Scoutible Raises $5 Million Dollars To Transform The Hiring Experience
If you’re in a position to hire employees for your startup or company than you’ve probably experienced candidate remorse. You thought you had the perfect person when they were interviewing but after a few months it’s just not working out. Too often this leads to another candidate search exhausting time, resources and money.
Billions of dollars a year is spent on recruiting, just to lead up to a 50/50 coin toss when the employees are actually hired. Nearly half of hires in the U.S. fail within 18 months, and the costs of replacing an employee is up to 200% of their annual salary. Moreover, 89% of failed hires are due to cultural and soft skill mismatch, not hard skills like degrees or work experience. The impact of misplaced employees costs companies up to $550 Billion every year.
Scoutible transforms the hiring process by finally giving companies the right information to select candidates. Scoutible’s machine-learning game AI collects millions of data points that uncover a person’s soft skills and talents, such as grit, interpersonal skills, and cognitive aptitude. The attributes that Scoutible measures predict job success 2x better than interviews, 3x better than work experience, and 4x better than education level.
After just 20 minutes of gameplay, Scoutible can identify the exact combination of traits that distinguish current top employees at a company. From there, the AI can instantly predict an applicant’s future performance and culture fit at the company—before they’ve even been interviewed. And if the job isn’t a fit, Scoutible can surface other roles where the candidate is virtually certain to be a top performer. Scoutible’s AI also eliminates biasing information—such as gender and ethnicity—from evaluation, which has been shown to increase diversity of hires and overall performance.
“Anyone in business knows the pains of hiring. We’ve all experienced a hire that seemed fantastic in interviews, but didn’t work out.” stated Mark Cuban, a lead investor in Scoutible. “Scoutible’s platform is incredible in its use of gaming and AI to wildly increase the odds of a successful hire. Their technology could change hiring as we know it.”
Scoutible has already proven that their unique approach works. With a team of 55 salespeople, Scoutible’s AI predicted their long-term sales performance 3.7x better than interviews; and with a team of 101 salespeople, their AI outperformed a traditional interview by 4.5x.
Scoutible’s new spin on the hiring process along with their success to date has led to a $5 million dollar seed round led by Learn Capital and Dallas Mavericks owner and ABC Shark Tank’s Mark Cuban. Great Oaks, New Enterprise Associates, Stanford Start X Fund, Mindset Ventures and the founder of Venmo also participated.
Check out Scoutible here.