Maximilian V. Harl

How does judgment form under uncertainty … in brains, in machines, and in venture?

Munich, Germany

About

I am a doctoral researcher at the Technical University of Munich, working in the Krcmar Lab on explainable, fully automated business process redesign. Previously I was a postgraduate research fellow at Harvard's Computational Cognitive Science Lab and studied neuroscience, bioinformatics and information systems.

Alongside research, I am exploring finance and private markets (currently as Director of Investor Relations at Bits & Pretzels), with prior roles in private equity (BBA Partners), venture capital (Lakestar), and investment banking (Goldman Sachs). Feel free to reach out!

efficient coding · perception & valuation · explainable AI · graph neural networks · biostatistics · business process redesign

Work

Director, Investor Relations
now
Private Equity Investment Analyst Intern
BBA Partners · Family Office · Mid-market PE
2025
Venture Capital Investment Analyst Intern
Lakestar · Seed to Series C · DeepTech & FinTech
2024
Investment Banking Summer Analyst
Goldman Sachs · M&A · German Coverage
2023
Impact Asset Management Intern
act to impact AG · Carbon-capture valuations · Fund strategy
2023

Fellow, 10x Founders · Research Fellow, BlueYard · Venture Scout, First Momentum Ventures · Student Partner, Wingman Campus Fund · President, Generation-D · InCube Sponsoring Team, ETH Entrepreneur Club · Assistant District Representative, Rotaract · Student President, FAU

Education

Dr. rer. nat. (cand.), Graph Machine Learning
now
Postgrad Research Fellow
2024
Leadership, economics & ethics · 21st cohort
2024
M.Sc. & B.Sc. Information Systems
2023
scholarshipSoftware Campus · DTA · Ge4
exchangePeking University · PolyU Hong Kong · UCL · 2019

Publications

01 From Informal Process Diagrams to BPMN: AI-Assisted Formalization of Organizational Workflows M. V. Harl, D. Uhlenbrock, H. Krcmar HCI International · 2026 · (in press) · hcii ↗
02 Multi-stage efficient coding of perception and value in goal-directed behavior S. Bedi, G. de Hollander, M. Harl, C. C. Ruff bioRxiv · 2026 · biorxiv ↗▾

We study how the brain efficiently encodes information across the sequential stages of goal-directed behavior — sensing the environment, evaluating options, and selecting actions. Comparing models in which efficient coding and Bayesian decoding act at perception alone, valuation alone, or both, in an experiment that independently varied stimulus-to-value mappings, we find that efficient coding at both stages — each tracking its own prior — best explains behavior. Perception reflects stable environmental structure while value representations adapt rapidly to context, indicating that separable efficient codes at successive stages combine to shape behavior.

03 Fast efficient coding and sensory adaptation in gain-adaptive recurrent networks A. Prat-Carrabin, M. V. Harl, S. J. Gershman Nature Communications · 2026 · doi ↗▾

As the statistics of sensory environments change, neural systems must adapt to keep their representations useful. Efficient coding prescribes that tuning curves be optimized to the prior, but whether they can adapt rapidly is unclear. We propose a gain-adaptive recurrent network whose gains optimize an efficient-coding objective balancing accuracy against spiking cost; propagating these modulated gains through the network yields quickly-adapting tuning curves. The model captures subtle "adapter-repulsion" effects under peaked priors and predicts fast prior attraction under broader distributions.

04 Can AI be a Scholar? A systematic review on the role of generative AI in systematic literature reviews J. Köhler, M. V. Harl, M. Westner, S. Strahringer IEEE Int. Conference on Business Informatics (CBI) · 2025 · ieee ↗▾

Systematic literature reviews (SLRs) are foundational for research but resource-intensive. With the rise of large language models such as ChatGPT, generative AI is increasingly explored to support the SLR process. Following PRISMA 2020, we screened 1,846 publications (Jan 2021–Apr 2025) and analyzed 54 in detail, finding that generative AI is applied most in the screening, search, and writing phases — predominantly via basic prompting with human oversight. Efficiency gains are frequently reported, though several concerns remain.

05 Towards automated business process redesign in runtime using generative machine learning M. V. Harl, S. Zilker, S. Weinzierl European Conf. on Information Systems (ECIS) · 2024 · aisel ↗▾

Business process redesign (BPR) aims to improve business processes but has traditionally been a manual, labor- and time-intensive task. Growing volumes of process data and advances in generative machine learning have opened the door to automated BPR, yet existing approaches run offline on historical data. We argue that performing BPR in runtime and exploiting the predictive power of generative machine learning achieves a higher degree of automation — letting organizations improve their processes proactively — and outline a design-science process for such a technique.

06 A comparative review of descriptive process models in healthcare operations management and analytics I. Eigner, M. V. Harl, D. Neumann Dimensions of Intelligent Analytics for Smart Digital Health (CRC Press) · 2024 · doi ↗▾

Despite increasing digitization of healthcare providers, no methodology comprehensively describes and aligns the operational, clinical, economic, distributed, and interactive technology surrounding the patient as a "self-practitioner". We examine which of four descriptive concepts — patient flow, patient journey, clinical pathway, and clinical guidelines — best supports comprehensive analytical data modeling and decision support for individualized precision medicine, weighing both patient outcomes and practitioner work-life balance, through a quantitative review of 7,000+ articles from 18 VHB journals and PubMed.

07 Network medicine-based epistasis detection in complex diseases: ready for quantum computing M. Hoffmann, J. M. Poschenrieder, M. Incudini, +8 authors medRxiv · 2023 · doi ↗▾

Discovering clinically relevant epistatic interactions (EIs) between single-nucleotide polymorphisms (SNPs) is difficult: existing statistical methods are largely limited to SNP pairs due to the combinatorial explosion of higher-order interactions. We introduce NeEDL (network-based epistasis detection via local search), which uses network medicine to guide EI selection. NeEDL's interactions are an order of magnitude more statistically significant than those of existing tools and comprise, on average, five SNPs; the approach is also amenable to acceleration on quantum computers.

08 A light in the dark: deep learning practices for industrial computer vision M. Harl, M. Herchenbach, S. Kruschel, N. Hambauer, P. Zschech, M. Kraus arXiv · 2022 · arxiv ↗▾

In recent years, large pre-trained deep neural networks (DNNs) have revolutionized the field of computer vision (CV). Although these DNNs have been shown to be very well suited for general image recognition tasks, application in industry is often precluded for three reasons: 1) large pre-trained DNNs are built on hundreds of millions of parameters, making deployment on many devices impossible, 2) the underlying dataset for pre-training consists of general objects, while industrial cases often consist of very specific objects, such as structures on solar wafers, 3) potentially biased pre-trained DNNs raise legal issues for companies. As a remedy, we study neural networks for CV that we train from scratch, using a real-world case from a solar wafer manufacturer. We find that our neural networks achieve similar performances as pre-trained DNNs, even though they consist of far fewer parameters and do not rely on third-party datasets.

09 A technique for determining relevance scores of process activities using graph-based neural networks M. Stierle, S. Weinzierl, M. Harl, M. Matzner Decision Support Systems · 2021 · doi ↗▾

We present the Graph Relevance Miner (GRM), a technique based on graph neural networks that computes relevance scores for the activities of a process model with respect to a performance measure. Annotating process models with these scores enables a problem-focused analysis of the business process, directing attention to the activities most worth improving. We validate the predictive quality and the reliability of the generated relevance scores on datasets from several industries.

10 Explainable predictive business process monitoring using gated graph neural networks M. Harl, S. Weinzierl, M. Stierle, M. Matzner Journal of Decision Systems · 2020 · doi ↗▾

Predictive business process monitoring (PBPM) forecasts the future behavior of running process instances, yet accurate predictions are often not actionable without explanation. We propose a technique using gated graph neural networks (GGNNs) that makes predictions explainable by visualizing how much each activity in a process contributes to a given prediction — the first use of GGNNs both for PBPM and for rendering such predictions explainable.