Newport Beach-based Toba Capital took a lead role in a $10 million initial funding round for San Francisco-based human resources software specialist Restless Bandit.
Toba, launched in 2012 by Vinny Smith, is now OC’s largest venture capital firm. It co-led the seed and Series A rounds with GGV Capital in Menlo Park.
Restless Bandit’s software relies on artificial intelligence, data science and machine learning algorithms to rediscover and contact top job candidates within an employer’s tracking and human resources systems. It’s billed as a tool that saves recruiters time, increases applicant quality, and reduces spending on job advertising.
Smith launched Toba after netting more than $800 million after his Aliso Viejo business software maker, Quest Software Inc., was sold in 2012 for $2.8 billion to Dell Inc. in Round Rock, Texas.
He has grown Toba’s portfolio to more than 40 backed software companies and $400 million invested.
—Chris Casacchia
