Hiremii Ltd. (HMI:ASX), a Perth, Australia-based recruitment firm announced that it has secured firm commitments from existing and new investors to raise AUD 500,000 (USD 340,257) (before costs) via a placement which includes significant support from directors and management.

The funds will be used to advance Hiremii's current product suite, combining Sourcd.ai, Shortlist and Videofy and enable users to access a fully automated solution. It will also be used to develop the group’s innovative products with new applications as general artificial intelligence continues to rapidly develop; and for general working capital to market these new solutions to Hiremii clients.

Sourcd, an AI-driven tool that generates content for candidate outreach, is now in-market and the group said it is demonstrating strong potential as an automation tool that improves response rates at scale in candidate-tight markets. Hiremii is targeting a wider range of national customers who will be able to use the writing tool as a standalone product or as part of the integrated platform solution. CV Videofy quickly generates attention-grabbing videos by making CVs into dynamic video summary presentations. 

Managing director, Andrew Hornby, said, “Hiremii is very pleased to have completed a successful capital raise, positioning us for continued growth in 2024. We were delighted to see strong demand from our existing major shareholders as well as welcoming new strategic investors to our register, as we look forward to a transformative year ahead. We are looking forward to continuing to make strides across our technology portfolio helping enable organisations to harness artificial intelligence to make quicker and more accurate hiring decisions."

Under the placement, Hiremii will issue approximately 14,285,714 new fully paid ordinary shares at as issue price of AUD 0.035 (USD 0.024) per share in two tranches.