SINGAPORE – Singapore-based AI recruitment platform Snaphunt is being wound up after a planned US$2.8 million (S$3.5 million) funding round was said to have been delayed, leaving it without enough cash to continue operating.
The company resolved on July 30 to wind up operations. Tan Wei Cheong and Justin Lim from Deloitte Singapore SR&T Restructuring Services were appointed as joint liquidators, according to a Government Gazette notice published on Aug 7.
The company is now exploring options for its remaining technology and assets, including a potential sale, with hopes that its AI recruitment system can be acquired and further developed.
When contacted, the liquidators told The Straits Times that they are evaluating interest from potential buyers in the company’s assets as part of the liquidation process.
“(This is) including its intellectual properties,” they said.
The winding-up came after directors declared on July 6, that Snaphunt could no longer continue operating because of its liabilities. The company was put into provisional liquidation the following day.
In response to queries, Tulika Tripathi, who is also chief executive, said: “We had secured investor commitments, but the funding was delayed beyond the point where the business could be sustained.”
She added that the decision to wind up was made only after it became clear that the capital would not arrive in time to support ongoing operations.
According to Tripathi, the funding delay left Snaphunt without enough cash to sustain its operations.
Founded in 2017, the Singapore-based AI-driven recruitment platform was designed to help employers source, screen and hire candidates across markets. Its system automated functions such as candidate matching, video interviews, applicant screening and reference checks.
Snaphunt raised US1 million in seed funding from venture capital firm Beenext in 2019 to support its expansion.
According to Tripathi, Snaphunt served more than 15,000 employers and had over eight million registered professionals, connecting talent with job opportunities across more than 140 countries.
When operations ceased in early July, Snaphunt had three employees in Singapore, including Tripathi. She said the two other staff members have found new jobs after their employment ended during the wind-down.
She said all contractual obligations to employees were met and that she assisted them with references and introductions for work.
The job search function on Snaphunt’s website was not working when ST browsed it on Aug 17.
“I remain proud of what the team built over the years, and I hope the platform can continue in a new form under future ownership,” said Tripathi.
