Angel investors eye Armenian biotech, AI and data science startups

YEREVAN, FEBRUARY 5, ARMENPRESS. More than a dozen of angel investors will invest in Armenian IT and science startups.

The informal network of science and technology investors was launched on February 5.

The network united 18 businessmen from the US, UK, Russia and Cyprus, who are planning to also give consultations, act as mentors and guide in establishing ties.

STAN was created by Foundation forArmenianScience and Technology (FAST).

“We want to create an environment in Armenia where young people with ideas will find funding. We can help them not only with funding, but also knowledge”, STAN co-founder Igor Khalatyan said.

The angels will focus on data science, artificial intelligence, machine learning, biotechnology and microelectronics startups.

FAST co-founder Armen Orujyan says 3-5 businesses will get assistance yearly, and they hope to raise this number in the upcoming years.