Paul, Weiss advised General Atlantic on the deal
pymetrics, an enterprise SaaS company that uses neuroscience and AI to make the recruitment process more effective, accurate, and unbiased, has closed a $40 million Series B funding round led by General Atlantic, a global growth equity firm. This funding round also includes participation from new investors Salesforce Ventures and Workday Ventures, and existing investors Khosla Ventures and Jazz Venture Partners.
Founded in 2013 and a 2014 graduate of the Partnership Fund for New York City and Accenture’s FinTech Innovation Lab, pymetrics utilizes neuroscience and AI to assess job applicants across a range of cognitive, social, and emotional traits and algorithmically recommend the best-suited candidates to companies. The company’s algorithms are proactively audited for demographic bias using an algorithm bias detection tool, which evaluates candidates based on their cognitive and emotional traits rather than their resume, making the process free of gender, race, and socioeconomic bias. If a person is not appropriate for the initial job pymetrics will match the individual to other opportunities within the same, or at a different, company. The pymetrics platform also helps companies with internal mobility, workforce insights, and reskilling, matching existing employees with new roles within their organization. Companies like Unilever, Accenture and others have seen results like doubling hire yield, increasing diversity of hires up to 20% and a 65% increase in retention through the pymetrics platform.
Paul, Weiss advised General Atlantic on the deal with a team including Matthew Abbott (Picture) and counsel Daniel Layfield; tax partners Patrick Karsnitz and David Mayo; and intellectual property counsel Jonathan Ashtor.
Involved fees earner: Matthew Abbott – Paul Weiss Rifkind Wharton & Garrison; Daniel Layfield – Paul Weiss Rifkind Wharton & Garrison; Patrick Karsnitz – Paul Weiss Rifkind Wharton & Garrison; David Mayo – Paul Weiss Rifkind Wharton & Garrison; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison;
Law Firms: Paul Weiss Rifkind Wharton & Garrison;
Clients: General Atlantic;