Hiremii Ltd (ASX:HMI), a newly listed company, made strong progress during the financial year ended June 30, 2021, and is well-funded with $4.2 million in cash to advance the development of its AI-powered cloud recruitment platform.
The cloud-based platform utilises machine learning and artificial intelligence to remove tedious manual tasks associated with the recruitment, onboarding, pre-vetting and shortlisting of candidates based on specific employer requirements.
Hiremii’s strategic focus is on developing world-class candidate matching, speed of placement and candidate intelligence technology targeting to be the most effective and efficient talent acquisition technology of its kind.
Financial summary
Hiremii delivered a 10.6% increase in total revenue from around $6.2 million in FY2020 to about $6.95 million for the year ended June 30, 2021.
Notably, sales revenue increased from $6.186 million in FY2020 to $6.93 million for FY21, an increase of 12.1%.
At FY-end, the company had around $4.2 million in cash reserves compared $1.98 million in the previous corresponding period in 2020.
Net tangible asset backing per ordinary share was 5.1 cents per share as compared to 2.3 cents per share for the year ended June 30, 2020.
Capital raising
In February 2021, Hiremii Ltd raised $500,000 via an unsecured Convertible Loan.
Hiremii successfully completed an IPO on the ASX in May 2021 offering 30 million shares at an issue price of 20 cents each to raise A$6 million.
Importantly, funds raised from the IPO will be applied to the further development of the Hiremii platform, research and development activities, sales and marketing activities, expansion of operational support team and implementation of internal security systems to improve the platform’s data security.
Significant developments
On February 19, 2021, Hiremii acquired 100% of the ordinary shares of Oncontractor Pty Ltd.
The company issued a total of 14,274,907 fully paid ordinary shares to shareholders of Oncontractor for the acquisition of 100% of that company.
Oncontractor is a recruitment and full-service labour-hire business, providing digitised employee onboarding and labour-hire services.