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[Funding alert] Oxford-based MeVitae Raises €1.7 Million in Seed Funding

Oxford-based MeVitae raises €1.7 million in seed funding led by Apex Black. The additional funding will support innovation and its quick spread throughout the US.

Oxford-based MeVitae raises €1.7 million in seed funding led by Apex Black. The additional funding will support innovation and its quick spread throughout the US.

MeVitae is an innovation hub located in Harwell, Oxford. It provides a DE&I ecosystem of HR tools that are carefully designed to identify and reduce cognitive and algorithmic bias. This allows organizations to improve their hiring practices and make faster, more informed, and more equitable hiring decisions.

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The origin story of MeVitae is the driving force behind this inventive force. MeVitae was developed by computer scientist Vivek Doraiswamy and neuroscientist Riham Satti, both alumni of Oxford University.

Riham Satti, MeVitae Co-Founder and CEO said , “Growing up I never considered that I may not get opportunities because of my gender or skin colour but when studying at university, I started to see that play out for my network,”.

Riham said, “As I delved into the study of human decision-making during my degree, the rigid nature of biases became increasingly apparent. Through our extensive research, both Vivek and I uncovered the pervasive influence of biases on routine decisions like hiring, accompanied by a noticeable lack of awareness surrounding this critical issue. With our scientific backgrounds, Vivek and I are natural problem solvers and so we joined forces to tackle bias in the workplace by applying perspectives from both AI ethics and neuroscience,”.

This requirement is specifically addressed by MeVitae’s solutions. The instruments not only detect disparities in the success rates of candidates but also suggest solutions using a wide range of instruments to address them.

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Then, using MeVitae’s DE&I analytics platform, organizations can measure the effects of these interventions, which makes it easier to create DE&I strategies that are well-informed.

MeVitae’s innovative solutions have proven to be effective, as evidenced by the diverse clientele it has amassed, which includes HS2, TfL, The Good Food Institute, and other organizations in the finance, government, and technology sectors. According to the clients, their organizations have seen a significant 30% increase in gender and ethnic diversity.

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MeVitae, an award-winning technology supplier, has experienced exceptional development in a short period of time, in addition to cultivating collaborations with industry heavyweights like Microsoft and Oracle. The business has grown by an astounding 350% in the last 12 months and is now profitable.

Geoff Lloyd said, “I am delighted to join the Board of MeVitae as for too long organisations have struggled with delivering the big advances in diversity and inclusion that have been striven for, MeVitae has created a truly innovative technology platform that significantly improves both the breadth and depth of the talent pool that organisations can access through removing bias and improving time to hire, all underpinned by class-leading analytics.”

With this latest investment, MeVitae is at a critical phase where vital resources are available to expedite the creation of novel products and improve current offerings. Furthermore, MeVitae’s US expansion is greatly aided by the money, which allows the team to reach a wider audience.

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“MeVitae is making the workplace fairer and more equitable, and we are proud to back them in their mission,” said Rani Saad, Founding Partner, Apex Black. “A rapidly growing number of public and private organisations, across the globe, are trusting MeVitae in their drives towards diversity, equity and inclusion. This, we believe, is validation of the deep innovation and domain expertise embedded in MeVitae’s solutions, and testimony to the team’s unwavering passion.”

About MeVitae

MeVitae provides a full DE&I ecosystem of AI-driven HR solutions that are painstakingly designed to identify and reduce algorithmic and cognitive bias. In addition to identifying success rate disparities, their sophisticated, data-driven technologies suggest treatments from a broad toolkit, including ways to address problems like diversity training and CV anonymization.

Read also – MA-based NextPoint Therapeutics Secures $42.5Million in Series B Extension Round Funding

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