Hive Learning raises £3.5m to develop AI technology
Collaborative learning app Hive Learning has raised £3.5m in a funding round led by UK venture builder Blenheim Chalcot.
Hive Learning has created a collaborative platform where digital group leaders, teams and organisations can access shared learning resources. This latest funding will be used to develop the EdTech startup’s AI products, boost sales and marketing and expand internationally.
CEO Angus McCarey commented on the news: “Gartner recently reported that by 2020 AI will create 2.3 million jobs, while eliminating 1.8 million. It has never been more important for businesses to embed a culture of continuous learning and change. But most organisations don’t have the modern tools they need to drive real transformation.
“Hive Learning is changing that. I can’t wait to see what the next 5 years have in store for us,” he added.
The company was founded in 2012 by Rugby World Cup-winning coach Sir Clive Woodward and Blenheim Chalcot. They provide peer-to-peer learning for more than 40 leading organisations, including Jaguar Land Rover, Sky, FTSE100 business Halma, Deloitte, The Football Association and the International Olympic Committee.
According to USA data, companies spend $300bn globally on learning, but only 8% of CEOs say they see any impact. Hive Learning says it’s grown by 300% over the past 18 months and claims a blind test showed the platform increased learning retention by 1.5X in comparison to traditional learning methods.
In November 2017, Hive learning acquired EditorEye intelligence in a bid to accelerate the development of its AI content discovery strategy. The company is also backed by ex-Google MD Dan Cobley and author Matthew Syed.
Blenheim Chalcot has invested in over 40 businesses since 1998, including ClearScore (to be acquired by Experian), Agilisys, Salary Finance and, in the EdTech space, AVADO and Arch Apprentices.
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