Intch, a#nbsp;networking app that connects top-level professionals, secured $#nbsp;1.2 million for expansion. The startup aims to#nbsp;disrupt the future of#nbsp;work with its proprietary AI-based user-matching algorithms.
Intch currently connects more than 100K users from 130 countries#nbsp;— over 60% are C-level executives. The app matches top-tier professionals looking for remote project-based work, investment for their new ventures, or#nbsp;specific expertise.
By#nbsp;helping users to#nbsp;go#nbsp;beyond their existing social circle, Inch helps to#nbsp;grow one’s network by#nbsp;exchanging professional favors, such as#nbsp;warm introductions or#nbsp;mentorship. Intch’s#nbsp;AI algorithm matches relevant users around the world by#nbsp;background, location, their personal connections, and other data they provide.
"Since the pandemic, we#nbsp;at#nbsp;Altair Capital have seen significant changes in#nbsp;how people work," said Igor Ryabenkiy, the CEO and Managing Partner of#nbsp;AltaIR Capital. "It's clear that the trend towards remote work is#nbsp;here to#nbsp;stay. We#nbsp;see it#nbsp;in#nbsp;the success of#nbsp;our portfolio companies, such as#nbsp;Deel and Miro. The future of#nbsp;work requires changes in#nbsp;business networking#nbsp;— setting up#nbsp;new ways for people to#nbsp;find professional collaborations, build new connections and make introductions. We#nbsp;believe that Intch will disrupt this market through the unique combination of#nbsp;people-driven community and#nbsp;AI tools."
The app was launched by#nbsp;serial entrepreneur Yakov Filippenko. His previous startup, SailPlay, develops marketing automation software to#nbsp;help online and brick-and-mortar retailers build loyalty programs. This year, the company was acquired by#nbsp;Retail Rocket, a#nbsp;retention management platform for brands.
"The professional networking market hasn’t been disrupted since LinkedIn," Filippenko said. "Existing networking solutions don’t fit the expectations of#nbsp;young professionals, such as#nbsp;millennials and Gen Zers. They prefer flexibility and independence, value skills over work titles, and don’t want to#nbsp;waste time on#nbsp;inefficient networking. I#nbsp;believe they will appreciate that Intch’s#nbsp;AI takes the stress off the first contact, allowing them to#nbsp;save energy for the actual collaboration."
Post-Covid, the Great Resignation has been a#nbsp;major issue in#nbsp;the U.S. for businesses As#nbsp;inflation pressures accelerate, top-tier professionals are looking to#nbsp;get back to#nbsp;work. But, due to#nbsp;the lack of#nbsp;remote options in#nbsp;the workplace, many prefer project gigs in#nbsp;addition to#nbsp;or#nbsp;instead of#nbsp;full-time employment.
Intch is#nbsp;a#nbsp;networking platform where users can post pitches instead of#nbsp;their CVs, and receive appropriate offers from#nbsp;AI. The app also helps with creating a#nbsp;professional biography, provides pre-designed templates for requests, and an#nbsp;easy-to-use framework for introductions.
Over half of#nbsp;Americans are considering second jobs, while the number of#nbsp;white-collar workers looking for side projectshas tripled in#nbsp;2022. Intch provides executives with trustworthy referrals from their close network, which allows them to#nbsp;hire top-level professionals unavailable on#nbsp;freelance marketplaces.
According to IBIS World Research, the digital social networking industry in#nbsp;the U.S. will be#nbsp;worth $#nbsp;72.2 billion in#nbsp;2022. On#nbsp;average, the market grew 20% annually between 2017 and 2022.