Utrecht-based Neurolytics has raised €500K in a new round of funding. Neurolytics offers AI-based video analytics for HR and recruitment.
“We are thrilled to raise funds in these challenging circumstances so we can start assisting more businesses to recruit and engage new personnel,” says Neurolytics co-founder Felix Hermsen. “Many businesses are lowering their standards due to dwindling talent pools, which could cause significant problems in the future. With a modest threshold and at a reasonable price, we can ensure that they still match qualitatively.”
“We wish to make individuals happier in their daily lives by assisting them in better understanding themselves. To do this, we have created a scientific methodology that uses quick online scans to objectively and scaleable analyze human behavior. “This is revolutionary stuff,” Hermsen continues.
The Regional Development Agency of the Utrecht Region (ROM Utrecht Region), VIE Tech Capital, Family Fund BarUni, and informal took the lead in the round.
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ROM Utrecht Region is a social investor that makes it easier for local businesses to acquire capital. Investments are made in three important industries: technology, health, and sustainability.
The two funds that makeup ROM are the Participation Fund and the Healthy Urban Living Proof of Concept Fund (HUL POC fund). Purchased by the HUL POC Fund, Neurolytics.
“Neurolytics’ solution reacts directly to the issues of the current tight labor market, such as staff retention, diversity & inclusion, and the aspirations & demands of future generations of employees,” state investors ROM Utrecht Region and Wendy van Ierschot, CEO of VIE People.
“Neurolytics delivers a far better result in the selection process than a recruiter will ever be able to,” Van Ierschot continues. “We are constantly looking for the most up-to-date technologies, a clear vision, and a dependable and motivated workforce. That combo is available at Neurolytics. A fantastic opportunity to observe this startup’s future growth is to invest in them.”
The HR recruiting tool Neurolytics, which was introduced in 2018 by Belén Hein, Felix Hermsen, and Marnix Naber, assists in pre-selecting and hiring the best candidates for a team and organizational culture.
The technology used by the organization is said to be faster and more objective than recruiters. It reduces personnel turnover by 31% and interview times by 29%.
Using a combination of AI, video technology, and psychophysiology, candidates can determine whether they fit a certain position, team, or organization. Companies may therefore recruit individuals who are organically motivated and create winning teams.
Felix and Belén collaborated on the research and development phase of their video analysis technology with Holland Startup and Dr. Marnix Naber.
They created a research partnership with Utrecht University and got funding from the Netherlands Organization for Scientific Research (NWO) and the EU Horizon 2020 initiative.
This allowed them to develop their “deep” AI technology, which they later tested with pilots. Then they created an online scan that candidates could complete whenever and from any location, including their homes, offices, or other locations.
Since then, the company has developed a self-service platform that enables users to easily integrate self-administered tests of job candidates and workers into existing systems. On the platform, thousands of users have already been tested.
2019 saw the release of Neurolytics’ initial iteration of the cultural fit assessment, which was quickly adopted by PwC and the Dutch Ministry of Defense.
We can provide recruiters the superpower to be inventive in a competitive market, claims co-founder Belén Hein. In addition, we appreciate the help and money we have so far received from Holland Startup as well as from EU Horizon 2020 and NWO Take Off Phases 1 and 2.
Image Credit: Neurolytics