Evolv, a platform optimizing the hiring process, has raised a $15.75 million Series C funding round led by GGV Capital with participation from existing investors Khosla Ventures and Lightspeed Venture Partners. The new financing was first revealed in an SEC filing and later confirmed by the company.
The new round brings Evolv’s total capital raised to $27.5 million.
Essentially, Evolv wants to whittle the process of recruiting down to a science. Even after cover letters, resumes, multiple interviews and whatever other aspects are involved in finding new employees, organizations can never be certain that the person they’ve met is the right person for the job.
Selection Science is Evolv’s algorithic-based SaaS solution to talent assessment and management. It collects tons of data related to an applicant’s traits, characteristics, motivations and skill sets in order to form a whole picture of the potential hire.
The best part is that Selection Science, when in use by a client, improves its performance over time as it gathers more responses from applicants and on-the-job data. “More predictive” questions, those that most accurately select for well-matched new hires, gradually replace less predictive questions.
The company says its software reduces 60-day attrition by 20-30 percent, improves hourly productivity by 10 percent, and increases annual operating margins by 37 percent. Lending even more credence to Evolv’s capabilities was news from January that Laszlo Bock, global Head of Human Resources of Google, had joined the company’s board of directors.
“Evolv to me is clearly one of the most innovative companies around,” Bock had said. “The scientific, data-driven and analytical approach that they bring to creating actionable intelligence around talent aligns strongly with my passion for applying analytics to critical human capital decisions. The results that I’ve seen from Evolv are game changing.”
Evolv will use the new funding to ramp up global expansion and to fuel development, sales and marketing.