Ministry of Digital Technologies of the Republic of Uzbekistan

On January 28, Tashkent hosted the Unicorn Battle at U-Enter, a prestigious event that brought together key stakeholders of the innovation ecosystem, including investors, industry partners, and startups. More than 120 startups from diverse sectors submitted applications, and ultimately, 18 startups with a Minimum Viable Product (MVP) were chosen to present their solutions and demonstrate their potential for scalability.  

The event commenced with an opening address by Abdulakhad Kuchkarov, Executive Director of IT Park, who extended his congratulations to the startups and wished the participants success:  

"Today’s event serves as a vivid testament to Uzbekistan’s emergence as a key hub for the startup ecosystem in Central Asia. Such initiatives not only foster a culture of entrepreneurship but also attract the attention of investors and major international stakeholders. I am confident that each startup participating in the Unicorn Battle holds immense potential and will contribute significantly to our nation’s economic growth in the years to come."

The event was attended by leading venture capitalists and representatives of major investment funds, including UzCard VC, Semurg VC, IT Park Ventures, Aloqa Ventures, Sturgeon Capital, and the newly established United Ventures. Vladimir Norov, former Minister of Foreign Affairs, also participated as an honorary guest, emphasizing the critical role of startups and emerging technologies in the region’s development.  

Panel Discussion: Unlocking Opportunities in Uzbekistan’s Emerging Market 

The first panel discussion was moderated by Alice Fox (Germany) and featured Vladimir Norov, Chairman of the Central Asian Artificial Intelligence Association; Komiljon Ruziev, Investment Manager at Aloqa Ventures; Otabek Nasirov, Chairman of the Central Asian Fintech Association; and Abdulazal Toshkhujaev, Investment Director at UzVC. The discussion explored the current landscape and future prospects for investors in Uzbekistan’s rapidly evolving market.

Panel Discussion: Investing in AI Startups — Opportunities in an Emerging Market 

Moderated by Iskandar Kurbanov, Regional Product Lead at VISA, this panel discussion delved into key trends in artificial intelligence. Participants included Zaynab Atabaeva, Investment Manager at IT Park Ventures; Ashaesh Akleker, Chairman of Gaude Business and Infrastructure Solutions; Komiljon Ruziev; and Otabek Nasirov. Panelists shared insights into the opportunities for investing in AI-driven startups across Central Asia.

During the pitch session,18 startups presented their projects, with each team allotted three minutes to showcase their ideas.

Finalists 

Following intense pitching rounds, three startups emerged as finalists, recognized for their exceptional product quality and innovative approaches: Azma Finance, Tilmoch, and Verifix. 

Winner: Verifix — a B2B SaaS HR solution designed to address the talent shortage in Central Asia and the Caucasus region. The platform integrates workforce data, accelerates recruitment processes, and drives growth across various industries. Verifix will represent Uzbekistan at the international Unicorn Cup in Silicon Valley, where it will showcase its startup to global investors.

Second Place: Azma Finance — an automated accounting platform tailored for small businesses, simplifying tax calculations, financial reporting, and overall financial management.

Third Place: Tilmoch — an AI-powered translation service specializing in Turkic languages, outperforming Google and Yandex by a factor of two in Uzbek language translation accuracy.

The Unicorn Battle in Tashkent marked a significant milestone in Uzbekistan’s startup ecosystem, highlighting the immense potential of local companies to attract international investment and expand into new markets. With each passing year, such events continue to play a crucial role in fostering innovation and entrepreneurship in Uzbekistan, further solidifying the country’s position as a key player in the region.