September 27, 2016
ThisWay Global secures £1.6m to develop further machine learning platform for recruitment industry and expand internationally
ThisWay Global Limited, a Cambridge-based technology company that is developing a software platform powered by machine learning for the recruitment industry, has secured £1.6 million from a funding round led by Imperial Innovations Group plc.
The round participants also include US-based Jetstream Ventures and Grupa Pracuj, a global recruitment technology company with a dedicated investment arm for emerging HR tech companies.
The funds will support the Company as it expands its offering to both recruiters and directly to internal human resource departments through its US, UK and European operations.
ThisWay’s platform streamlines the recruitment process by matching high-quality candidates to the most appropriate job opportunities using innovative technology and methodologies.
Angela Hood, founder and CEO of ThisWay, commented:
“This funding will allow us to exploit the high levels of customer interest we are experiencing, expand our operations internationally, continue to develop our data analytics platform and recruit the highly specialised talent we need to continue to grow the business.
“Traditional recruitment systems handle, or rather, struggle to handle, large amounts of complex, unstructured data. We have developed our machine learning data analytics platform to solve this problem.
“Our technology matches a broad spectrum of relevant candidates to jobs without the use of names, gender, ethnicity, or university background. Our platform helps companies eliminate subconscious bias in the selection process and provides them with a much wider and diverse pool of potential, pre-screened employees.
“Our technology uses novel sourcing methodology and large-scale matching capacity, with psychometric insights and machine learning algorithms, to revolutionise the way companies recruit employees. This new funding gives us the ability to do in minutes what it would typically take a recruiter 40 hours to do. It means they now have the time to do the high-touch work, leaving the high-tech part in our hands.”
The global recruitment industry is estimated to be worth an estimated $400 billion.
The Company was incubated at ideaSpace, Hauser Forum, within the Institute for Manufacturing, University of Cambridge. The Group’s development team includes researchers and advisors from the Computer Science and Psychology Departments at the University of Cambridge and University College London (UCL).
Kelsey Lynn Skinner, Director of Tech Ventures at Imperial Innovations, commented:
“There is a huge market opportunity for a more effective methodology to match high quality job candidates with appropriate opportunities. Corporates want a productive, fast, and low-cost recruitment solution that yields employees with high retention potential.
“ThisWay Global is the best technology we’ve found to address this problem with a novel solution that combines an exceptionally wide search with a high accuracy matching algorithm, resulting in faster and better-quality matches.
“The Company, while still early in technical development and commercial execution, is typical of our seed investment strategy for UK emerging technologies with high potential impact in large global markets.”
For more information, contact:
Adrian Duffield/Chantal Woolcock
020 7457 2020
About ThisWay Global
ThisWay Global was incubated for over two years at the University of Cambridge’s ideaSpace, and removes the challenges of the hiring process for businesses and individuals using its data analytics platform powered by machine learning.
ThisWay has developed a superior technology and methodology to help both businesses and individuals get more out of the time they invest in hiring, while eliminating conscious and unconscious bias in candidate profiling and selection.
The Company is based in Cambridge, UK, and has an R&D team that spans 14 countries.
About Imperial Innovations
Imperial Innovations Group plc creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the ‘Golden Triangle,’ the geographical region broadly bounded by London, Cambridge and Oxford.
This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world’s top 10 universities, as well as leading research institutions, the cream of the UK’s science and technology businesses and many of its leading investors.
Innovations supports scientists and entrepreneurs in the commercialisation of their ideas, through the licensing of intellectual property, by leading the formation of new companies, by recruiting high-calibre management teams and by providing investment and encouraging co-investment.
Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations’ investment going into businesses in which it is already a shareholder.
Since becoming a public company in 2006, Innovations has raised more than £440 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has agreed £80.0 million in loan facilities from the European Investment Bank (EIB).
Between Innovations’ admission to AIM (August 2006) and 31 July 2015, Innovations had invested a total of £236.8 million across its portfolio companies, which had raised collectively investment of £1.3 billion.