Hiremii, an Australia-based talent platform announced that it has commitments from new professional and sophisticated investors to raise AUD 600,000 (USD 406,725) (before costs) via a placement at AUD 0.06 (USD 0.041) per share.

The placement shares and options are expected to be issued on or around 27 September 2024.

Proceeds from the placement will be used for continued development of the Hiremii AI driven recruitment platform, expansion of recruitment service and general working capital.

Hiremii CEO and Managing Director, Andrew Hornby, said in a press release, “Hiremii is delighted to welcome new professional and sophisticated investors through our capital raising, demonstrating a strong commitment to the company’s promising future. The placement, completed at a strong premium, demonstrates the existing value in both our subsidiary Inverse Group and the momentum we are building in our AI driven recruitment platform.”

“The funds will help in our continued effort to commercialise our technology and investment in the expansion of Inverse Group into emerging industries to complement our current offering,” Hornby added.

The group also announced the appointment of Yingyi (Sophie) Chen as non-executive director of the company, with effect on and from 31 October 2024.

In July, the group reported Q4 revenue of AUD 8.1 million (USD 5.31 million), an increase of 28.5% from the prior comparative period.

Hiremii shares closed at AUD 0.054 (USD 0.037), up 20.00% on the day and 5.26% below its 52-week high of AUD 0.057 (USD 0.039), set on 15 May 2024. The company has a market cap of AUD 6.07 million (USD 4.1 million).