Saudi tech startup Elevatus raises $10.5m in Series A funding round

Saudi tech startup Elevatus raises $10.5m in Series A funding round

Elevatus, the Saudi-based software startup, has raised $10.5m following a Series A funding round. The funding round was co-led by venture capital firm Global Ventures and Wa’ed Ventures, the venture capital arm of Aramco. An additional investor was otf Jasoor Ventures. With this capital injection, the company – which offers video interviewing and recruitment software to the HR sector – aims to accelerate its business expansion and expand its market share. It is also looking at entering new markets and investing in products in next-generation AI technology to streamline the full hiring process. Elevatus offers services to 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 tech providers such as SAP, Oracle, Zoom, Slack, DocuSign, Google Meet, Glassdoor, Indeed, and others. Elevatus, which began its operations over three years ago, has helped companies conduct over three million video assessments and recruit thousands of candidates to date. It also improved its AI algorithm accuracy from 65 to 94 per cent over the course of three years. In addition, the company has grown its