Saudi tech firm wins funding to ‘shape the future of HR’

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• Companies continue to embrace video interviews for recruitment
• Video software market projected to reach $536m by 2028

Elevatus, a Saudi-based technology company specialising in video interviewing and recruitment software for the human resources sector, is looking to enter new markets after a $10.5 million Series A fundraising.

The HR tech provider aims to accelerate its business expansion and its market share by investing in product innovation, its co-founder and CEO Yara Burgan told AGBI.

She said that the company is reaping the rewards of a dramatic shift to video interviewing seen during the global coronavirus pandemic when face-to-face meetings were impossible.

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“With Covid-19 we certainly saw a dramatic change in the interview process and how companies recruit employees,” Burgan said.

“The pandemic saw the majority of companies adopt the use of online video interviews.

“As we come out of what is hopefully the worst of the pandemic, we are seeing companies continuing to embrace video interviews and a greater role played by technology within the recruitment process.”

Burgan said the pandemic’s impact on the workplace, in the forms of the hybrid and work-from-home model, has had a knock-on effect on recruitment and HR which companies have had to adapt to. 

According to a recent survey by CIELO, 82 percent of hiring managers will continue to interview candidates by video. 

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The Elevatus funding round, which was co-led by Global Ventures, an MEA-focused venture capital firm, and Wa’ed Ventures, the venture capital arm of Saudi Aramco, comes as research suggests the video interviewing software market size is projected to reach $536.85 million by 2028 from $246.34 million in 2022.

Launched in 2019 and led by co-founders Burgan, Yacoub Zureikat and Yanal Kashou, Elevatus’ AI technology aims to streamline the full hiring process.

It enables companies to centralise core recruitment functions in one place, tackle hiring challenges and recruit talent in less time.

“From day one we were confident that Elevatus would exponentially succeed and reach even bigger heights,” Burgan said.

“We took great strides in identifying client needs and adapting to the marketplace. Elevatus is meeting those needs head on.”

Elevatus is an SaaS solution that offers two core AI-powered solutions – a hiring platform and video interviewing software.

Noor Sweid, managing partner of Global Ventures, said: “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.”

8 tips for a brilliant video interview

1 Prepare like an in-person interview
Research the company and role, prepare to answer common interview questions and come up with questions to ask your interviewer in return

2 Dress to impress
The urge to be less formal because you’re in your own home is understandable, but it might send the wrong message

3 Test your tech
Have a friend video chat with you to make sure you can hear and be heard, see and be seen

4 Set up your shot
Choose a quiet area and set up in front of the most neutral background you can

5 Practice your video interview skills
Setting up a mock video interview with a friend or career coach can help you understand anything you need to watch out for

6 Show up early
Prepare your computer by closing all extra windows and tabs

7 Let the other person finish speaking
Jumping in with your response too soon can mute the other person’s mic — making you seem rude even if you didn’t intend to be 

8 Signal when your answers are complete
In the same vein, it’s helpful for the other person if you signal the end of your answer, especially if it’s a long one