Spanish AI startup Source(d) bags $6 mln

Spanish artificial intelligence startup Source(d) has raised $6 million in funding. The investors included Otium Venture and Sunstone Capital.


Madrid, 3rd of October 2016 – source{d}, a Spanish startup using artificial intelligence to identify the most suitable developers for respective jobs, has closed a round of 6 million dollars. Coming from Xavier Niel and two European investment funds, Otium Venture and Sunstone Capital, this injection of funds will represent a major financial boost for the company, founded in March of 2015 by Eiso Kant, Jorge Schnura and Philip von Have.While already having offices in Madrid and Berlin and expecting to soon open seven new branches in London, Paris, Stockholm, Amsterdam, New York, Boston and San Francisco; with this new inflow of capital, “source{d} will have greater accessto fundsto undertake commercial expansion in Europe and the United States”, according to Eiso Kant, one of the startup’s founders and current CEO of the company. Also, this will allow the continued improvement of their artificial intelligence algorithms in order to manage “one of the largest samples of data analysed by AI in the world”, as they currently analyse the code for more than 6,6 million developers.

Among the investors are the French funds Xavier Niel – investor in Docker, Snapchapt and Zenly and founder of Free and co-owner of Le Monde – and Otium Venture – owned by Pierre-Edouard Stérin, founder of SmartBox – , as well as Sunstone Capital, the main VC fund in Denmark with assets exceeding one billion euros. All of the aforementioned companies specialize in technology-based companies as source{d}.

In its second year of operation,source{d} is close to being profitable, looking to close the year with near 1 million eurosin revenues. Also, the workforce is made up of 25 employees from 10 different nationalities, and the team will grow to 55 individual sin the final quarter of 2016. This figure will continue increasing in 2017 at a fast rate. Currently, the startup has more than 200 clients all over the world, from San Francisco all the way to Singapore.

The company focuses on the development of artificial intelligence algorithms, through which it identifies and presents the best candidates with different technological profiles according to the needs of the company seeking to hire them. As the fundamental philosophy of the company, “source{d} works to get closer to a world where the access to employment for developers is based on the quality of their work instead of unfair and subjective factors,” according to Jorge Schnura, COO and Co-Founder.

Along with Kant and Jorge Schnura, Philip von Have, the founders of source{d}, were the driving forces behind Tyba, started in 2011, which became the largest employment marketplace for technological startups and companiesin Europe valued at 13,5 million eurosin 2013. Last April, the company was sold to Graduateland, the largest portal for employment for young people in Europe.

About source{d}
source{d} is a company that develops deep learning (artificial intelligence) algorithms to identify, qualify and present developers to companies, by analysing their code. By basing their approach on technical understanding, the process guarantees that the needs of their clients are met and the developers fit better with their technical challenge.

The company was founded by Eiso Kant, Jorge Schnura and Philip von Have in March 2015. In its second year of operation, it is very close to being profitable with the foresight of closing the year with revenues nearing one million euros. Currently, source{d} has more than 200 clients all over the world, from San Francisco to Singapore. The team is made up of 25 people from 10 different nationalities, with offices in Madrid and Berlin, and approximately seven more diverse locations in Europe and the Unites States of America opening up soon.