Investments

Averos, a Saudi startup that helps businesses track their staff, assets, and inventory in real time, raises seven-figure Pre-Series A

Averos, a Makkah-based startup that helps companies track their staff, assets, and inventory, has raised Pre-Series A investment from Wa’ed, Aramco’s VC arm, the Dahran-based investor told MENAbytes last week. Wa’ed did not disclose the exact amount but confirmed to MENAbytes that its a seven-figure USD deal. Averos had previously raised investment (also undisclosed) from Dubai-based MultiLinks in August 2016.

Founded in 2015 by Yusuf Sabadia, Shaharyar Ali Anis, Dr. Saleh Basalamah and Dr. Anas Basalamah, Averos provides different standard and coustomized sensor-based solutions for real-time tracking of people (crowd management), staff, inventory, and assets (including vehicles). It’s Real-Time Location System (RTLS), Location Based System (LBS), and Indoor Navigation Systems (INS) are being used by logistics companies, airports, malls, and shopping centers, building technology companies, in UAE & Saudi.

According to its website, Averos’ solutions are being used by companies (their warehouses and logistics departments) for real-time tracking of their inventory and its lifetime, real-time tracking of transportation (fleet), predictive Traffic Modeling, real-time live tracking of their employees (integrated with their attendance), indoor localization (for malls, parks, etc.). The solutions are also being used by hospitals and clinics to track patients (live), track their staff (live), and track and locate valuable medical equipment and assets.

Averos also sells (non-intrusive) child safety monitoring solutions to schools, malls, and amusement parks that enable these entities to track children in real-time and receive alerts when the child wanders off.

The startup plans to use this latest investment mainly on its sales and marketing efforts. Averos also plans to use a part of investment for product development and global expansion.

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