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.
- According to ResearchNester in 2021 over 70% of organisations planned to increase spending on HR technology, and in 2023 over 55% of businesses planned to invest in hybrid of subscription-based HR SaaS solutions and a top priority being to improve EDI in the workplace.
- The SaaS-based human resources market was worth $307 billion in 2023, expected to reach $900 Billion between 2024-2036 (13% CAGR).
- 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 trillion to the global economy by 2030, with USD 6.6 trillion coming from increased productivity and USD 9.1 trillion from enhanced consumer demand. [ Source - BBC ]
Hire Intelligence’s route to market is very swift. In just 3 months post investment they will launch Nura DISCOVER (MVP) which will begin generating revenue and in Q2 2025 the full solution will be developed and beta tested.
HIL believes the market is not yet mature, yet it has already developed positive in-roads with industry leaders across various sectors.
- HILs unique approach to eliminating bias stems from their Founders 20+ year background in Talent Acquisition where he learned firsthand the issue and sources of bias. 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.
- NuraAI will be sold as a subscription-based SaaS, 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.
Applying for the role:
Candidates who feel they meet the above criteria are invited to apply having first registered their CV with First Flight Non-Executive Directors (if they have not already done so – there is no charge) by using our “Apply for Role” tab for role no: 1217 and completing the application form explaining how they match the key criteria we have set out for the role. Applicants that go forward to interview stage will be asked to sign a self-certification form as either a sophisticated investor or high net worth individual.
Closing date for applications: Friday 24 May 2024
