Artic Shores secures $5.5 million investment led by Beringea
Artic Shores, the Manchester-based psychometric assessment provider, has secured a $5.5 million investment.
Led by VC Beringea, with participation from existing stakeholders, the investment will help the firm to accelerate its international expansion. Currently international business accounts for 48% of the firm’s revenue.
CTO and co-founder of Arctic Shores Safe Hammad, said: “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, added: “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.”
Artic Shores technology is used by employers to assess a candidate’s personal traits, their knowledge and skills. It has been tested with 500,000 candidates.
The latest investment round brings the total investment in the company to $10 million.