HireLogic scores $6M in Series A funding to modernize the antiquated interview processes using AI
The hiring landscape is constantly evolving as employers find it increasingly difficult to find top talent. During the summer of 2021, a record 4.3 million Americans voluntarily quit their jobs in what some are calling the beginning of the “Great Resignation.”
The number is a reminder of the problem faced by employers as they compete to attract top candidates who are unmotivated to return to the workforce. Now, one AI tech startup is aiming to help companies identify the best candidates through better interview data and AI-assisted insights through its AI-powered interview intelligence platform.
We covered HireLogic back in May after the startup raised $4 million in seed funding from prominent investors to continue the expansion of its platform’s capabilities, including applied machine learning, integration to video conferencing platforms, and applicant tracking systems (ATS). Since then, HireLogic has grown exponentially as more companies use its platform to streamline their legacy hiring process.
To meet the increasing demand for its AI-powered interview intelligence platform, HireLogic announced today it has raised $6 million in a Series A funding round led by Joseph P. Landy, former Partner and Co-Chief Executive Officer of Warburg Pincus, with participation from existing investors.
The latest round, which brings the company’s total funding to over $10 million, will be used to advance the capabilities of its conversational analytics platform, expand go-to-market activities, and meet the demands of the firm’s growing customer base.
In conjunction with the funding, HireLogic also announced that Mr. Joseph P. Landy will join its board of directors, alongside Noam Eisenberg and Anirban Chakrabarti. During his 35-year tenure at Warburg Pincus, Mr. Landy grew the firm’s private equity assets under management to $56 billion and led the investment in areas including information technology, Internet applications, and infrastructure. Mr. Landy has previously served as a board member of CrowdStrike, Neustar Inc., Covad Communications, and Bausch & Lomb Inc.
In a statement, HireLogic CEO Anirban Chakrabarti said: “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.”
Founded in 2021 by recruiting industry veterans, Umesh Ramakrishnan, Nancy Albertini, and Buster Houchins of Kingsley Gate Partners, HireLogic helps organizations improve the process of evaluating candidates with better data and insights. HireLogic’s leadership team also consists of enterprise software veterans from SAP, Oracle, and TIBCO, and veteran executive recruiters from CTPartners, who have developed a unique platform built to help busy human resources departments and hiring managers to adapt to modern staffing challenges.
“I have experienced first-hand how much time and money organizations spend interviewing candidates, the lack of objective data being gathered, and the impact quality of hires has on performance,” said Joe Landy, lead Series A investor and former co-CEO of Warburg Pincus. “We are already seeing the transformational impact that AI and GPT3 is having, and expect to see this affect all sectors including HR. What Gong did for sales intelligence, HireLogic is doing for interview intelligence in a similarly large market, and their customers are already experiencing the benefits. I look forward to working with the HireLogic team to transform interviewing and capture this opportunity.”
Unlike other hiring technology solutions on the market, HireLogic is built on decades of recruiting experience and provides a unique methodology for comprehensively assessing candidates across hard and soft skills, and culture fit. The platform includes hundreds of bias-screened templates, with AI models trained on thousands of historical interviews across multiple geographies and positions, to enhance collaborative human decision-making and select ideal candidates using unbiased, objective data.
HireLogic has developed advanced AI and machine learning capabilities focused on the hiring domain, using a combination of proprietary and third-party AI. The solution goes beyond general transcription offerings, using models trained on thousands of interviews to recognize job functions, intent, and candidate characteristics. In addition to supporting platforms such as Zoom, Microsoft Teams, and Google Meet, HireLogic offers a companion Web app that can listen to any in-person or telephonic meeting, providing full coverage for all interview modes. To prepare interviewers, HireLogic can also auto-generate questions for any position, leveraging a combination of OpenAI (GPT-3) and HireLogic capabilities.