AI startup HireLogic raises $6M to aid job recruiters

AI startup HireLogic raises $6M to aid job recruiters

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Artificial intelligence-powered hiring assistant HireLogic Inc. said today it has raised $6 million in an early-stage funding round led by Joseph P. Landy, a former partner and co-chief executive officer of the private equity firm Warburg Pincus LLC.

Existing investors from HireLogic’s earlier seed funding round also participated in the Series A round, bringing its total amount raised to more than $10 million.

HireLogic is the creator of an AI tool that’s designed to help companies improve the way they evaluate new job candidates. According to the startup, it has created a new standard for interviewing job applicants. It relies on powerful conversational analytics and AI to listen in on interviews, providing objective insights into each candidate based on their responses, in order to help interviewees make better hiring decisions.

By inviting HireLogic’s AI to listen in to any in-person or remote interview, recruiters can go beyond simple note-taking or transcriptions of those interviews and assess how much of the job description was covered in the conversation. It can also help to detect each candidate’s aspirations and leadership qualities, while providing data that can be used to aid in the coaching of interviewers themselves.

HireLogic explained that it developed its AI algorithms specifically for the hiring domain. It works by efficiently determining speaker roles and inferring intent to recognize both job functions and each candidate’s unique characteristics. It can even detect question bias for coaching and compliance.

The service can be embedded into video platforms such as Zoom and Microsoft Teams to aid in remote interviews, and there’s a companion app that can listen to any other type of call or in-person meeting. In that way it’s able to cover every type of interview. Further, it can also generate interview questions of its own, based on the job’s requirements.

The startup promises immediate benefits for recruiters, with instant automated insights that aid in the decision-making process, increased candidate engagement through better interview structure and consistency. It allows human resources teams to augment decision-making with more objective data while eliminating memory and question bias. What it does not do, however, is rank candidates, screen them or otherwise replace humans in the decision-making process.

HireLogic reports significant growth in the tool’s use since its public launch six months ago. It claims to have listened to thousands of interviews per month, analyzing more than a half-million interview minutes in total.

HireLogic said the funds from today’s round will be used to enhance the capabilities of its conversational analytics algorithms, expand its go-to-market activities and meet the demands of a growing customer base.

HireLogic Chief Executive Anirban Chakrabarti said Landy, who will join the company’s board of directors, will be a key asset for the company. “Joe is a proven investor and advisor to emerging companies, has helped numerous technology startups reach their full market potential, and recognizes the massive total addressable market opportunity for a common HR challenge,” he said. “HireLogic will benefit tremendously from having access to Joe’s guidance and network as we embark on our next phase of growth and go to market activities.”

Image: HireLogic

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