16:24 | 06.08.19 | News | 8512

Develandoo and Granatus Ventures to unite efforts in boosting Armenian startups

Develandoo AI Innovation Lab and Granatus Ventures signed a partnership agreement to unite efforts and add on the boosting process of startups to empower Armenia as a viable platform to launch global businesses.

The MoU was signed by Manuk Hergnyan, Managing Partner of Granatus Ventures and Albert Stepanyan, the Chief Executive Officer of Develandoo GMBH on August the 3rd within the framework of Sevan Startup Summit 2019 currently being held in Sevan, Armenia.

Granatus Ventures informed that investee startups now will receive both funding and AI industry expertise that will boost their growth and expand the market reach. Develandoo and Granatus Ventures will operate as investors at the initial stage with active involvement in working with startups engaged in development of AI technologies.

Granatus Ventures and Develandoo will act as seed/early stage investors and will perform deep dive in the AI tech of incubated startups.

Manuk Hergnyan said: “We do recognize the importance of partnerships in deal flow origination and execution and providing value add services to our portfolio companies and this is an exceptional opportunity for them to leverage this expertise and expand globally”

In his turn Develandoo CEO Albert Stepanyan said he believes this joint partnership with Granatus will give a fresh start to the early-stage VC investments both inside and outside of Armenia.

Develandoo is the biggest consortium of AI and Data companies in Armenia, with a target to become the leading AI solutions provider in the region.

Granatus Ventures is the first technology venture capital firm in Armenia that provides investments, expertise and networks to start-ups worldwide that leverage Armenia’s potential as an emerging technology hub.