Saudi tech startup Elevatus raises $10.5m in Series A funding round

Elevatus, the Saudi-based software startup, has raised $10.5m following a Series A funding round.

The funding round was co-led by venture capital firm Global Ventures and Wa’ed Ventures, the venture capital arm of Aramco. An additional investor was otf Jasoor Ventures.

With this capital injection, the company – which offers video interviewing and recruitment software to the HR sector – aims to accelerate its business expansion and expand its market share. It is also looking at entering new markets and investing in products in next-generation AI technology to streamline the full hiring process.

Elevatus offers services to over 150 companies, including blue-chip brands such as Samsung, RE/MAX, Omantel, Arab Bank, Dr Suleiman Al-Habib Medical Group, Virgin Mobile, King Abdullah University of Science & Technology and STC Academy. It has also integrated its technology with tech providers such as SAP, Oracle, Zoom, Slack, DocuSign, Google Meet, Glassdoor, Indeed, and others.

Elevatus, which began its operations over three years ago, has helped companies conduct over three million video assessments and recruit thousands of candidates to date. It also improved its AI algorithm accuracy from 65 to 94 per cent over the course of three years. In addition, the company has grown its team by three times.

Yara Burgan, co-founder and CEO of Elevatus, said: “Our team of high-calibre talent is shaping the future of HR. From day one, we were confident that Elevatus would exponentially succeed and reach even bigger heights. We took great strides in identifying client needs and adapting to the marketplace. Elevatus is meeting those needs head on; through our best-of-breed AI solutions that offer the right level of scalability, innovation, and agility – to help us accommodate and grow.”

AI-driven solutions
Elevatus offers two core AI-powered solutions: EVA-REC and video interviewing software EVA-SSESS.

EVA-REC helps enterprise companies streamline recruitment functions such as creating requisitions, automating workflows, filtering resumes, shortlisting candidates, streamlining approvals, sending offers, and onboarding new hires before day one.

EVA-SSESS is a secure and unbiased video interviewing software that helps companies identify, hire, and rapidly develop top talent via AI-powered video assessments.

Noor Sweid, the managing partner of Global Ventures, said: “We are thrilled to welcome Elevatus to the portfolio. In 2021, we witnessed the growth and maturing of the global HR tech market, driven by new expectations from employees for experience-driven, frictionless application processes, and from employers for engaging and streamlined hiring. Capturing this opportunity is a brilliant team with an already-proven track record of building and scaling the business and demonstrable traction as well as a holistic product automating, optimising and accelerating hiring processes for businesses globally.”

Anurag Agarwal, MD of otf Jasoor Ventures, said: “We are very happy to see the progress of Elevatus since leading their Pre-Series A round in July 2020 which coincided with the advent of the COVID-19 pandemic. The global impact of COVID-19 has been unprecedented and staggering and it led HR teams to adopt new ways to respond to the needs of the workforce. Elevatus plays a key role in enabling companies across the world to optimise hiring processes and attain cost reduction. We are confident Elevatus’ AI technology can be adapted globally and go beyond the MENA region.”