Those customers are a high-profile bunch, including the likes of startups Ramp<\/a>, OpenAI<\/a>, Harvey.ai<\/a>, Notion<\/a> and Cursor<\/a>, as well as enterprises such as Shopify<\/a> and Snowflake<\/a>. The company aims to replace three or four products at any given company with its offering.<\/p>\n \u201cWe\u2019re becoming a default for startups and for the midmarket,\u201d said CEO and co-founder Benji Encz<\/a> in an interview. \u201cThe vast majority of our growth has been word of mouth.\u201d Ashby\u2019s enterprise segment is growing as well \u2014 123% year over year.<\/p>\n Investors appear to like what they see. Today, Ashby is announcing that it has raised $50 million in a Series D round of funding, just over one year after raising its $30 million Series C<\/a>, it tells Crunchbase News exclusively. The company declined to reveal its valuation, saying only it was a 2x increase compared to its most recent raise.<\/p>\n Alkeon Capital<\/a> and returning backer Lachy Groom<\/a> co-led the round, which also included participation from F-Prime<\/a>, Elad Gil<\/a>, Gaingels<\/a> and others.<\/p>\n Encz claims the company still has the \u201cvast majority\u201d of its Series C left in the bank.<\/p>\n \u201cOur burn multiple has been below one for all of this year,\u201d he told Crunchbase News. \u201cWe got preemptive interest on strong terms and since there are a number of years we\u2019re going to invest before turning profitable, we felt it was a good time to add to the cash balance.\u201d<\/p>\n \u201cThe extra $50 million puts us in a much more comfortable position,\u201d he added.<\/p>\n Ashby co-founders Encz and Abhik Pramanik<\/a> met while working at construction software startup PlanGrid<\/a>. As director of engineering, Encz spent much of his time recruiting. Pramanik was a senior product manager.<\/p>\n They spent the first two years after starting Ashby building out the product before launching in 2020. Their strategy was to build everything in-house so all the products could be integrated, and to do so in a way in which it would have the ability \u201cto build future products.\u201d<\/p>\n \u201cThe underlying foundation that we invested in significantly in the first two years of building Ashby is what enables us to add on these additional products into one platform with a clean user experience across all needs of a talent acquisition team,\u201d Encz said.<\/p>\n At the core of Ashby\u2019s offering is an Applicant Tracking System, which manages all of the interactions of applications for any given company, down to extending offers. But also layered into its software is a CRM to help companies discover talent; a scheduling tool that allows applicants to self-schedule; and pipeline analytics and sourcing via LLM-powered search.<\/p>\n The tasks Ashby\u2019s software can do for a company include posting job openings on platforms outside of a company\u2019s website, ask qualified and open-ended questions in job postings \u201cto get signals from a candidate,\u201d and personalizing outreach in sourcing.<\/p>\n A big part of what Ashby touts is that it not only helps companies manage applicants but also \u201cgoes after candidates who are not applying,\u201d Encz said.<\/p>\n The company claims it was among the first to market with AI functionality at the time of its Series C<\/a>. Doing so means teams don\u2019t need to add on another AI tool, but rather take advantage of the fact that AI is embedded into Ashby\u2019s product, according to Encz.<\/p>\n \u201cWe have a number of existing and upcoming AI features, with usage of AI in Ashby growing 50% over the past year alone,\u201d he told Crunchbase News.<\/p>\n However, Encz is quick to point out that Ashby is not totally reliant on AI.<\/p>\n \u201cThe way we\u2019ve designed it is that we always still keep the human in the loop,\u201d he said. \u201c\u2026 but it\u2019s still always a human reviewing date in the end.\u201d<\/p>\n Ashby is using its new capital primarily to invest in product development (specifically focusing on advancing its AI capabilities), customer success and its talent community programs.<\/p>\n Presently, the remote-first company has 220 employees in over 21 countries. It also has customers around the globe but is currently focused on North America and EMEA.<\/p>\n![\"Benji](\"https:\/\/news.crunchbase.com\/wp-content\/uploads\/Ashby-Founders-Benji-and-Abhik-1-e1753115048831-300x236.jpeg\")
Integration is key<\/h2>\n
Early AI adoption<\/h2>\n
\u2018Intelligent hiring operating system\u2019<\/h2>\n
![](\"https:\/\/news.crunchbase.com\/wp-content\/uploads\/AI-generated.jpg\")
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