AI talent management company Beamery has closed a $50m (£40.7m) Series D round, bringing its valuation over $1bn and into the much-vaunted unicorn club at a time when startup valuations have been taking a battering.
Founded in 2014, Beamery’s platform uses artificial intelligence to assist firms in recruiting, upskilling and managing employees. It is used by the likes of General Motors, the BBC, Johnson & Johnson and Uber.
Beamery’s Series D was led by existing investor Teachers’ Ventures Growth and will be spent on developing its platform. The latest round has increased Beamery’s valuation by 25% since its £99m Series C in June last year.
In 2021 unicorn creation reached a frenzy, with 105 European companies reaching the milestone and 29 of those hailing from the UK.
However, this year the term is a closer reflection of the statistical rarity of a private startup achieving a $1bn valuation, for which it was named back in 2013. According to a report by VC firm Atomico, there were just 31 new unicorns in 2022.
Beamery is headquartered in London, with additional sites in Berlin, New York and San Francisco.
“For nearly a decade we have been hyper-focused on building technology that enables our clients to unlock the full potential of the global workforce,” said Abakar Saidov, CEO of Beamery,
“Beamery’s ethical AI-powered talent platform gives companies the intelligence they need to plan for business needs and gaps, understand the skills and capabilities they have, and attract, retain, up-skill and redeploy their workforce successfully.”
Teachers’ Ventures Growth, a branch of the Ontario Teachers’ Pension Plan, typically invests in technology companies with late-stage venture and growth equity investments.