Startup-Circle: How is ValueMatrix Transforming Tech Hiring through AI/ML

ValueMatrix, an HR technology company, is set to make tech hiring free of intrusion of irrelevant profiles, incongruent resumes, and insignificant information. ValueMatrix.ai is their AI-enabled proprietary product, a Machine Learning run HR platform that helps validate candidate profiles and resumes. Value Matrix strives to bring more diversity and inclusivity across organizations, thereby enabling better growth and promoting unity among people in the workforce.

Aditya Malik is a prominent figure in the technology and entrepreneurial landscape, and his story would greatly interest your readers. As the Founder and CEO of ValueMatrix.ai, Aditya has played a pivotal role in shaping the company's vision and leading it to become a key player in the AI and SaaS space.

Notably, Aditya Malik is recognized as a Nasscom Deeptech and CII Mentor, further emphasizing his expertise and involvement in the industry. He has also been associated with numerous startups, providing guidance and mentorship to aspiring entrepreneurs in the AI and SaaS sectors.

Recently, we engaged in an interview with Aditya Malik, the Founder and CEO of ValueMatrix.ai, He spoke about How ValueMatrix Transforming Tech Hiring through AI/ML and shared more insights on the same.

Tell us about ValueMatrix.ai and your offerings. Tell us about the team.

Valuematrix.ai is an AI Intelligence platform based on Deep learning-based Digital Twin modeling. The first use case it solves is the holistic fitment in recruitment, aiming to address the challenges and biases commonly associated with traditional hiring processes. We have built a product using AI & ML with 'Neuroscience Interview' as a service platform (powered by the Gig community) that humanizes the hiring process at scale and ensures optimum human intervention led by psychometric heuristics. At valuematrix.ai, we use a combination of natural language processing (NLP) and computer vision models, along with gamification techniques, to derive the digital twin of a candidate. This allows us to assess a candidate's cognitive, analytical, and functional abilities, along with personality and behavioral attributes, amongst other important traits for success in a particular job or role.

Overall, Valuematrix for this particular use-case emphasizes providing an exceptional experience for both candidates and interviewers. By incorporating AI, machine, deep learning, and neuroscience techniques, we aim to enhance the comprehensive brand impact and create a positive environment for all stakeholders involved in the hiring process.

Our team at Valuematrix.ai comprises key members who bring diverse expertise and experience to the table. Jayashankar, our Co-founder and CTO, leads our technical initiatives, driving the development of our core technology. Raj, a Growth Advisor, and early Investor, provides valuable guidance and support in our growth strategies.

In addition, we have a talented group of individuals, including Senior Data Scientists, Principal Engineers, Behavioral Scientists, and former founders from the HR Industry, B2B, and B2C product companies. Their collective knowledge and skills contribute to the successful development of Valuematrix.ai.

With this dedicated team, we are building a strong foundation and leveraging various perspectives to create innovative solutions that deliver value to our clients and drive our company's growth.

What are the drivers/market trends that are shaping the AI and SaaS industry in 2023?

The Increased Adoption of AI is one of the key drivers influencing the AI and SaaS industry. It could reHumanize the hiring process by automating candidate profile screening and matching tasks, allowing HR teams to focus on more meaningful and complex activities like building employee relationships. AI and ML also enable the analysis of large datasets, providing valuable insights into employee performance and engagement, leading to retention and lessening turnover rates. This information helps HR teams identify areas for improvement and implement strategies to retain top talent and enhance overall organizational performance. By integrating AI and Deep Learning into HR tech, efficiency and productivity in the HR industry can be significantly improved.

Another would be the focus on Data Privacy and Ethics. As AI applications become more prevalent, there is an increased emphasis on data privacy and ethical considerations. Organizations and regulators are paying closer attention to the responsible use of AI, ensuring compliance with privacy regulations and addressing issues such as bias, transparency, and explainability.

How is ValueMatrix tapping these market trends for growth?

The enhanced spotlight on Artificial Intelligence and Generative AI is also causing a major shift in the PeopleTech processes. I would say that most of the tech advancements available in this industry are based on some profile parsing or semantically trying to understand what is captured via conscious data reporting. If a candidate appears for a Python job discussion, and if he/she/they want the job, why would they say they are not that great at it? All or any question remotely impacting the outcome of their candidature to that particular job is not something that can be trusted upon directly. This is where a huge gap we see brewing, and Generative AI has just put this in 6th gear for us.

Do humans have any role to play or is the entire process of screening candidates and hiring workers under complete control with AI? If yes, how?

The gap we are seeing is precisely what we propose to fulfill, adding layers of confidence via subconscious signals, we receive along the way. This makes the hirer more confident of their choices and double clicks on their digital gut to conclude faster. We see the application of this across the lifespan of the candidate from whence they are discovered to on-boarded to whence they leave the org and beyond. All of this is helping humans focus on the human aspect of screening and hiring, hence our tagline, “reHumanising hiring@scale.”

What makes services offered by ValueMatrix different from other companies?

The hiring process often needs to be revised, leading to the loss of potential talent due to biases and inefficiencies. Regardless of an organization's size, common consequences include functional and personal biases, low joining-to-offer ratios, lengthy time-to-offer periods, bad hires resulting from inadequate interviewing skills, subjective decision-making by recruiters, and limited use of proctoring and psychometric analytics. High-performing talent with the right mindset may stay in due to these issues. However, assessing hard skills rather than soft skills and cultural alignment relies heavily on subjective processes such as intuition and trial and error.

There are few market tools used currently that only automate the hiring process, which can save time, but what's needed is to ensure we are unbiased, scientific, or meritocratic, at least efficient & smart towards the final goals of creating competent, innovative teams which are also future relevant. But what sets ValueMatrix apart is the use of Digital Twins, which can help give many 1st impressions to build up the confidence in the candidate, which will eventually help in scoring for better team balancing and dynamics, gearing them for high performance and productivity due to significantly better cohesion.

How do AI and ML assist ValueMatrix in revolutionizing the hiring process?

At Valuematrix.ai, we specialize in HR recruitment, leveraging advanced technologies such as natural language processing (NLP), computer vision models, and gamification techniques. Our unique approach enables us to extract a candidate's holistic profile, including their personality traits, cognitive abilities, and other crucial factors for job success. This comprehensive assessment helps identify the ideal fit for specific roles.

We are dedicated to promoting Diversity and Inclusion (DE&I) within the hiring process. Recognizing that human judgment can be subjective and prone to errors, we prioritize removing subjective bias from our evaluations. DE&I is a core driving factor behind the development of Valuematrix.ai, ensuring a fair and equitable hiring process that embraces diverse talent and eliminates discriminatory practices.

What has 2022 changed for you? How are things now?

Since our company's registration in August 2022, we have been dedicated to the build phase. The timing of our entry aligns perfectly with the market's growing recognition of the potential of AI, resulting in significant attention and interest in our offerings. We are in the Beta phase, actively collaborating with a few customer partners to refine our revenue monetization and go-to-market (GTM) strategy. This phase allows us to gather valuable feedback and iterate on our approach, ensuring a strong foundation for future growth and success.

What are your growth priorities for 2023-2024?

As with every DeepTech company, we will always be in the building phase, but we are starting our revenue now since we are seeing value being delivered to our client partners with what we have built out so far. We will be doubling down on what's working, experimenting with our stated GTM strategies, and achieving a flywheel effect.

Funding

We have received undisclosed Angel funding from experienced Global Product SaaS and Peopletech veterans. The support and backing from these industry experts will play a crucial role in our growth. We are excited to share an official announcement regarding this investment shortly.