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Neufast Limited

AI video interview

Market: Education, training, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 13.07.2020
Min investment
$  300.000
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Total required
$ 1.000.000
Rating
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Idea

AI-Powered Video Interviewing, Gauge soft skills, choice of words, and first impressions early in the process, apparent personality behavioral assessments deep learning model based on established models such as Big 5 and psycho-linguistics

Current Status

1 million users with partner GetLinks for Thailand and CPJobs
Revenue generating with corporate clients including listed companies and leading Chinese Enterprises using our B2B SaaS platform as well as higher education institution for NeuCareers for career development

Market

Our paying clients and channels include companies, headhunters, online job bulletin boards and universities. Neufast serves the Hong Kong Community College of Polytechnic University, allowing 5,000 associate degree students to conduct simulated video job interviews and career planning with a personalized unmanned interview system. The first round of interview automation is realized, which reduced the recruitment time by 50%. We are targeting a US$5 billion market size for video interview with AI analytics in APAC.

Problem or Opportunity

US$5 billion market size for video interview with AI analytics in APAC

Solution (product or service)

Founded in 2018, Neufast Limited has launched solutions to the pain points of the traditional recruitment process. Our current two major products are the artificial intelligence virtual interviewer "Neufast" and the video interview platform "NeuCareers" which provides video interview training for job seekers.

"Neufast" combines candidate management system, automated video interviews, and artificial intelligence analysis to help business users efficiently process a large number of candidates, and objectively sel ect the most suitable employees based on science and statistics.

"NeuCareers" provides job interviews with video interview training, allowing users to prepare questions through personalized mock interviews, and give professional feedback so that they can optimize their answers and stand out in the interview.

Due to the pandemic of COVID-19, all walks of life have been hit hard and unemployment rate has surged. Recruiters cannot meet face-to-face with overseas job applicants, and face-to-face interviews with local job applicants are also potentially very risky fr om the health perspective. In view of the trend that this pandemic has accelerated remote work, online video interviews have become a necessity for corporate recruitment and career development for the graduates and those who lost their jobs.

Competitors

There are competitors in recruitment B2B video interview with AI however they do not offer B2B2C solutions. Also, they either provide English only or Mandarin/ Chinese only solution. Neufast offers both B2B and B2B2C solutions in both Chinese, English and even Thai languages.

Advantages or differentiators

Neufast offers both B2B and B2B2C solutions in both Chinese, English and even Thai languages. Also, our AI deep learning model is validated with human rating with inter-rater reliability test.

Finance

We have 4 revenue streams - B2B from job boards, recruitment agencies and corporate clients. B2B2C from higher education. Our fixed costs include salary and rental. Our variable cost include AWS data storage and processing fees and 3rd party APIs.

Business model

In terms of business model, Neufast charges according to the number of times video interviews at US$3-5.5 per AI video interview a month with discounts for bulk purchase. Our metrics are number of video interviews completed a week, number of channels, and average number of interview per channel a week.

Money will be spent on

1. Localisation with multi-lingual support
2. Social credit scoring system for Mainland China
3. Sales & Marketing for Mainland China and SE Asia

Offer for investor

US$300,000 to US$1M in return for convertible equity at $4.3M pre-money

Team or Management

Risks

Fragmented job market with uncertainty of economic outlook affecting corporate hiring activities

Incubation/Acceleration programs accomplishment

- Hong Kong Science and Technology Parks Incu-Tech Incubation
- SOSV Chinaccelerator Batch 16
- Hong Kong Science and Technology Parks Global Acceleration Academy (GAA) https://www.gaa.live/

Won the competition and other awards

- Star of Innovation Award winner of the 2019 AHK HK Innovation Night at German Chamber of Commerce Hong Kong
- Most Innovative Award of iFlyTek 2019 Guangzhou roadshow
- HKSTP 2019 EPiC 100 shortlisted
- SOSV Chinaccelerator Batch 16 startup
- Top 100 2019 JUMPSTARTER (AEF)
- 2019 RISE ALPHA Program participant

Photos

Photo 1 - AI video interview

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video