By transforming the approach to connecting young talent with employers, Euan Blair, the elder sibling of former U.K. Prime Minister Tony Blair, has amassed a net worth exceeding nine figures.
The company aims to advance AI technology to mitigate unconscious bias in the labor-intensive recruitment process.
Transitioning from hiring apprentices to focusing on enhancing the skills of job seekers for profitability, Blair’s educational platform, World, has acquired the San Francisco startup Searchlight for an undisclosed sum.
Eliminating Bias in Recruitment
Established in 2018 by siblings Anna Wang and Kerry Wang, Searchlight is an “Ethical Artificial” solution designed to match potential hires with companies by identifying skills gaps effectively.
The platform utilizes a “unique learning loop” that leverages employee performance data to enhance future recruitment choices.
Moreover, it endeavors to combat unconscious biases inherent in the hiring process through AI, considering competencies, soft skills, and work patterns during candidate evaluations.
Multiverse’s acquisition of Searchlight will bolster its position as an innovative recruitment platform by leveraging AI capabilities.
Ujjwal Singh, Multiverse’s General Product and Professional Commander, expressed to Fortune the company’s progress towards providing specialized training on a large scale with the aid of this technology.
“It enables us to expand the utilization of AI in the realm of mentorship and reskilling,” Singh remarked.
Attaining unicorn status in 2022 through a \(220 million funding round, Multiverse secured a valuation of \)1.7 billion. Among Multiverse’s backers in this round were the affluent Walton family from the United States.
This milestone followed a $44 million Series B funding received by the company a year earlier.
Originally conceived as a platform to assist high school graduates in finding rewarding careers beyond traditional education through apprenticeships, Multiverse has evolved significantly.
Blair has been vocal about the challenges posed by soaring tuition fees and declining educational standards, emphasizing the need for a more practical approach to skill development.
At the time of the substantial Series B funding, Blair criticized the prevailing educational system, highlighting the mismatch between the costs of higher education and its actual value in the job market.
The company’s “apprentice population,” encompassing students, surged from 7,600 in 2022 to 13,300 in 2023.
However, after struggling to generate profits over nearly eight years of operation, Multiverse is shifting its focus from transitioning apprentices into the workforce to empowering individuals already employed.
In 2023, the educational technology firm reported a tripling of losses to £40.5 million ($51.3 million), as per Companies House filings.
Facing rapid expansion that led to substantial financial losses, Blair was compelled to lay off 44 employees late last year, primarily within the U.S. division, following the Series D funding injection.
Reports from City A.M. indicated that the layoffs predominantly impacted the foundational skills team responsible for overseeing Multiverse’s essential apprenticeship division.
Challenges stemming from economic downturns prompted some of Multiverse’s clients, including Citi, Microsoft, and KPMG, to curtail spending, necessitating innovative approaches to market educational resources.
The surge in AI technology has provided World with an opportunity to introduce these new products to clients. Singh cited an instance where World facilitated the training of over 5,000 bank tellers in the United States.
Singh views Multiverse’s foray into coaching as an enhancement of its existing apprenticeship offerings rather than a divergence from them, positioning it for sustainable growth and profitability.
“This is our response to market demands. It enhances our resilience and serves as a pathway to profitability,” remarked Singh.
Despite the need to streamline operations in the U.S., Blair’s acquisition of a San Francisco-based company marks a notable reversal of the trend where U.S. companies acquire smaller U.K. competitors.
Reflecting on the acquisition of Searchlight, Blair expressed enthusiasm for the AI-driven approach to identifying patterns and skill gaps within and outside the workforce.
As organizations navigate technological transformations, Multiverse is committed to facilitating equitable and efficient upskilling initiatives to bridge the gap between desired transformations and the requisite skills.
In a landscape where the utilization of AI technology remains a point of contention between employers and employees, Multiverse aims to decipher the complexities of AI capabilities to drive workforce development effectively.
