Neurolytics, a company that provides AI-based video analytics for HR and recruitment, recently announced that it has raised €500,000 (USD $544K) in a fresh funding round led by regional development company of the Utrecht region (ROM Utrecht Region), VIE Tech Capital, Familiefonds BarUni and informals. The Participation Fund and the Healthy Urban Living Proof of Concept Fund (HUL POC fund) are the two funds that make up ROM. The HUL POC Fund has also made the investment in the firm.
Launched in 2018 by Belén Hein, Felix Hermsen and Marnix Naber, Neurolytics is an HR recruiting tool that helps pre-select and employ the right individuals for a team and organisational culture. The platform’s technology claims to surpass recruiters in terms of speed and objectivity. It cuts interview times by 29 per cent and staff turnover by 31 per cent. Candidates can learn whether they suit a certain position, team, or organisation using a combination of AI, video technology, and psychophysiology. In turn, companies can hire intrinsically motivated people and develop successful teams.
The company has now developed a self-service platform that allows customers to fully test candidates and employees themselves and easily integrate this into existing systems. The platform has already tested thousands of people.
Speaking about the capital raised, Co-founder of Neurolytics, Felix Hermsen, said:
We are excited to raise funding in these difficult times so we can start helping more companies find and engage new employees. With shrinking talent pools, many companies are lowering their standards, leading to big problems later. We can make sure they still make the right qualitative match in a low-threshold and cost-effective way.
Hermsen further added:
We want to help people understand themselves better and make them happier in their daily lives. To this end, we have developed a scientific methodology to objectively and scalable analyse human behaviour through short online scans. This is ground-breaking stuff.
Neurolytics believes in passionate people and that technology can make life better. Helping people be happier, healthier by harnessing the power of machine learning and video technologies to analyze human behavior objectively. The Utrecht-based startup also believes in building a world where people are evaluated on who they are, instead of who they appear to be to others. Every person is unique and should have an equal chance in landing their dream job, independent from their age, gender and ethnicity.
Adding further about the investment, Co-founder & COO of Neurolytics, Belén Hein, said:
Our unique approach has already helped countless companies focus on the right candidates in their recruitment process, so we are excited to use our solution to help even more companies in the future. We can give recruiters the superpower to be creative in a tough market. In addition, we are grateful for the support and funding we have received so far from Holland Startup, as well as the funding we have received from both the EU Horizon 2020 and NWO Take Off Phases 1 and 2.
In 2019, Neurolytics launched its first version of the cultural fit scan with early adoption from PwC and the Dutch Ministry of Defense.
Investors ROM Utrecht Region and Wendy van Ierschot, CEO of VIE People, added:
Neurolytics’ solution responds precisely to the challenges of the current tight labour market such as staff retention, diversity & inclusion and the wishes & demands of new generations of employees.
Van Ierschot further said:
Neurolytics gives a much better result in the selection process than a recruiter ever will be able to. We are always looking for the latest technology, a strong vision and a reliable and driven team. We find that combination at Neurolytics. Investing in them is a wonderful opportunity to see this startup continue to grow up close.
In 2020, Neurolytics had raised €250,000 in debt financing.