Social Media Screening Platform
Ferretly helps companies make smarter hires.
Its software-as-a-service assists with social media screening. Companies use Ferretly’s Artificial Intelligence-powered software to analyze candidates’ posts and activity on platforms like Facebook, Instagram, and Twitter.
By using this software, companies can reduce risks to their brand, employees, and bottom line.
In today’s social-media-centric world, identifying content that suggests a potential employee may be hateful or abusive is important.
A 2018 study from Harvard Business School found that toxic employees “destroy a company’s culture and its bottom line.” A bad hire, for example, can cost companies as much as $240,000. This includes time spent training the employee, removing them, and hiring their replacement.
Perhaps that’s why social media screening is already a $550 million market. This is part of the $5.4 billion global background screening industry.
According to a 2018 survey from CareerBuilder, an employment website, 70% of companies review a candidate’s social media accounts and activity. And 57% of companies reported discovering something that prevented them from hiring a specific candidate.
Social media screening isn’t just for prospective employees, either. Government organizations use it to determine eligibility for security clearances. Colleges use it to recruit athletes. And insurance companies review information for certain claims and cases.
Ferretly was designed to aid these customers in their searches.
This company is led by an experienced team. CEO Darrin Lipscomb is a 30-year veteran of the technology industry. Prior to starting the company, he was the Global Chief Technology Officer of a division of Hitachi Data Systems. This division formed following the acquisition of the company he founded, Aviro Group, in 2014.
Ferretly’s CTO, Craig Eddy, was Chief Architect at Empact Development, a consulting business. While there, he developed the Foreign Assistance Coordination and Tracking System, used by the U.S. State Department.
In addition to AI capabilities, Ferretly's software combines machine learning with natural language processing. Customers simply input a candidate’s name into the software, and it analyzes seven years of public posts, including text and images.
Once analyzed, Ferretly’s software creates an actionable report, alerting the customer to any red flags or potential risks. Reports are created within an average of 30 minutes.
Ferretly launched a minimum viable product of its software in June 2019. That year, it was selected for HR Technology’s 2019 Pitchfest, designed to recognize innovation and contributions to the future of the HR tech space.
By the end of 2019, it reached 100 customers.
Today, the company has 135 customers, who have used Ferretly to analyze 1 million posts and images. The software has identified more than 7,000 risk factors to potential job candidates.
Ferretly projects to generate $1 million in revenue in 2020 and $3 million in 2021.
To generate revenue, the company offers two pricing options:
First, companies can purchase individual credits, which are used to complete background searches. Credits are $29 each.
Second, it offers enterprise subscriptions for those that need continuous employee screening. Subscriptions enable companies to screen 100 employees, and cost $39 per employee per year.
With funds raised, Ferretly will increase its marketing and sales efforts.
Darrin is a 30-year veteran of the technology industry. Throughout his career, he’s developed software solutions for Fortune 500 companies and government organizations.
Prior to launching Ferretly, he was the Global Chief Technology Officer for a division of Hitachi Data Systems, a computer data storage company. He took this position after the company he founded, Avrio Group, was acquired in 2014. He spent the previous 13 years with Avrio, a company providing cloud-based geospatial sensors for state and city municipalities.
Darrin earned a Master’s degree in Systems Engineering from Virginia Tech University.
Craig has 30 years of experience in software engineering, development, and management.
Before Ferretly, he was Chief Architect for Empact Development, a consulting company. While there, he managed the development of the company’s Foreign Assistance Coordination and Tracking System, used by the U.S. State Department.
Prior to that, he co-founded a customer relationship management software startup, and worked with his current co-worker, Darrin, for 10 years.
Craig earned a Bachelor’s degree in Electrical Engineering from Virginia Tech University.