Aramco’s entrepreneurship arm invests in Makkah startup

Aramco’s entrepreneurship arm invests in Makkah startup

RIYADH: Wa'ed, the entrepreneurship arm of Saudi Aramco, on Wednesday announced new funding for Saudi security company Averos. Makkah-based Averos makes contactless remote monitoring technologies that enable real-time tracking of individuals, goods and vehicles, both outdoors and within large buildings such as convention halls, airports and hospitals. The company plans to use the latest funding, its second from Wa'ed since 2019, to expand its presence in the European market. The size of the investment was not revealed. "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," said Yusuf Sabadia, co-founder and CEO of Averos. Sabadia launched Averos in 2016 along with Shaharyar Ali Anis, Dr. Saleh Basalamah and Dr. Anas Basalamah. They all have connections to Umm Al-Qura University in Makkah, a hub for Saudi research into indoor location-based technology. The Kingdom is emerging as a leader in this sector, in part due to its work to improve the safety of millions of pilgrims who perform the annual Hajj rituals in Makkah and Madinah. Averos recently won a contract to supply an indoor monitoring system