Relinklabs receives funding from SEED capital
Relinklabs, a Copenhagen-based startup receives funding from SEED Capital to automate the recruitment industry. The three founders of Relinklabs have developed a technology, which can recognize patterns enabling them to discover and predict how we move about on the labor market. This technology’s benefits were observed by the new investor.
“Relinklabs solves an exceptionally time-consuming problem and with that it can locate relevant candidates, who have not themselves applied for a given position. That has potential,” says Investment Manager at SEED Capital Alexander Korre-Horten.
In today’s world, big data is reshaping the digital economy. The startup has taken this into account and used it to construct a technology, which can match companies with talent. With this the traditional cognitive approach of recruiting candidates comes to an end. Through big data and machine learning, Relinklabs can recognize patterns and predict when a relevant candidate is more prone to a possible job change.
In Europe it costs, on average, DKK 60,000 to 90,000 (€ 8,000 to 12,000) and takes 10-12 weeks to recruit a new employee. 80% of the costs and 50% of the time is allocated to the process of locating potential candidates. It is in this particular process, that Relinklabs is able to make a big difference.
“The whole process of matching people with jobs is just not optimal. Over centuries of socialization, this process has been optimized into people trying to make manual connections between pieces of text. The mere limitations of human data processing capabilities are a major showstopper. It is man vs. machine and in this case, the machine wins. ” says co-founder and CEO, Ståle Fredlund Husby.
According to Ståle, the machine is capable of going through millions of documents in seconds and can make matches, that would take hundreds of man-hours to make. The three brains behind Relinklabs are Ståle Fredlund Husby, Sigurd Gran and Anders Bakke. Relinklabs’ customers are companies selling recruitment software and despite their short life they are already generating revenue.