Beamery, the leader in talent lifecycle management, announced it has closed a $50 million Series D funding round, taking the company to a valuation of over $1 billion – representing a 25% valuation uplift over their previous round in a challenging funding environment.
The company’s AI-powered talent platform gives companies, such as General Motors and Johnson & Johnson, the intelligence they need to make the right decisions about their workforce, and supports businesses through each stage of the talent lifecycle – from recruiting, to talent mobility and development, to upskilling.
The funding round was led by Teachers’ Ventures Growth (TVG), part of the C$242 billion Ontario Teachers’ Pension Plan, adding to its Series C investment in June 2021. TVG focuses on late-stage venture and growth equity investments in companies that use technology to shape a better future.
In 2022, amidst a challenging global climate, Beamery has seen a huge increase in Fortune 500 clients – since the company’s Series C round, Fortune 500 revenue has risen by over 250%. Beamery’s largest customers are increasing their commitment to the solution, with net retention for Fortune 500 customers at 135%+. Beamery’s rapid innovation is a key reason for this increased adoption: notable was the launch of a “first of its kind” Universal Skills Platform to help companies understand the current and potential skills of its workforce, and extensive ethical-AI enhancements to help talent teams reduce bias and identify the right internal or external candidate for the right role.
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The company has added global brands like BBC and Uber to its roster of enterprise clients, and has helped companies make critical progress on key talent initiatives – seeing increases to employee tenure of 2.5x, over 20% more diversity candidates that companies are able to hire and retain, and a 50% reduction in hiring and retention cost.
Low productivity, ongoing skills shortages and plunging consumer confidence continue to negatively impact business. Following warnings from the International Monetary Fund director that we are facing a “fundamental shift” towards uncertainty in the global economy, more agile talent approaches that allow companies to hire, develop and redeploy skills across their business, to where they are needed most, are more essential than ever for organizations that want to not only weather the storm, but emerge stronger.
“Abakar and his team have recognized that people bring together a set of capabilities and experiences beyond what’s written on their CVs,” said Avid Larizadeh Duggan, Senior Managing Director, TVG. “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.”
SOURCE: PR Newswire