This startup wants to remove unconscious bias in recruitment through AI. Check out the 15-slide pitch deck Screenloop used to raise $7 million in seed funding.
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- London-based startup Screenloop just raised a $7 million seed round led by Stride VC.
- The company aims to identify and remove unconscious bias during the recruitment process.
- Check out the 15-slide deck used to raise the fresh funds.
A startup that aims to clamp down on bad hires and unconscious biases in the recruitment process has raised $7 million in seed funding.
London-based Screenloop, which was launched in 2021, has developed a platform hooked on three metrics that evaluate the quality of the hiring process, interviews, and the final hire. Its platform currently has three key tools: ‘Pulse’, ‘Interview Training’, and ‘Success’.
Pulse asks candidates to anonymously review their interview and omits any identifying data except their race, gender, and age. Employers are sent this feedback to help them gauge the blind spots in their processes, and improve them accordingly.
The interview intelligence software used in Interview Training is powered by AI, and records and analyzes everything that’s said on the call. For example, the AI tool detects talk ratios between different candidates, and flags in real-time if the interviewer is not giving candidates the same amount of time to speak, or is asking questions that don’t engage them adequately.
“It introduces accountability, as our interview coach joins the interview and ensures you cover all the key attributes you need to cover to make sure it is a fair and consistent interview,” said cofounder and commercial director Anton Boner.
Boner also added that Screenloop’s AI tool differed from LinkedIn’s AI hiring algorithm — which landed the company in hot water for, ironically, producing biased results in the hiring process.
“Our technology will never make a decision on a candidate, but ensures that the interviewer is delivering a fair and consistent interview,” he said.
The third tool, Success, flags any soft skills that new hires have, and also checks references within 24 hours in a bid to cut time spent on admin during recruitment.
The startup makes its money by charging a license fee to employers. “We’ll calculate it based on how many people you’re trying to hire,” said cofounder Jay Radia.
It currently works with over 40 clients, including the likes of high growth tech companies such as TrueLayer, Beamery, Reachdesk and GorillaLogic.
The round was led by London-based Stride VC, which has previously backed tax optimization platform Accountable, and online therapy startup Oliva. Additional backing came from Ludlow Ventures, All Iron Ventures, Passion Capital and Paul Forster, the founder of recruitment giant Indeed.
“We raised at an interesting time, and some investors were really keen but pulled out because of the market,” said Radia. “Some VCs were really passionate about solving the problems we pose to solve, but this was definitely the hardest market climate I’ve raised in.”
Amid the downturn in the global tech ecosystem, Screenloop will focus on developing its product and adding three new tools to help optimize the recruitment process.
Check out the 15-slide deck used to raise the fresh funds.