Role: 1211
To apply for role click 'HERE'
“Every once in a while, a new technology, an old problem, and a big idea turn into an innovation.” – Dean Kamen
Our client, Hire Intelligence Labs Limited (HIL) provides a unique, solution based on AI technology for the elimination of Bias in hiring, promotion and training. They are developing a cutting-edge, Deep Learning AI that replaces key parts of the human element - known to cause bias - through their ethical and diverse datasets.
HIL is a disruptive business which at the core features NuraAI to eliminate bias. It has 3 interlinked parts that complement each other. NuraAI, as the engine, supported by Talent, a better, ethical alternative to traditional recruiters, which will demonstrate the performance of NuraAI to potential clients. Finally, Mindset is a programme which underlines the secrets to retention and team performance.
Bias in decision-making is an old problem, and with all old problems you have old habits that block improvements. NuraAI is sophisticated solution presented on a platform with an easy user interface, that journey’s candidates from their first contact to successful employment.
Our client is now in revenue having signed a partnership arrangement to recruit in KSA.
Market & Opportunity
EDI (Equality/Equity, Diversity and Inclusion) and implicit bias are among top priorities for the government, and as such HIL offers a fantastic opportunity for you to be involved in this fast-growing business.
- The global AI recruitment market is projected to reach USD 1119.80 Mn. by 2030, with a CAGR of 6.8% [ Source – Harvard Business Review ]
- According to a survey by LinkedIn, 67%of talent professionals and hiring managers say AI is helping them save time, 43%say it is removing human bias, and 31% say it is delivering the best candidates. [ Source - PluralSight ]
- A study by Accenture found that AI can boost profitability by an average of 38%across 16 industries by 2035, and that human-machine collaboration can increase revenues by up to 14% [ Source - Engagedly ]
- A report by PwC estimated that AI could contribute up to USD 15.7 trillionto the global economy by 2030, with USD 6.6 trillioncoming from increased productivity and USD 9.1 trillion from enhanced consumer demand. [ Source - BBC ]
Hire Intelligence will launch NuraAI in 5 phases over 4-5 years. Version One, delivering real client benefits, will be available in Q1 2025. Following positive initial meetings with large prospective clients, HIL believes presales will begin as early as in Q3 2024, this year.
HIL expects the market will mature in 3-7 years.
- HILs delivery model is designed to use the gestation period and strategically introduce NuraAI to its own “Talent” outlets and to HR clients. When market adoption trends, Hire Intelligence will have positioned themselves as the pioneers in the space.
- Hire Intelligence is focused on true bias elimination, not only automation.
- Through their International Think Tank Hire Intelligence will own the highest quality of diverse data from all walks of life, ensuring NuraAI is THE authority on bias in recruitment, training and promotion.
- In 2028 NuraAI v.5.0 will be released.
- NuraAI will be sold as a SaaS model, supporting strong cash flow and early revenues
What we seek
Hire Intelligence are seeking 4 investing NEDs to join their board alongside their CEO and CTO ideally with the expertise in: marketing, finance, SaaS, Data or Engineering.
All candidates are likely to have business strategy / growth experience and to have been involved in fast growing early-stage businesses or divisions. They will support the company in the process of recruiting full time employees as the business grows, helping to create a winning team.
The incoming Non-Executive Directors will be encouraged to become shareholders in the company with an initial investment in the region of £50k to align their interests with the existing Board Member and shareholder. Any investment will qualify for SEIS tax relief (50%) as the company already has pre-approval for SEIS and EIS.
A copy of the financials, Information Memorandum and Pitch Deck is available to candidates who meet the criteria and on signing an NDA.
No Remuneration will be paid to the incoming Non-Execs until the company is cash positive and profitable which is expected to be within 18 months.
It is expected that the role will require approximately 2 or 3 days per month – potentially more in the early stages.
Closing date for applications: Tuesday, 2nd April 2024
