NEWS PROVIDED BYBorderless AI
Jun 14, 2024, 09:00 ET
With the HR Industry’s first-ever AI Agent, Alberni, Borderless AI is changing the way HR teams get work done for global employees and employers alike
TORONTO, June 14, 2024 /PRNewswire/ — Borderless AI, the world’s first AI-powered HR platform, has partnered with Cohere, a leader in providing large language model (LLMs) solutions to enterprises, to provide tailored AI agents for the HR category. At a time when investors are grappling with the high prices of LLMs, Borderless AI and Cohere are deploying AI to industries with existing business models and customer bases, where the need for AI is clear.
Other industry players, like Deel, hit $500M in annual recurring revenue in just five years, and Remote.com is not far behind. This growth signals the massive potential and opportunity in the Employer of Record (EOR) and global payroll category. Borderless AI is taking an innovative approach to the industry, as the first to introduce AI to streamline global-first HR challenges, onboarding, payroll, and more.
The global multicountry payroll solutions market is expected to approach $10.5 billion USD by 2030, yet there has yet to be a company that is building AI to address this growing category. Additionally, much of this growth is coming out of Canada – a region where both Borderless AI and Cohere are headquartered.
Borderless AI and Cohere are solving this problem in several ways with today’s announcement:
- Borderless AI has announced they are launching an AI agent for Canadian employment agreements ā Startups acrossĀ CanadaĀ can access Borderless AI and create compliance agreements for their teams ā an industry-first
- AI-powered Real-Time-Payments and Treasury functions – unlike Deel and Remote.com, Borderless AI does not require salary deposits ā a major improvement on the customer experience; and one that puts more money in the hands of customers
- Proprietary HR Knowledge Base – powered by Cohere’s RAG technology. HR professionals acrossĀ CanadaĀ can now get domain-specific knowledge about HR best practices and employment law through Borderless AI’s proprietary AI agent.
AI is disrupting sectors like HR, legal, customer service, payments, and retail with the introduction of AI Agents. Leading companies like Harvey for legal and Sierra for customer service are putting a spotlight on the critical need for AI agents across verticals. With the recent launch of Borderless AI, the company is taking the same verticalized approach to the HR industry to solve complex challenges that HR teams face daily when scaling global teams.
Given the partnership with Cohere, Alberni can deliver AI systems that help with tasks requiring complex reasoning, extensive domain knowledge, and capabilities beyond a single model callāsuch as drafting employment documents, answering questions about complex labor law scenarios, and identifying material discrepancies between hundreds of contracts.
“We’re excited Borderless AI is leveraging Cohere’s best-in-class enterprise AI models to address real-world HR challenges that have long faced companies trying to scale up in new markets,” said Aidan Gomez, CEO and Co-Founder of Cohere. “Our models excel at key business capabilities like advanced RAG and multilingual support to help Borderless AI deliver real productivity and efficiency gains for the global HR market. We look forward to supporting Borderless AI in building business solutions that power the future of global HR.”
“We’re excited to be at the forefront of the AI agent revolution, already using smarter, self-directed AI to streamline workflows for our customers by combining data from various sources,” said Willson Cross, CEO and Co-Founder of Borderless AI. “We’re proud to continue working with Cohere to provide a different approach to global-first HR, combining resources for local compliance and payroll with AI, all in a single platform.”
About Borderless AI
Borderless AI is a global payroll solution that leverages the power of generative AI to automate and speed up the process of onboarding, managing, and paying international team members. With Borderless AI, businesses can compliantly hire and manage talent worldwide without establishing a foreign entity while alleviating the complexities and risks associated with hiring global employees. With a focus on innovation and customer service, Borderless AI developed Alberni, the world’s first AI agent for global HR. Alberni uses conversational AI to simplify global employment tasks from contract creation to expense management. The company is headquartered in Toronto, Canada, and has raised $27 million in seed funding to date, backed by Susquehanna and AglaĆ© Ventures.
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SOURCE Borderless AI