Wa’ed announces follow-on funding for Averos, a maker of location-based solutions, to speed expansion into Europe

February 10, 2021 — Averos, a Saudi maker of location-based technology used by hospitals, airports, industry, and governments to improve security, hygiene monitoring, and operating efficiency, has received a follow-up investment from Wa’ed, the entrepreneurship arm of Aramco.

The company, which is based in Mecca, plans to use the latest funding, its second from Wa’ed since 2019, to expand further into the European market, where its hardware and software are helping improve the healthcare sector.

Averos makes contactless remote monitoring technologies that enable real-time tracking of individuals, goods and vehicles – both outdoors and within large buildings, convention halls, airports and institutions such as hospitals. 

The new investment is the second from Wa’ed Ventures, the VC arm of Wa’ed, and comes as Averos’ products are gaining ground in Europe, where hospitals and clinics are increasingly looking to adopt contactless solutions to improve hygiene and patient safety in response to the COVID-19 pandemic. 

As the world begins to emerge from crisis, Averos’ contactless and wireless tracking and location-based systems are well-positioned to leverage this growing demand, said Yusuf Sabadia, Averos Chief Executive and Co-Founder.

“We are grateful for this second investment and vote of confidence from Wa’ed, the leading supporter of entrepreneurs in Saudi Arabia,” Mr Sabadia said. “It is not easy for Saudi tech start-ups 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.”

Averos was launched in 2016 by Yusuf Sabadia, Shaharyar Ali Anis, Dr Saleh Basalamah and Dr Anas Basalamah, who all have connections to Umm Al Qura University in Mecca, a hub of Saudi research into indoor location-based technology. Saudi Arabia is an emerging leader in this field, in part as a result of its work to improve the safety of millions of pilgrims who perform the annual Hajj ritual in Mecca and Medina every year.

Wassim Basrawi, Wa’ed Managing Director, said the new investment would help Averos expand beyond the Gulf and open new horizons for its technology. Averos recently won a contract to supply an indoor monitoring system to a Swiss epilepsy clinic, Epi-Klinik Zürich, seeing off competition from a German firm.  

“Averos is an example of a Saudi-grown technology with global reach,” Mr Basrawi said. “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.”

Averos’ technology is beginning to attract attention from some of the world’s largest tech giants. For example, the Saudi company has a pilot marketing collaboration in the Gulf with Intel, the US chipmaker, which is using the Saudi company’s technology in systems that encourage hand sanitation in hospitals. 

Wireless alerts encourage hospital staff and visitors to observe hand sanitation protocols as they move through the medical environment, to reduce the risk of contamination.