Elevatus raises funds with support from Global Ventures, Wa’ed Ventures and the Oman Technology Fund Venture.
Elevatus, a Saudi-based video interviewing and recruitment software startup, has completed a series A funding round, raising USD 10.5 million. The round was co-led by Global Ventures and Wa’ed Ventures, with Oman Technology Fund also participating. The company launched in 2019, and is led by co-founders Yara Burgan, Yacoub Zureikat, and Yanal Kashou.
Elevatus: Streamlining recruitment
Elevatus aims to streamline the hiring process through the use of AI matching technology, allowing companies to centralize recruitment efforts and functions through two pieces of software, the hiring platform EVA-REC and the video interviewing software EVA-SSESS.
Through EVA-REC, companies will be able to create requisitions, automate workflows, filter resumes, shortlist candidates, and send offers through the platform. According to Elevatus, the software is mature and is currently competing with leading recruitment solutions from companies including SAP and Oracle. The EVA-SSESS video interviewing software for candidates helps companies identify their knowledge, skills, aptitude, competencies, and eligibility for any particular position.
The startup already has 150 companies on board, including Samsung, Virgin Mobile and King Abdullah University of Science & Technology. Its systems have been integrated with offerings from providers including SAP, Oracle, Zoom, Google Meet, and Glassdoor. According to Elevatus, it has assisted companies in conducting over three million video assessments and improved its AI algorithm accuracy from 65% to 94% in three years. Since its founding in 2019, the company’s headcount has increased by 300%.
“Many HR staff makes the mistake of relying on intuition and unsupported data to make decisions related to recruitment. This often leads to costly mistakes and wrong hires. AI will not replace HR staff, it will only amplify their efforts, improve their productivity and enhance their efficiency,” said Burgan, co-founder, and CEO of Elevatus. “To gain a deeper understanding of each candidate, our video interviewing software infers the candidate’s tone of voice, facial expressions, and words spoken to generate a comprehensive and scientifically-validated personality report,” she added.
Elevatus intends to use the influx of funds to accelerate its expansion and grow its market share. The company will seek to enter new markets and develop new products.
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.”
SaaS firms continue to receive substantial levels of investment across the MENA region, with large deals taking place in August.