Despite political turbulence, players are bullish on Ukrainian IT businesses

15.04.2014 Posted in News No Comments


15 Apr 2014

AVentures Capital, a leading venture capital fund, and Torben Majgaard, founder of the international outsourcing firm Ciklum, have invested in follow-on rounds for Augmented Pixels. The company is based in Ukraine but operates internationally.

The investors are confident that now is the right time to build an innovative Ukraine, as changes initiated by the IT community are helping to develop the country’s IT industry.

“Ukraine have in the past 10 years seen huge growth in the IT industry. Previously, the main driver have been the outsourcing industry and this industry will probably also be the main driver in job the next 10 years. Yet it is great to see that more and more product companies starts up in Ukraine, a development that I am happy to support financially as well as with my experience and EU/US network. The best way for Ukraine to move forward is with a strong economy and we need more innovative businesses like Augmented Pixels.” – commented Torben Majgaard.

AVentures Capital has been an investor in Augmented Pixels since 2013. Torben Majgaard has invested jointly with AVentures Capital in the follow-on round.

The competitiveness of technology developed by Ukrainian IT companies has been recognized in the global market. The Financial Times recently nominated Augmented Pixels for an FT Boldness in Business Award in the “Technology” category (, where the six shortlisted candidates include such technology disruptors as Tesla Motors and Square.

Leading companies from Canada, the United Kingdom, the Middle East and the United States use the technological solutions and products of Augmented Pixels. The company has developed proprietary technology and products such as ShowInRoom, ARHouse and the game MaxiKoltuk, which is used as a marketing tool in a chain of 62 cinemas in 24 cities of Turkey.

“We are pleased that Torben Majgaard believes in our team and Augmented Pixels’ technology,” commented CEO and co-founder Vitaliy Goncharuk. “His experience, reputation and counsel will ensure more efficient implementation of our products and platforms sales to large corporations and retailers in Western markets, as well as reduce country risk.

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