Beamery receives funding boost from CIBC Innovation Banking

CIBC Innovation Banking has extended significant corporate debt financing to Beamery, an AI-driven platform specialising in talent management.

Beamery is set to use this financial package to advance its strategic growth plans, which aim to steer the company towards profitability. The platform provides a comprehensive talent lifecycle management solution that includes sourcing new talent, enhancing employee retention rates, and developing employee skills.

Founded in 2013, Beamery has positioned itself as a significant player in the field by advocating for equitable access to employment opportunities. The company, which employs over 250 staff across offices in London and the United States, reached a unicorn valuation of over USD $1 billion after a Series D funding round in 2022, led by Teachers' Venture Growth, a division of Ontario Teachers' Pension Plan.

Abakar Saidov, Chief Executive Officer of Beamery, passionately emphasised the company's mission and remarked, "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."

Beamery has cooperated with several Fortune 500 companies, such as Expedia, Johnson & Johnson, and Uber, focusing on skills-based hiring processes that shift the recruitment paradigm away from traditional CV assessments.

Sean Duffy, Managing Director at CIBC Innovation Banking, also commented, "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."

CIBC Innovation Banking provides strategic financial advisory services and funding to innovation-centred businesses across North America, the UK, and select parts of Europe. It helps them navigate various stages of their business cycles, from inception to public offering and beyond.

The partnership between CIBC Innovation Banking and Beamery highlights the ongoing investment in AI-driven solutions to reshape talent management and workforce development. As businesses worldwide seek more efficient and inclusive hiring solutions, the funding provided will support Beamery's commitment to advancing innovation and addressing evolving workforce demands.