PicsArt buys another Armenian IT company, DeepCraft, specializing in developing a video platform using artificial intelligence. DeepCraft, founded in Armenia in 2017, specializes in video and image processing, and Picsart is the first unicorn company in the country. Its co-founders Armen Abroyan (CEO) and Vardges Hovhannisyan (technical director) have been engaged in artificial intelligence and machine learning for more than 20 years. DeepCraft team worked with clients such as Krisp, PatriotOne, and even the Armenian government. This work is completed and now the team will start work from Picsart’s Yerevan office.
Picsart is a tech company based in San Francisco and Yerevan that develops a suite of online photo and video editing software on the Picsart platform together with the social creative community. The platform allows users to take snapshots, edit photos and videos, share images on Picsart and other social networks. Picsart is also the first Armenian unicorn company with a market value of over $1 billion.
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.