How AI startup Wayfaster is changing the way we hire
Two founders are building a solution to transform the $770B staffing industry.
Today I’m diving deep into the story of Wayfaster. Disclaimer: I’m an investor and they just announced their $2.6m fundraise. Spoiler: they’re hiring!
I wanted to share their story with you because - whether you're a founder, a job seeker, or just someone fascinated by the intersection of AI and business - I think you'll find it as compelling as I do.
If you’ve been following me for a while, you’ll know that I actively invest in up-and-coming AI startups. But not just any. I look for companies that are solving real problems with solutions that make sense. I’m drawn to founders who are straightforward, dislike BS, and have a compelling (and often personal) problem to solve with their business.
Wayfaster (fka Interviewer) is one of these startups.
Founders Varun Khurana and Shrey Jaganmohan are tackling a very real problem: the painful inefficiency of high-volume hiring. Their pitch is deceptively simple: use AI to automate screening interviews.
But the implications are profound. Imagine a world where candidates are screened the moment they apply, where every applicant gets a fair shot, and where recruiters can focus on what really matters - finding the perfect fit.
It's not just about speed, though that's certainly part of it (hence the name Wayfaster). It's about fundamentally changing how companies build their teams. In today's lightning-fast tech landscape, that could be the difference between a unicorn and a cautionary tale.
In his article on why companies over-hire, HR & talent analyst Josh Bersin talks about the massive effort that comes with high-volume hiring:
“In nearly every company I know there is an annual or quarterly process for headcount allocation. The CFO, knowing that there is unlimited demand from managers for hiring, “releases headcount” to business units based on their financials. These requisitions are distributed to managers and the HR team goes to work.
HR then operates like order takers and the recruitment organization starts processing requisitions. We develop job postings, source candidates, buy ads, and hire recruiters. We start screening, interviewing, and assessing candidates. And a massive effort of scheduling, discussing candidates, and decision-making takes place.”
When you’re hiring staff this way, unsurprisingly bottlenecks crop up. It’s a process that’s prone to problems like:
Delays when screening lots of resumes
Time wasted scheduling high volumes of screening calls
Top talent losing interest if the recruitment process is too slow
Internal processes slowing down when onboarding lots of new people
Potential compromise in quality due to pressure to fill positions quickly
To name just a few.
Many would say that this way of doing things is a necessary evil. But Varun and Shrey knew there had to be a better way.
In a world where AI can write poetry and drive cars, why are we still doing job screenings like it's 1995?
Like many great founders, Varun and Shrey stumbled on their business idea because of personal experience.
Before working together, Varun was at Instacart and Shrey at Coinbase - two hyper-growth companies where rapid hiring was a priority. Both were involved in the extensive hiring processes. They experienced first-hand the challenges that come with scaling teams quickly.
Armed with their unique perspective, they saw an opportunity where others saw an insurmountable challenge. What if AI could handle those initial interviews?
I mean, it makes sense. AI doesn't sleep. It doesn't get tired. It could theoretically interview candidates around the clock, in multiple languages, without breaking a sweat (or whatever the AI equivalent of sweat is).
Before the staffing firms and HR evangelists come at me, this isn’t about AI replacing human recruiters. Far from it. Varun and Shrey’s vision is about empowerment. Freeing recruiters from repetitive tasks so they can focus on what humans do best: making nuanced decisions and building relationships. It’s about using AI to streamline the inefficient parts of hiring. To bring this old industry up to the modern day.
The founders are, in their own words, rebuilding the full software stack for the $770B staffing and recruitment market. Their mission is to make hiring not just faster, but more efficient and more effective. To improve margins. To transform how companies hire.
How does Wayfaster work?
Wayfaster's product handles preliminary screenings for companies using AI. Their technology interviews candidates, asking predefined questions and recording responses. It then turns the interviews into transcripts, session links and analytics for easy reviewing.
Here’s a demo of an early version of the product for anyone interested:
Wayfaster is solving several problems at once:
Reduce waiting times by conducting interviews as soon as candidates apply.
Remove inconsistencies in initial interview experiences - all candidates get the same experience no matter their location or role.
Reduce certain types of bias by using AI and standardised questions.
Enable companies to interview a larger pool of candidates than would be feasible with human interviewers alone.
Free up time for human recruiters to focus on later stages of the hiring process, where their skills in nuanced decision-making and relationship-building are more critical.
(Admission: I asked AI here what some potential challenges might be with this type of business; this is what it replied with:
There are also considerations to keep in mind:
The effectiveness of AI in accurately assessing candidates is still being studied. Can it pick up on the nuances of human communication?
Some candidates may feel uncomfortable with an AI-led interview.
The technology may not be suitable for all types of positions or industries.)
It’s fair to say that - as with any new technology - the long-term impacts and best practices for implementation are still being determined. Wayfaster's approach represents one potential solution to the challenges of high-volume hiring. But it’s part of a broader conversation about the future of recruitment in a rapidly changing job market. A conversation that I think is long overdue.
The future of Wayfaster: Raising $2.6m, growing the team and more
Shrey and Varun just announced a successful fundraise of $2.6 million (led by Slow Ventures). It’s exciting news for the duo. It’s an assuring vote of confidence in their technology. And I’m sure it’ll be rocket fuel for their ambitious vision.
So, what’s the plan? Firstly, the raise means they can scale their product by hiring engineers. They’ve gotten to where they are today on a team of 2, and are stoked about where a larger team can take them.
"We just hired our first engineer,” Varun told me when I caught up with him recently. “We are growing incredibly fast, and we need to build out the team at hyper-speed. The first version of the product was built with a two man team - so we can't even imagine what a team of five is going to be able to do say, six weeks from now."
But perhaps more intriguing is what this fundraise says about the future of Wayfaster. The company recently rebranded from "Interviewer" to "Wayfaster" - a move that goes beyond just a catchy name change.
When I asked Varun about the rebrand, he explained that while automating interviews remains at the core of their offering, they're setting their sights on the entire hiring process. The new name reflects this expanded vision. It's not just about making interviews faster; it's about accelerating and improving the entire hiring journey.
"Wayfaster" isn't just a name - it's a promise. A promise to companies struggling with high-volume hiring that there's a better, more streamlined way to build their teams. It's a direct nod to their value proposition, leaving no doubt about what they aim to deliver.
This evolution from Interviewer to Wayfaster is more than semantic. It's strategic. It positions the company not just as a point solution for interview automation, but as a comprehensive platform for hiring acceleration.
As they scale their team and expand their product offerings, I know I’m going to enjoy seeing Wayfaster evolve. Will they become the go-to solution for high-volume hiring? If anyone has the background and energy to do so - it’s this team.
Speaking of team, if you're an engineer and you’re intrigued by Wayfaster's mission, check out their open positions. After all, a company aiming to revolutionise hiring needs a first-class team of their own, amirite?
Cheers for reading,
Ben