3rd PIC 2016 Pymetrics, USA: Human resources technology
To optimize and democratize the hiring process
About the product
Pymetrics is a neuroscience-based recruiting and internal mobility platform that matches candidates with compatible careers using a set of 12 quick and fun games that assess cognitive, social and emotional traits. It works as a personalized recommendation engine for careers and hiring just like Amazon, OkCupid and Netflix. It optimizes hiring and staffing by 5-10x by introducing objective data into an otherwise subjective process and democratizes by ensuring algorithms are bias-free, thus promoting a diverse workforce.
About the market
We target large enterprise companies that focus heavily on campus recruiting and value an innovative approach to hiring and workforce diversity. In the last 5 years, gamified solutions have been introduced to hiring. While legacy providers such as Hogan and SHL are still the leaders, light is starting to be shown on biases that are inherent to these older assessments. Gamification promotes use of objective, behavioral data and although a relatively new tool in the hiring market, it is making great inroads.
The recruiting industry is a $2.6B industry with an 8-10% 5 year CAGR.
What are your venture’s key achievements to date?
Various US and international patents pending on our gamified and machine learning technology. Total capital raised: $8.6M from Khosla Ventures, Mercer US, and Ranstad Innovation Fund. Pymetrics is the only company in the market producing bias-free algorithms. Selected to participate in the FinTech Startup Accelerator, Workbench Accelerator, and Microsoft Ventures Accelerator for Data Science and Machine Learning.
What are you plans for future development?
- To increase our global presence by opening our London office
- To improve our technology by continuing to enhance our iOS, Android, and web-based platforms
- To expand our work more in the learning and development space, helping to give action-oriented feedback to our trait reports
- Finally, to lay the groundwork for our long term vision of developing a common app to be used cross-company
What is your competitive environment?
- Long-standing assessment providers: SHL, Kenexa, Hogan, DDI
- Recent gamified technology startups: Knack, Arctic Shores, Revelian
Pymetrics has introduced 2 science-based improvements to help companies hire in a more effective and diverse manner, and help job seekers pursue careers capitalizing on their strengths:
a. cognitive behavioral science assessment: uses behavior instead of self-reporting to measure cognitive and personality traits
b. data science analytics and algorithms: focuses on non-linear relationships and on predicting future outcomes rather than describing current relationships.