IT Park has announced two key appointments aimed at accelerating the development of venture projects and infrastructure initiatives, according to the technopark's press service.
Azmat Karamatov has been appointed as the General Director of IT Park Ventures. In this role, he will focus on the development of venture projects, startup acceleration, and attracting investments to strengthen Uzbekistan's technological ecosystem.
Previously, Karamatov held the position of head of the main department for digital economy development at the Ministry of Digital Technologies.
Bekzod Umirzakov has been appointed as the head of the IT Park infrastructure department. He will lead the expansion and modernization of the technopark's infrastructure to support the innovative community. Information about Umirzakov's previous work experience could not be found.
The new appointments at IT Park are described as "strategic." They reflect the commitment to excellence and the strengthening of positions as the driving force of digital transformation in Uzbekistan, as emphasized by the technopark.
Venture Funds
Venture projects are high-risk and innovative business ideas that are in the development or launch stage. Their goal is to implement new technologies and services that can change the market or create new industries.
In 2019, IT Park already established a venture fund with a target size of $10 million. The average investment size for a single project ranged from $25,000 to $100,000.
The General Director of IT Park, Farhod Ibragimov, stated at that time: "No matter how hard we try to develop the startup ecosystem, IT projects cannot be fully realized without funding."
On October 14, the president approved measures for the development of the startup ecosystem and venture investments. As part of these initiatives, a venture fund with a charter capital of $10 million was established under IT Park. Its creation was announced in August by Deputy Minister of Digital Technologies Olimjon Umarov.
The management rights of the startup studio may be transferred to IT Park structures or other organizations operating within the startup ecosystem.
Earlier, Spot reported that two fintech companies plan to expand their activities in Uzbekistan.