Start-ups - The Times Of Central Asia

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Kazakh AI Startup Enters U.S. and Japanese Transportation Markets

Astana-based startup Call2action.ai, a resident of the Astana Hub International Technology Park, is making strides in the US market. Currently, over 40 transportation companies in the United States have expressed an interest in the startup’s product. Two companies have already become commercial clients, and three others are engaged in pilot projects. Call2action.ai has developed the world’s first SaaS solution based on Generative Artificial Intelligence for automating hiring in the transportation and logistics sectors. This innovative platform streamlines the hiring process, making it more efficient and cost-effective. Following the successful validation of its project hypotheses, Call2action.ai has launched an investment round and entered negotiations with venture capital funds and business angels, some of whom are already supporting the startup and planning investments. “The American market is vastly different from the Kazakh market, but its potential for revolutionizing hiring processes is enormous,” said Ersultan Dzhusakinov, CEO and co-founder of Call2action.ai. “Participation in the Silicon Valley Residency Program, supported by Astana Hub and the Ministry of Digitalization, has allowed us to accelerate our progress in Silicon Valley. Within a few months, we’ve secured contracts with two companies, three pilot projects, and attracted interest from major Japanese corporations like Persol Group and Mitsui Group. We expect our product to reach a valuation of $1 billion in the coming years.” The startup collaborates with US innovation hubs, including the Silkroad Innovation Hub, and actively participates in international trade shows such as TechCrunch Disrupt and CESV 2024. Additionally, Call2action.ai has been selected to join Mitsui Group’s accelerator program, which begins in 2025. Call2action.ai is among 22 Central Asian startups that participated in accelerator programs in Silicon Valley under the AlchemistX and Silicon Valley Residency Program initiatives. These programs were organized by Astana Hub and Silkroad Innovation Hub, with support from the World Bank and FPIP projects. Kazakhstani startups are becoming competitive on global markets. For example: • ZebraEye project, led by Yana Ten, specializes in diagnosing ophthalmic diseases using artificial intelligence and attracted investor attention at Web Summit Qatar 2024. • ClickLog, which develops freight optimization software, has established companies in Estonia and Poland to target European markets. • Dereknet plans to expand into the Middle East and Europe, including Kuwait, Qatar, Norway, the UK, and the US.

Digitization Digitalization Eurasian Reforms Silicon Valley Start-ups

Startups From Central Eurasia Set to Conquer Silicon Valley

The following 10-15 years will see the birth of large tech companies originating from Central Eurasia, a vast region including Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, Turkey, and Uzbekistan. This was stated at the first technology conference entitled Central Eurasia at Silicon Valley. The conference brought together the region's top 100 startups, American venture investors, large company leaders, and tech giants from Silicon Valley. According to the event organizers, Central Eurasia has enormous untapped potential. With a population of more than 100 million people and an average age of 27, about 200,000 young people in the region annually receive an education in the field of STEM (science, technology, education, mathematics). The area has everything necessary to develop the tech industry: universities, a startup ecosystem, venture funds, and its representative in Silicon Valley — Silkroad Innovation Hub, which, in the first year of its operation, attracted 80 resident startups and more than $30 million in investments. At the conference, Zhaslan Madiyev, Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, said that Kazakhstan accounts for 50% of GDP in Central Eurasia. Kazakhstan is in 10th place in the UN GLOBAL Online Services Index and 3rd place among Central and South Asian countries in the Global Innovation Index (after Iran and India). “Recently, there has been a rapid development of new technologies, AI, blockchain, and all this stimulates the market and entrepreneurs to create startups,” Madiyev said. The minister added that Kazakhstani investors are ready to invest $100,000-$200,000 in startups at an early stage. Still, finding $1 million or $2 million in investment can be challenging, even in a more mature stage. Therefore, he urged the promotion of Kazakhstani startups abroad, especially in Silicon Valley.

Training Start-ups Business Support Entrepreneurship

Success of Kazakhstan’s JobEscape Start-up

Kazakhstan’s largest venture fund, Tumar Venture LP, whose key investors are the World Bank and the Kazakh Ministry of Digital Development, Innovation and Aerospace Industry, has invested a further 250 thousand US dollars in the Kazakh start-up JobEscape. As announced by the Ministry of Digital Development on 17 June, the total investment in the project now stands at 450 thousand US dollars. JobEscape is a platform that facilitates the acquisition of new skills required to start a freelancing career, through the provision of solutions unique to freelancers and career changers, access to training and a wide range of AI tools. A global project, JobEscape has users from the USA, Canada, Australia, and European countries. Regarding funding, Aslan Sultanov, CEO of Tumar VF, stated: “We invested in JobEscape in the last round and have seen the project grow from literally $10,000 in monthly revenue to almost $1 million in annual revenue. Seeing this dynamic rise, we are confident that the start-up has the potential to grow into a billion-dollar company with roots in Kazakhstan. We are pleased to support the team in creating such a global initiative.” Similarly encouraged by the platform’s development, Miras Sovetov, CEO and co-founder of JobEscape, said: “At the moment, the company’s annual revenue is already close to $1 million. The goal is to grow to US$6 million in 2025. The product is now being widely used in Western markets due to the rapid development of products in the field of AI. Investments in this round will help the company increase its customer base and increase the number of AI tools on the platform. Investors from the UAE and Azerbaijan are already entering the project, which confirms its competitiveness in the global market. The next step will be raising money from American funds for further growth and potential exit (sale of the start-up).”

Start-ups Digital Technologies International Cooperation

Kazakhstan’s Al-Farabi Innovation Hub Boosts Start-Up Opportunities in Saudi Arabia

A memorandum of strategic partnership has been signed by Kazakhstan’s Al-Farabi Innovation Hub and Saudi Arabia’s Al Rajhi International for Investment. The intention behind the agreement is to create a business accelerator for technology companies from Kazakhstan and Central Asia in Saudi Arabia, and provide opportunities for start-ups to pilot their practices, identify local business partners and secure venture capital. Supported by the Kazakh Ministry of Digital Development, Innovation and Aerospace Industry, the Kazakh-Saudi Business Council, and Astana Hub, the partnership will help expand the potential of Central Asian start-ups in Saudi Arabia by providing easier access to new capital and opportunities to both expand and compete globally. Emphasizing the significance of the agreement, Aslan Sultanov, founder, and CEO of Al-Farabi Innovation Hub, stated, “We are aimed at creating the best conditions for start-ups from Kazakhstan and Central Asia and strive to provide maximum development opportunities in the MENA market.” The Al-Farabi Innovation Hub was set up to attract talented entrepreneurs and innovative start-ups from Kazakhstan and Central Asian countries to Saudi Arabia.