Arctic Shores recently announced that it has secured a $5.5m Series A investment, led by Beringea, the transatlantic venture capital investor. The round also saw participation from existing shareholders including Candy Ventures.
The Manchester- based startup will use the investment to accelerate its international expansion.
Since the company’s foundation, Arctic Shores has helped over 140 organisations to predict better hires, across 40 different countries, from over 500,000 candidates.
Arctic Shores provides a platform for psychometric assessments. The platform leverages a pioneering approach in artificial intelligence and neuroscience. Lara Montefiori, Chief Scientist at Arctic Shores and an academic at University College London developed and led the science behind the testing.
With offices in Manchester, London and Singapore, the business is rapidly expanding and made 48% of its total revenue in this financial year. The startup boasts an impressive roster of global clients including PwC, Airbus, Siemens and Deutsche Telekom.
CTO and Co-Founder of Arctic Shores, Dr. Safe Hammad, commented: “Arctic Shores has a clear mission to enable companies to be more objective and broader in their selection of applicants and foster an assessment process that provides a fairer evaluation of people from different backgrounds and socio-economic groups.”
“Our rapid growth in the UK and internationally has demonstrated the vast demand for a step change in the way millions of people are selected for roles. Beringea will provide vital support and expertise in scaling international software companies to help us realise our vision.”
Marc Shirman, Investment Director and Head of the Manchester office of Beringea, commented: “Safe, Robert and the exceptional team at Arctic Shores have built an international success story from the heart of Manchester, demonstrating the pressing need for a new approach to recruitment processes that fosters greater diversity and better hires for organisations around the world.”
