Arctic Shores has announced that it has secured a $5.5m Series A investment to accelerate its international expansion. The investment was led by Beringea, the transatlantic venture capital investor, with participation from existing shareholders including Candy Ventures.
Arctic Shores was founded in Manchester by Robert Newry and Safe Hammad, two serial entrepreneurs with substantial experience building technology businesses.
The business provides a platform for psychometric assessments that leverages a pioneering approach in artificial intelligence and neuroscience – the science of which was developed and led by Lara Montefiori, Chief Scientist at Arctic Shores and an academic at University College London.
Since foundation, Arctic Shores has helped more than 140 organisations, across 40 different countries to predict better hires from over 500,000 candidates. The business is rapidly expanding internationally making up 48% of its revenue in this financial year – its offices in Manchester, London and Singapore support a fast-growing roster of global clients including PwC, Airbus, Siemens and Deutsche Telekom.
Dr. Safe Hammad, CTO and Co-Founder of Arctic Shores, 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.
“Beringea has backed the vision and innovation of one of the North of England’s leading technology companies, inspired by a pioneering approach to combining neuroscience, data analytics and game technologies. This investment will play a vital role in bringing this pioneering platform to millions of applicants worldwide.”