Psychometric test firm secures $5.5m
Manchester-based psychometric assessment provider Artic Shores has secured a $5.5m investment to accelerate its international expansion.
Transatlantic VC Beringea led the transaction, with participation from existing shareholders including Candy
The firm’s technology allows employers to assess a candidate's personal traits, as well as their knowledge and skills through a ‘psychometric assessment.
It claims its platform uses AI and neuroscience to carry out the test.
Since its foundation, Arctic Shores has worked with more than 140 organisations in 40 countries and has tested 500,000 candidates.
The firm’s international business now makes up 48 per cent of its revenue in this financial year, with offices in Manchester, London and Singapore working with brands including PwC, Airbus, and Siemens.
It will use the investment to accelerate the expansion of its international offices and launch a software-as-a-service platform, it said.
The round brings total investment into Arctic Shores to $10m.
Hammad, CTO and co-founder of Arctic Shores, 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.”