Beamery becomes a talent tech unicorn

A recession is looming, and the tech sector is struggling financially. Despite this challenging economic environment, the job market has remained resilient (and attracting and retaining talent remains companies’ biggest challenges), so venture capitalists have remained keen to invest in HR tech.

Hot on the heels of ServiceNow Ventures investing in performance management startup 15Five, London-based talent management startup Beamery has closed a $50 million Series D. This brings the artificial intelligence (AI)-powered talent tech company valuation to $1 billion, transforming it into a unicorn.

The Series D round comes 18 months after a $138 million Series C. Teachers’ Ventures Growth (TVG), one of the investors in the Series C round, is leading the Series D – TVG is part of Ontario Teachers’ Pension Plan and it only invests in technology that will help shape a better future.

A bright future for Beamery

Founded in 2013, Beamery now works with some of the world’s biggest and best-known companies – examples include General Motors, the BBC, Uber, Johnson & Johnson, Verizon, McKinsey & Company and Standard Chartered. Its revenue from Fortune 500 companies has increased 250% since the June 2021 Series C.

It uses its AI technology to support them across the entire talent lifecycle from recruiting to mobility and upskilling. It also helps

Organizations urgently need these capabilities in the ‘Great Resignation’, which is coupled with a skills shortage. Career mobility is top of mind for candidates, and employers are laser-focused on retention and developing their existing employees, rather than having to rely on the external market to fill their skills gaps.

Over the past 18 months since the Series C, Beamery has been laser-focused on innovation, including a new universal skills platform that helps employers evaluate the skills they have in their organization and the gaps they face, as well as ethical AI advancements to de-bias hiring.

Talking about the investment, Abakar Saidov, co-founder and CEO of Beamery, said: “With this new funding, we will continue to develop groundbreaking ways for companies to better understand their workforce today and be able to plan for tomorrow, so they can create truly agile organizations ready to withstand any market turbulence.”

TVG’s senior managing director Larizadeh Duggan added: “Abakar and his team have recognized that people bring together a set of capabilities and experiences beyond what’s written on their CVs.

“Beamery uses cutting edge technology to help people leaders get a deeper understanding of the existing and required skill sets in their organization to effectively recruit, reskill, redeploy and motivate talent.”

In this challenging labor market, it seems like the HR tech bubble is far from bursting. So watch this space.

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