Saudi tech start-up Elevatus raises $10.5m

Funding round was co-led by Dubai-based VC company Global Ventures and Aramco's VC arm Wa’ed Ventures

Elevatus, based in Saudi Arabia, will use the proceeds to expand its business and grow its market share. Reuters

Saudi Arabian tech start-up Elevatus, which provides video interviewing and recruitment software for the HR sector, has raised $10.5 million in an early-stage funding round to finance its expansion.

The series A funding round was co-led by Dubai-based venture capital company Global Ventures and Aramco's venture capital arm Wa’ed Ventures, the start-up said on Wednesday. An additional investor was Oman-based VC fund otf Jasoor Ventures.

Elevatus will use the proceeds to expand its business and grow its market share, it said. The start-up plans to enter new markets, invest in its products and make advancements in HR technology.

Established in 2019, Elevatus says its AI technology streamlines the process of hiring from start to end. It counts among its clients brands including Samsung, Virgin Mobile, King Abdullah University of Science and Technology and Jordan's Arab Bank.

More than 150 companies use its services and have conducted more than three million HR assessments through video interviews so far, the company said.

Venture capital funding in Saudi Arabia has been growing and surged more than threefold to $584 million in the first half of 2022. This surpassed the total for the whole of 2021, as the kingdom continues to accelerate its digital transformation projects, start-up data platform Magnitt's Venture Capital Report found.

The 244 per cent jump in total VC funding in the Arab world's biggest economy through the end of June resulted in investments that were 8 per cent higher compared with 2021's total. This was backed by a record 88 investors who funded Saudi start-ups, the report said.

Elevatus offers two core AI-powered services. The Eva-Rec platform helps companies to streamline recruitment functions such as filtering resumes and shortlisting candidates.

Meanwhile, Eva-Sess is a "secure and unbiased" video-interviewing software that helps companies to identify, hire and develop top talent through AI-powered video assessments.

"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," Noor Sweid, managing partner of Global Ventures, said.

Elevatus offers a "holistic product" automating, optimising and accelerating hiring processes for businesses globally, she added.