Elevatus, a Saudi-based technology company with industry-leading video interviewing and recruitment software for the HR sector, has completed a $10.5 million, Series A fundraise.
The funding round was co-led by Global Ventures – a leading MEA-focused venture capital firm – and Wa’ed Ventures – the venture capital arm of Aramco. An additional investor was otf Jasoor Ventures.
With this capital injection, the HR tech provider aims to accelerate its business expansion and expand its market share. It also strives to broaden its reach by entering new markets, investing in product innovation, and propelling the advancement of HR tech. Launched in 2019, and led by co-founders Yara Burgan, Yacoub Zureikat, and Yanal Kashou – Elevatus’ next-generation AI technology streamlines the full hiring process. This enables companies to centralise core recruitment functions in one place, tackle their biggest hiring challenges, and recruit dependable top talent in less time.
Elevatus has rapidly become the go-to solution for 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 world-class technology providers such as SAP, Oracle, Zoom, Slack, DocuSign, Google Meet, Glassdoor, Indeed, and more.
Elevatus, which began its operations over three years ago, has helped companies worldwide conduct over 3 million video assessments and recruit thousands of candidates to date. It also improved its AI algorithm accuracy from 65% to 94% over the course of three years. In addition, Elevatus has also grown its headcount by three times.
Burgan 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.”
Holistic SaaS solution
Elevatus is a holistic SaaS solution that offers two core AI-powered solutions; an award-winning 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. EVA-REC is at the forefront of its sector, with a scope and maturity that are competing with recruiting solutions of top global peers such as SAP and Oracle.
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. EVA-SSESS has a unique AI-matching algorithm that is highly intuitive, comprehensive, and currently unmatched in the world. This core and novel AI algorithm is offered as an Infrastructure as a Service (IaaS), so organisations can enhance and advance their existing systems and accelerate their hiring innovatively.
HR tech market
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, optimising and accelerating hiring processes for businesses globally.”
Anurag Agarwal, Managing Director of otf Jasoor Ventures, commented: “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 Mena.”
-- TradeArabia News Service