The Armenian company Cognaize in the attracted $2,000,000 investments in the seed stage from the leading American companies «BAJ Accelerator» and «Argonautic Ventures». Other investors include Metaplanet Holdings (supported by Skype co-founder and Google investor DeepMind Janus Fries), which was also joined by Armenian venture capital company Granatus Ventures, closing the round. The resulting capital will be used to further strengthen the company’s capabilities in the field of «Computer Vision» and «Natural Language Processing» and to enter new markets.

Cognaize specializes in processing financial information based on artificial intelligence. The main team of the company consists of 240 people, including data analysts, data processing specialists, etc. Fintech is currently focused on the US and German markets. Cognaize’s clients include Moody’s and Germany’s second-largest insurance company, R+V.

Over the past 10 years, the IT sector in Armenia has shown unprecedented growth, recording an average annual growth of 23%. Over the past two years, more than 20 start-up companies in Armenia have together received 700 million dollars of investment. Armenian start-ups are exempt from taxes on business, and the income tax for employees is 10%. According to 2021 data, the total turnover of IT companies operating in Armenia exceeded 1 billion dollars. As of 2021, the industry employs 29,000 professionals.