Utrecht-based Neurolytics, a company that provides AI-based video analytics for HR and recruitment, announced on Thursday, January 19, that it has raised €500K in a fresh round of funding.
Felix Hermsen, co-founder of Neurolytics, says, “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.”
“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,” adds Hermsen.
Investors in this round
The round was led by the Utrecht Region Regional Development Agency (ROM Utrecht Region), VIE Tech Capital, Family Fund BarUni, and informals.
ROM Utrecht Region is a social investor that improves the access of the region’s companies to funding. It makes investments in three key sectors – technology, health, and sustainability.
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 made the investment in Neurolytics.
Investors ROM Utrecht Region and Wendy van Ierschot, CEO of VIE People, says, “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 adds, “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.”
“Unbiased data to help you select the right candidates”
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 company’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.
Felix and Belén partnered with Holland Startup and Dr Marnix Naber to develop the R&D phase of their video analysis solution. They received support from the EU Horizon 2020 programme and the Netherlands Organization for Scientific Research (NWO) and established a research collaboration with Utrecht University.
By doing this, they created their “deep” AI technology and then used pilots to verify this early-stage product. They then introduced an online scan that applicants could complete from their homes, offices or any other location at any time. Since then, the business has created a self-service platform that enables users to completely self-test applicants and employees and simply integrate this into current systems. Thousands of users have already been tested on the platform.
In 2019, Neurolytics launched its first version of the cultural fit scan with early adoption from PwC and the Dutch Ministry of Defense.
Co-founder Belén Hein says, “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.”