Saudi tech agency Elevatus completes $10.5m Sequence A funding spherical

Elevatus, the Saudi-based software program startup, has raised $10.5m following a Sequence A funding spherical.

The funding spherical was co-led by enterprise capital agency International Ventures and Wa’ed Ventures, the enterprise capital arm of Aramco. An extra investor was otf Jasoor Ventures.

With this capital injection, the corporate – which gives video interviewing and recruitment software program to the HR sector – goals to speed up its enterprise enlargement and develop its market share. Additionally it is coming into new markets and investing in merchandise in next-generation AI know-how to streamline the complete hiring course of.

Elevatus gives providers to over 150 corporations, together with blue-chip manufacturers equivalent to Samsung, RE/MAX, Omantel, Arab Financial institution, Dr Suleiman Al-Habib Medical Group, Virgin Cell, King Abdullah College of Science & Expertise and STC Academy. It has additionally built-in its know-how with tech suppliers equivalent to SAP, Oracle, Zoom, Slack, DocuSign, Google Meet, Glassdoor, Certainly, and others.

Elevatus, which started its operations over three years in the past, has helped corporations conduct over three million video assessments and recruit hundreds of candidates to this point. It additionally improved its AI algorithm accuracy from 65 to 94 per cent over the course of three years. As well as, the corporate has grown its group by thrice.

Yara Burgan, co-founder and CEO of Elevatus, stated: “Our group of high-calibre expertise is shaping the way forward for HR. From day one, we had been assured that Elevatus would exponentially succeed and attain even larger heights. We took nice strides in figuring out shopper wants and adapting to {the marketplace}. Elevatus is assembly these wants head on; by way of our best-of-breed AI options that supply the suitable stage of scalability, innovation, and agility – to assist us accommodate and develop.”

AI-driven options
Elevatus gives two core AI-powered options: EVA-REC and video interviewing software program EVA-SSESS.

EVA-REC helps enterprise corporations streamline recruitment features equivalent to creating requisitions, automating workflows, filtering resumes, shortlisting candidates, streamlining approvals, sending gives, and onboarding new hires earlier than day one.

EVA-SSESS is a safe and unbiased video interviewing software program that helps corporations establish, rent, and quickly develop high expertise through AI-powered video assessments.

Noor Sweid, the managing companion of International Ventures, stated: “We’re thrilled to welcome Elevatus to the portfolio. In 2021, we witnessed the expansion and maturing of the worldwide HR tech market, pushed by new expectations from workers for experience-driven, frictionless utility processes, and from employers for partaking and streamlined hiring. Capturing this chance is an excellent group with an already-proven monitor report of constructing and scaling the enterprise and demonstrable traction in addition to a holistic product automating, optimising and accelerating hiring processes for companies globally.”

Anurag Agarwal, MD of otf Jasoor Ventures, stated: “We’re very pleased to see the progress of Elevatus since main their Pre-Sequence A spherical in July 2020 which coincided with the appearance of the COVID-19 pandemic. The worldwide affect of COVID-19 has been unprecedented and staggering and it led HR groups to undertake new methods to reply to the wants of the workforce. Elevatus performs a key position in enabling corporations the world over to optimise hiring processes and attain price discount. We’re assured Elevatus’ AI know-how will be tailored globally and transcend the MENA area.”

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