CIBC Innovation Banking has provided a significant corporate debt financing package to Beamery, a leading AI-powered platform for talent management. Beamery will use the funding to support its growth plans as it moves towards profitability.
Beamery’s talent lifecycle management platform offers an end-to-end solution that encompasses sourcing new talent, increasing retention rates, and developing employee skills. Beamery takes a skills-based approach to the hiring process that aims to streamline the recruitment process by moving away from CV-based hiring.
Founded in 2013 with the mission to create equal access to employment opportunities, Beamery now has over 250 employees and offices in London and the United States. It works with many of the global Fortune 500. In 2022, it reached a unicorn valuation of more than $1bn following a Series D funding round, which was led by Teachers’ Venture Growth, part of Ontario Teachers’ Pension Plan.
Abakar Saidov, CEO of Beamery said: “At the heart of Beamery are two core ideas: that everyone should have equal access to work, and that hiring processes need to be fundamentally reworked to reflect this. In today’s climate, with countries around the world experiencing tight labour markets, these principles have never been more important. This financing from CIBC Innovation Banking will ensure we can continue to alleviate one of the main pressures facing our customers while also addressing the growing demand for a solution like ours.”
Sean Duffy, Managing Director at CIBC Innovation Banking said: ”Beamery has a compelling combination of cutting-edge technology and a solution that solves a widespread and increasingly pressing problem, and this is reflected in their impressive growth. With its track record and a fantastically talented team of its own, we are delighted to support Beamery as it helps solve the world’s talent challenge.“
