KSA's Averos receives follow on funding from Wa'ed Ventures
Averos, a Saudi maker of location-based technology used by hospitals, airports, industry, and governments to improve security, hygiene monitoring, and operating efficiency, has received a follow-up investment from Wa’ed, the entrepreneurship arm of Aramco. The investment was closed in November of 2020.
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Averos was launched in 2016 by Yusuf Sabadia, Shaharyar Ali Anis, Dr. Saleh Basalamah, and Dr. Anas Basalamah, who all have connections to Umm Al Qura University in Mecca, a hub of Saudi research into indoor location-based technology. Saudi Arabia is an emerging leader in this field, in part as a result of its work to improve the safety of millions of pilgrims who perform the annual Hajj ritual in Mecca and Medina every year, the startup states.
The Mecca-based company makes contactless remote monitoring technologies that enable real-time tracking of individuals, goods, and vehicles both outdoors and within large buildings, convention halls, airports, and institutions such as hospitals.
Averos is running a pilot marketing collaboration in the Gulf with Intel, the US chipmaker, which is using the Saudi company’s technology in systems that encourage hand sanitation in hospitals. Wireless alerts encourage hospital staff and visitors to observe hand sanitation protocols as they move through the medical environment, to reduce the risk of contamination.
The new investment is the second from Wa’ed Ventures and comes as Averos’ products are gaining ground in Europe, where hospitals and clinics are increasingly looking to adopt contactless solutions to improve hygiene and patient safety in response to the COVID-19 pandemic.
Yusuf Sabadia, Averos Chief Executive and Co-Founder commented, “We are grateful for this second investment and vote of confidence from Wa’ed, the leading supporter of entrepreneurs in Saudi Arabia. It is not easy for Saudi tech startups to get the attention and funding they deserve, and Wa’ed is playing a critical role in filling this gap and driving entrepreneurial culture in the Kingdom.”
Wassim Basrawi, Wa’ed Managing Director, said the new investment would help Averos expand beyond the Gulf and open new horizons for its technology, “Averos is an example of a Saudi-grown technology with global reach. At Wa’ed, we are committed to helping the next generation of Saudi entrepreneurs pursue their business dreams internationally, helping the Kingdom compete on the global stage.”
Averos plans to use the latest funding to expand further into the European market, where its hardware and software are helping improve the healthcare sector.
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