Elevatus Inc. raises $10.5M Series A

Elevatus, the Saudi-based technology company with video interviewing and recruitment software for the HR sector, has completed a $10.5M Series A fundraise

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KSA’s Elevatus has raised $10.5M in a Series A round co-led by Global Ventures and Wa’ed Ventures, the venture capital arm of Saudi Aramco with additional investor otf Jasoor Ventures. Launched in 2019, and led by co-founders Yara Burgan, Yacoub Zureikat, and Yanal Kashou – Elevatus’ next-generation AI technology is aimed at streamlining the full hiring process. This enables companies to centralize core recruitment functions in one place, tackle their biggest hiring challenges, and recruit dependable top talent in less time.

The Enterprise Software sector in MENA has risen to new heights over the past year driven by the Mega Round recorded by KSA’s Unifonic. The SaaS space has observed more than 100% YoY growth in VC funding over 2022. With 32% more deals than the year before, venture capital investment in MENA supported AI, automation, data analytics, and B2B solutions across industries. It was major funding rounds backing the likes of AI-powered Software solutions provider Mozn, and transformational technology solutions provider Elevatus Inc. that put MENA’s SaaS space as a pivotal part of the market propositions, shedding light on the importance of developing regional Deep Technologies. 

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Elevatus is a holistic SaaS solution that offers two core AI-powered solutions; a hiring platform 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. Yara Burgan, Co-Founder and Chief Executive Officer of Elevatus, said: “Our team of high-caliber 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.”

 EVA-SSESS is a video interviewing software that helps companies identify, hire, and rapidly develop top talent via AI-powered video assessments. This AI algorithm is offered as an Infrastructure as a Service (IaaS).  Noor Sweid, 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, optimizing and accelerating hiring processes for businesses globally.”

With this capital injection, the HR tech provider aims to accelerate its business expansion and expand its market share. It also wants to broaden its reach by entering new markets, investing in product innovation, and propelling the advancement of HR tech. Anurag Agarwal, Managing Director of otf Jasoor Ventures, concluded: “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 optimize hiring processes and attain cost reduction. We are confident Elevatus’ AI technology can be adapted globally and go beyond MENA.”

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