HR tech is clearly hot right now. After a very productive first quarter of mergers and acquisitions, there has been no let up in investment into the space in April.
This week alone TravelPerk raised $160m in a Series D and CareRev closed a $50m Series A, but the latest HR tech company to receive funding in the past week is newly launched, Colorado-based interviewIA.
interviewIA’s $2m seed round was led by the Colorado Impact Fund; other investors who participated in the funding included FirstMile Ventures, Rockies Venture Club and Service Provider Capital.
As its name suggests, interviewIA helps companies up their recruitment game.
Its hiring workflow platform enables interviewers to deliver a seamless, non-biased experience to job candidates – thereby helping to create a genuinely inclusive future of work.
interviewiA’s platform relies on deep learning intelligence amplification (IA) technology and behavioral science to reduce errors in the recruitment process due to bias.
COVID-19 and interviewIA
interviewIA was only founded in June 2020 and focuses on virtual recruitment processes. The company claims to have reduced turnover by 25% and increase retention of talent by 60%, thereby saving its customers $200k.
CEO Joe Thurman commented: “There is no better time for technology, like interviewIA, than post-pandemic and in the middle of a true desire for social change around the world.
He added: “We’re grateful to have investors that align with our vision to build better workforce solutions and strategies.”
interviewIA plans to use this funding to fund its own strategic hiring and product development.
Talking about the funding, the Colorado Impact Fund co-managing partner Ryan Kirkpatrick said: “As hiring accelerates through the recovery from the pandemic and considering the call to action on Diversity, Equity, and Inclusion after the social movements this past summer, we believe a solution to make the interview process more efficient, structured, and unbiased is important and timely.”