Saudi Arabian tech start-up Elevatus, which provides video interviewing and recruitment software for the HR sector, has raised $10.5 million in an early-stage funding round to finance its expansion.
The series A funding round was co-led by Dubai-based venture capital company Global Ventures and Aramco's venture capital arm Wa’ed Ventures, the start-up said on Wednesday. An additional investor was Oman-based VC fund otf Jasoor Ventures.
Elevatus will use the proceeds to expand its business and grow its market share, it said. The start-up plans to enter new markets, invest in its products and make advancements in HR technology.
Established in 2019, Elevatus says its AI technology streamlines the process of hiring from start to end. It counts among its clients brands including Samsung, Virgin Mobile, King Abdullah University of Science and Technology and Jordan's Arab Bank.
More than 150 companies use its services and have conducted more than three million HR assessments through video interviews so far, the company said.
Venture capital funding in Saudi Arabia has been growing and surged more than threefold to $584 million in the first half of 2022. This surpassed the total for the whole of 2021, as the kingdom continues to accelerate its digital transformation projects, start-up data platform Magnitt's Venture Capital Report found.
The 244 per cent jump in total VC funding in the Arab world's biggest economy through the end of June resulted in investments that were 8 per cent higher compared with 2021's total. This was backed by a record 88 investors who funded Saudi start-ups, the report said.
Elevatus offers two core AI-powered services. The Eva-Rec platform helps companies to streamline recruitment functions such as filtering resumes and shortlisting candidates.
Meanwhile, Eva-Sess is a "secure and unbiased" video-interviewing software that helps companies to identify, hire and develop top talent through AI-powered video assessments.
"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," Noor Sweid, managing partner of Global Ventures, said.
Elevatus offers a "holistic product" automating, optimising and accelerating hiring processes for businesses globally, she added.
UAE currency: the story behind the money in your pockets
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Donald Trump and Kim Jong-un shake hands ahead of one-on-one discussion
US and North Korean teams sit down for bilateral summit
Kim: “I believe this is a good prelude for peace."
Trump: “We will solve it, we will be successful.”
All times UTC 4
All Blacks line-up for third Test
J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).
Replacements: N Harris, W Crockett, C Faumuina, S Barrett, A Savea, TJ Perenara, A Cruden, M Fekitoa.
NINE WINLESS GAMES
Arsenal 2-2 Crystal Palace (Oct 27, PL)
Liverpool 5-5 Arsenal (Oct 30, EFL)
Arsenal 1-1 Wolves (Nov 02, PL)
Vitoria Guimaraes 1-1 Arsenal (Nov 6, Europa)
Leicester 2-0 Arsenal (Nov 9, PL)
Arsenal 2-2 Southampton (Nov 23, PL)
Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)
Norwich 2-2 Arsenal (Dec 01, PL)
Arsenal 1-2 Brighton (Dec 05, PL)
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
