PicsArt spells out its plans
British people may not have heard a great deal about PicsArt, but we certainly found out a good deal about the firmat its office in Yeravan, Armenia earlier today.
The CEO, Hovhaness Avoyan – pictured – is a serial startup guy – this is his fifth startup and started up five years ago. The company has 200 people working in Armenia and 25 in San Francisco, its headquarters.
The firm got venture funding two years ago from the already famous Sequoia.
Its engineers are based in its Yeravan, Armenia engineering hub.
The company is doing pretty well, said Avoyan, and isn’t looking to be taken over.
“We’re on a growth part. We’re not looking at acquisition,” he said today. “We’re one of the largest in the social editing platform. Our biggest competitor is Instagram.”
It’s just about to shunt out a new version of PicsArt that uses artificial intelligence. Avoyan knows all about AI, he graduated in it way back when, but the new AI is a different kettle of fish.
“AI has become very practical,” he said.
He has some strong views about the lack of backing of Armenia’s IT sector by the government. “We’d like to see more investment in universities,” he told us today. The company is considering opening an office in the UK.