Alva Labs: The Swedish Startup that streamlines business recruitment through data science and machine learning
Alva Labs has announced that it has recently participated in a new funding round, raising 11.7 million euros for its innovative digital recruitment tool. The technology of the Swedish Startup helps recruiters to compare job applications more quickly and efficiently by leveraging the potential of data. The company’s vision is to create a global labor market without prejudice.
The round was led by VNV Global, while recognized investors such as Tomas Linden also participated in the funding round.
Founded in 2017, Alva Labs streamlines the recruitment process for both recruiters and applicants by providing candidate ratings based on data that accurately predict a candidate’s professional success and suitability.
The specially designed tests by Alva Labs, created by a team of experts in the field of data science, HR and psychometric tests, combine artificial intelligence and machine learning with the latest trends in psychometry and organizational psychology. The Swedish Startup solution examines, among other things, the logic and personality of the candidates, saving time, money and resources to recruiters, while also increasing the chances of finding the right person for the right job.
According to Alva Labs, the solution it offers – which it describes as a bias-free tool – also ensures integrity in recruitment, promoting equality in the evaluation process and increasing diversity among candidates.
Replacing employees is a very costly process for a business, especially if he is an employee who has recently joined the team. For the development of businesses in the post-covid era a basic prerequisite is the ability to recruit and maintain human resources.
“Recruiters face particularly big challenges as they need to constantly know what to look for in a candidate. When individual concepts such as what is “good” or “employable” are used in interviews, the process can be “contaminated” by bias. Alva Labs provides a solution to this by ensuring objectivity for both recruiters and candidates. This means that the right people find the right jobs, which is especially important at the moment, as the “Great Resignation” is causing a mass exodus of workers around the world.”, commented Alva Labs CEO and co-founder, Malcolm Burenstam Linder.
On average, companies that use the Alva Labs tests can limit the number of candidates to 10% of the most relevant and suitable applicants, without having to consider a single CV. Alva Labs’ evaluations are also more than double the prediction of work performance compared to the traditional way of evaluating resumes.
In 2021, Alva Labs tripled the number of its employees (expanding the group from 20 to 60 employees) while its international clientele more than doubled. Among the customers of the Swedish company are big names such as Deloitte, Northvolt, Voi and Daniel Wellington.
The money raised from the new funding round will be used to fuel Alva Labs’ international expansion, with a focus on the UK and the development of new products aimed at modernising the British recruitment sector.