Manchester-based Arctic Shores that provides psychometric assessments for employers, harnessing neuroscience, AI, and gamification has raised €5 Mn in Series A investment to accelerate its international expansion. Beringea led the round, with participation from existing shareholders including Candy Ventures.
Arctic Shores will use the investment to accelerate the expansion of its international offices and launch a SaaS platform to broaden its product offering to support both enterprise clients and SMEs. With this funding round, the total funds raised by the company add up to €9.1 Mn.
Founded in 2014 by Robert Newry and Safe Hammad, Arctic Shores’ develops online and app-based gamified psychometric tests for recruitment. Its tests use behavioral tasks and micro-shifts in responses to determine personality traits – including an appetite for risk and problem-solving ability. By collecting 7,000 data points, the platform is able to identify which candidates are most suited to a role in a company.
The startup claims to have helped over 140 organizations across 40 different countries to predict better hires from over 500,000 candidates. With offices in Manchester, London, and Singapore support a fast-growing roster of global clients, including PwC, Airbus, Siemens, and Deutsche Telekom.
Dr. Safe Hammad, CTO and Co-founder of Arctic Shores, stated, “Arctic Shores has a clear mission to enable companies to be more objective and broader in their selection of applicants and foster an assessment process that provides a fairer evaluation of people from different backgrounds and socio-economic groups.”
The funding round and its rapid growth in the UK and internationally proves that there is a vast demand for change in the way millions of people are selected for roles. The investment in the HR tech startup which leverages AI and neuroscience aptly proves that the investor’s appetite for HR startups solving recruitment problems remains high.