19, January – Neurolytics, innovator in AI video analytics for HR and recruitment, has raised a new €500K investment, led by the Utrecht Region Regional Development Agency (ROM Utrecht Region), VIE Tech Capital, Family Fund BarUni and informals. Neurolytics has a humble team, but can already call itself a winner of the MT / Sprout Startup of the Year 2021, is in the top 5 HR Tech startups worldwide by StartUs Insights and is one of the KvK Top 100 most innovative companies in the Netherlands.
Neurolytics’ technology outperforms recruiters on speed and objectivity. It reduces interview time by 29% and reduces staff turnover by 31%. Using a combination of AI, video technology and psychophysiology, candidates can find out from the comfort of their own couch whether they fit a specific role, team or organization. In turn, companies can hire intrinsically motivated people and develop successful teams through a more objective and faster process that encourages diversity and inclusiveness.
“We are honored and 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,” said Felix Hermsen, co-founder and CEO of Neurolytics. “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 analyze human behavior through short online scans. This is ground-breaking stuff.”
Investors ROM Utrecht Region and Wendy van Ierschot, CEO VIE People agree: “Neurolytics’ solution responds precisely to the challenges of the current tight labor market such as staff retention, diversity & inclusion and the wishes & demands of new generations of employees. The market demands new, innovative solutions like Neurolytics’,” stated Arjan van den Born, director ROM Utrecht Region. Wendy van Ierschot, CEO of VIE People 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.”
How did Neurolytics develop this technology?
Neurolytics was launched in 2018 and focused entirely on scientific research, together with Utrecht University. In this way, they developed their “deep” AI technology and then validated this early-stage product in pilots. They then launched an online scan that candidates can perform from home, office or any place or time they want. The company has since developed a self-service platform that allows customers to fully self-test candidates and employees and easily integrate this into existing systems. The platform has already tested thousands of people.
“Our unique approach has already helped countless companies focus on the right candidates in their recruitment process, so we are excited to start helping even more companies with our solution in the future,” Belén Hein, co-founder and COO of Neurolytics.
“We are pleased with the investment in Neurolytics. Neurolytics has a solid, science-based technology that includes unique elements that are still missing from current providers on the market. The team is young, ambitious and driven. The team has built Neurolytics from “scratch” and is already showing clear results.” Says Arjan van den Born, director ROM Utrecht Region. Belén Hein, co-founder and COO of Neurolytics, adds, “We can give recruiters the superpower to be creative in a tough market. In addition, we are extremely 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.”
About the ROM as investor
ROM Utrecht Region is a social investor that increases access to capital for innovative companies in the region. The ROM invests in the major transition sectors important for tomorrow’s economy: digital, health and sustainability. To realize financing for these companies, the ROM collaborates with many partners inside and outside the region. The ROM has two funds: the Healthy Urban Living Proof Of Concept Fund (HUL POC fund) and the Participation Fund. The HUL POC fund was made possible by co-financing from the Province of Utrecht and the European Regional Development Fund (ERDF). The investment in Neurolytics B.V. is from the HUL POC Fund.