Imperial Innovations Group plc (AIM: IVO, ‘the Group’, ‘Innovations’) has led a £1.6 million investment round in ThisWay Global Limited (‘ThisWay’ or the ‘Company’) a Cambridge-based technology company that is developing a novel solution for the $400 billion global recruitment industry. The Company uses psychometric insights and machine learning to more effectively match high-quality candidates with job openings. This is the sixth new ICT & Digital company that Innovations has added to its portfolio in the past 15 months.
Innovations led the round alongside two other investors, including US-based Jetstream Ventures and Grupa Pracuj, a global recruitment technology company whose dedicated corporate fund for emerging HR tech companies, GPHR Ventures, participated in the round. Innovations' director Kelsey Lynn Skinner will be joining the ThisWay board of directors.
ThisWay is developing a data analytics platform to more effectively match quality candidates with job postings by leveraging novel sourcing methodology with a large-scale matching algorithm built on psychometric insights and machine learning. The Company, led by founder and CEO Angela Hood, was incubated at ideaSpace, Hauser Forum, within the Institute for Manufacturing, University of Cambridge. The development team includes several researchers and advisors from the Computer Science and Psychology Departments at the University of Cambridge and University College London (UCL).
ThisWay is currently agreeing beta projects with several global companies to accelerate recruitment in certain fields and geographies and/or to address specific internal constraints. As a certified business under WEConnect International, the Company also helps corporates to improve diversity, because its technology can deliver matching profiles to the customer without information on names, sex, ethnicity, or university background etc. thereby removing undesired bias in the selection process.
Kelsey Lynn Skinner, Director of Tech Ventures, 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.”
Angela Hood, Founder and CEO, ThisWay Global, commented:
“This investment round will allow us to execute on the significant customer interest. We could not have asked for a better investment syndicate. Each of the three investors brings deep and complementary expertise and also represents our growing commercial traction on both sides of the Atlantic.”