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Background check firm KarmaCheck raises $45M to fuel development and growth - SiliconANGLE

Jun 27, 2024 - siliconangle.com
Background check and compliance software firm KarmaCheck Inc. has raised $45 million in new funding to speed up the development of its technology platform and expand into new sectors. The company, founded by LinkedIn co-founder Eric Ly in 2019, uses a unified platform that integrates thousands of sources for checks to speed up the screening process. The platform uses AI and digitized handling for screening and verification to provide fast turnaround times and efficient checks that reduce the risk of companies hiring the wrong talent.

KarmaCheck's service has seen strong growth, especially in highly credentialed industries like healthcare. Its notable customers include McDonald’s Corp., MedPro Healthcare Staffing LLC, PRN Healthcare LLC, Recruiter.com Group Inc., Domino’s Pizza Inc. and Lead Heath Inc. The Series B round was led by Parameter Ventures LP, with participation from NextView Ventures Management LLC, PruVen Management Company LLC, and Velvet Sea Ventures LLC. To date, KarmaCheck has raised about $60 million.

Key takeaways:

  • KarmaCheck Inc., a background checks and credentialing software company, has raised $45 million in new funding to accelerate the development of its technology platform and expand into new industry segments.
  • The company was founded in 2019 by Eric Ly, one of the co-founders of LinkedIn, and uses artificial intelligence and digitized handling for screening and verification.
  • KarmaCheck claims to provide fast turnaround times and more efficient checks that reduce the risk of companies hiring the wrong talent and potential claims from negligent hiring.
  • The company's service has seen strong growth, particularly in highly credentialed industries such as healthcare. Notable customers include McDonald’s Corp., MedPro Healthcare Staffing LLC, and Domino’s Pizza Inc.
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