IT Park Ventures completes its first investment under the 1+1 co-investment mechanism: $100,000 in TASS Vision as part of a €1.3 million funding round

TASS Vision, a startup specializing in the development of intelligent AI-powered cameras for offline retail, has successfully closed an investment round totaling €1.3 million. One of the key participants in the round was IT Park Ventures, the state venture fund of Uzbekistan, which invested $100,000 as part of the country’s first transaction under the 1+1 co-investment mechanism — introduced by the Resolution of the President of the Republic of Uzbekistan dated 14 October 2024, “On measures for the further development of the startup ecosystem and venture financing.”

TASS Vision develops AI-based camera systems that enable retailers to analyze customer behavior and product placement efficiency directly on the device, eliminating the need for data transmission to the cloud. This approach is particularly significant in the context of data privacy and compliance with personal data protection regulations. The company’s solutions are currently implemented in more than 2,000 stores across nine countries, including Uzbekistan, Kazakhstan, the United Arab Emirates, Turkey, and Saudi Arabia. Its clientele includes leading brands from the FMCG, fashion, electronics, and pharmaceutical sectors.

The startup was founded by Shahzod Umirzakov and Jamshidjon Khakimjonov. The initial concept was conceived by Shahzod during his youth while working as a ticket inspector, where he observed significant revenue losses caused by human error and fraudulent activity. In 2024, TASS Vision won the President Tech Award in the “AI Technologies” category and was awarded a $100,000 grant.

The co-investment mechanism is implemented within the framework of the national Digital Startups program and provides that IT Park Ventures may co-invest on a 1:1 basis with an international venture capital fund managing assets of no less than $50 million. The maximum investment from the state fund is capped at $100,000.

An investment of €500,000 from Czech venture fund Purple Ventures satisfied the program’s requirements and enabled access to state co-financing. Other participants in the round included Domino VC, Pragma Tech VC, Sabah Fund, Caucasus VC, Big Sky Capital, UzVC, and angel investors Bahrom Abdukadirov and Akhror Abdukarimov, who have supported the project since its early stages.

Azamat Karamatov, CEO of IT Park Ventures, stated:

“The investment in TASS Vision is not merely the first implementation of the 1+1 co-investment mechanism in Uzbekistan — it signifies a structural shift in the role of public capital as a catalyst for the development of emerging innovation ecosystems. Our mission extends far beyond the provision of financial support. We are committed to backing Uzbek founders with a global mindset, investing in technologies with substantial societal impact, and contributing to sustainable economic growth by fostering job creation and engaging youth.

Mechanisms such as 1+1 are not simply financial instruments — they are elements of systematic ecosystem design. By aligning international capital with state credibility, we mitigate risks associated with breakthrough innovation and facilitate the emergence of a new generation of scalable ventures rooted in the region yet oriented toward global markets.”

Shahzod Umirzakov, Co-founder of TASS Vision, commented:

“As pioneers, we are opening doors for future startups from Uzbekistan, easing their path to securing investment from both local stakeholders and international institutional venture funds. I firmly believe that this precedent was made possible due to the tangible results we have achieved across Central Eurasia — in Uzbekistan, Kazakhstan, Mongolia, Azerbaijan, Tajikistan, Kyrgyzstan, the UAE, Turkey, and Saudi Arabia.”

This first transaction under the 1+1 mechanism with the participation of IT Park Ventures represents a significant step forward in establishing a new model of public-private financing in Uzbekistan. It demonstrates that technology startups originating from the region are capable of attracting international investment and scaling globally with the support of national development institutions.

To submit an application for investment from IT Park Ventures under the 1+1 program, please visit: itparkventures.uz

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