jobs in the U.S. by 2029. To meet this demand, companies have been forced to cast the net wider than traditional pools of talent and rethink their recruitment processes.
CodeSignal, the most recent addition to the Menlo portfolio, helps companies reduce hundreds of hours of engineering and recruiting time by automating the technical screening and phone interview process to focus only on qualified candidates.
Through our research, we’ve come to learn that assessing candidates in the technical recruiting process is a very acute pain point shared by companies of all shapes and sizes. Technical talent is difficult to find and a challenge to retain. Engineering time is sacred and the current process of manually screening candidates with coding challenges given over the phone by engineers is not sustainable. With engineering talent in such high demand, there is a need to fill the roles quickly and at scale, so having the ability to review thousands of applicants to find the right candidates is crucial to achieving technical hiring goals.
CodeSignal allows talent acquisition professionals and engineering leaders to confidently go beyond resumes and make data-driven decisions based on a candidate’s skills, not just their educational background or resume. It’s effectively unlocking new pools of talent, which helps reduce bias and increase workplace diversity. CodeSignal’s product is gaining traction in companies across all verticals as well as the Fortune 500 including Brex, Databricks, Instacart, Robinhood, UpWork, and Zoom. And rightly so. The significant momentum it’s experiencing coupled with a world-class product makes this a unique opportunity.
Behind every successful company is an amazing team. I have gotten to know Tigran Sloyan, CEO and co-founder, over the past year and have always come away impressed with his horsepower, hustle, strategic perspective, extreme curiosity and willingness to roll up his sleeves.
We are excited to welcome Tigran and the entire CodeSignal team to the Menlo portfolio. We’re focused on pursuing companies with the potential to disrupt huge markets. CodeSignal certainly fits the bill.
The future of work and intelligent automation will continue to be an area of interest for us. CodeSignal is in good company alongside our other portfolio companies Aisera, Observe.AI, Matik, and Anvil. If you are a founder of a company that’s defining the future of work, we’d love to hear from you.