Saudi Arabia-based Averos, has secured a follow-up investment from Wa’ed Ventures, the entrepreneurship arm of oil giant Aramco.
According to the startup’s release, the investment was closed in November of 2020.
Launched in 2016 by Yusuf Sabadia, Shaharyar Ali Anis, Saleh Basalamah, and Anas Basalamah, Averos produces contactless remote monitoring technologies that enable real-time tracking of individuals, goods, and vehicles both outdoors and within large buildings, convention halls, airports, hospitals, etc.
The new investment is the second from Wa’ed Ventures and comes at a time when Averos’ products are gaining ground in Europe. Averos plans to use the latest funding to further expand into the European healthtech market.
“We are grateful for this second investment and vote of confidence from Wa’ed, the leading supporter of entrepreneurs in Saudi Arabia. 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, CEO and co-founder of Averos.
Averos is currently running a pilot marketing collaboration in the Gulf with the US chipmaker, Intel, which is using the Saudi company’s technology to encourage hand sanitation in hospitals.
“Averos is an example of a Saudi-grown technology with global reach. At Wa’ed, we are committed to helping the next generation of Saudi entrepreneurs pursue their business dreams internationally, helping the Kingdom compete on the global stage,” said Wassim Basrawi, managing director at Wa’ed Ventures.