Armenian startup Zero Systems confirmed it has raised $12 million in a round of funding, which will help the company to develop dynamically. The investment phase is led by Streamlined Ventures with the participation of 468 Capital, AltaIR Capital, PBJ Capital, Gutbrain Ventures, s16vc, AiSprouts VC, and Paul Grewal.

Zero Systems offers the user an artificial intelligence-based system that reduces the administrative work of routine tasks. It is designed to automatically organize unsystematic information such as documents, emails, messages, and files. The system has been operating for about seven years. It can identify operating systems, such as email or messaging applications. It then classifies them according to the client and/or project, after which it transfers various types of information to related systems. The idea was to reduce the amount of mechanical work done every day.

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.