Retorio, a Germany-based video recruiting startup, has just announced raising seven-figure funding. The new capital came from London-based Basinghall Partners, previous investors, and a new private financier.
Virtual recruiting is the new norm for many companies and will likely continue being an important part of hiring processes also in a post-COVID-19 world. It has challenged the hiring managers to discover new strategies and practices to find out how well the candidate’s personality and skills match a specific job. By using the right tools and methods, remote recruiting can lead to even more successful hirings than traditional hiring processes.
Retorio has developed a video recruiting platform to make pre-screening of candidates faster, more efficient, and unbiased. The Munich-based startup’s application combines artificial intelligence, machine learning, and insights from psychological and organizational research. The platform analyzes the candidate’s voice, speech, gestures, and facial expressions to create a personality profile based on the Big 5 personality model (also known as the Five-Factor Model).
The platform’s goal is not to replace the human intuition in hiring processes, but to support it. It reveals the hidden behaviours and personality traits and finds matching talents for the corporate culture and job requirements. The startup promises that their solution can reduce the hiring time up to 75%, while also supporting objective and fair decision-making. The application can also be used to train the employees, who can use the software to analyze their own appearance.
The seven-figure funding is directed to product development and customer acquisition in Germany and abroad. Retorio participated in the TechFounders program in 2020 (Batch #11).