DigiTec 2024: Showcasing Armenia’s Tech Ecosystem to the World

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Tech enthusiasts and industry leaders from around the world converged on Yerevan’s Meridian Exhibition Center on October 4, 2024, for the 19th edition of DigiTec—one of the region’s largest technology events. Organized annually by the Union of Advanced Technology Enterprises (UATE), the event showcased innovations in the Armenian tech sector.

This year’s event emphasized the startup ecosystem within Armenia’s tech industry. The expo featured Armenian startups at various stages of development, highlighting the country’s growing role in technological innovation. New additions to the event included DigiInvest, a dedicated space for the fintech sector, hosting Armenian startups and established businesses focused on financial investment and digital solutions. Another notable addition was DigiTalks, a rebranded conference series featuring local and international keynote speakers and panel discussions on technology’s impact on daily life.

UATE’s flagship educational initiatives, Armath Labs and InnoIjevan, held prominent spots at the expo. Armath Labs, a vast network of technology education centers across Armenia, and InnoIjevan, an innovation hub and tech incubator in Ijevan, showcased their transformative impact on Armenian youth. Supported by the Armenian government and international partners, both programs highlighted their innovative contributions to the country’s future through education and technology.

The Backbone of DigiTec 2024: Startup Alley

A new feature of DigiTec 2024 was Startup Alley. Eighty-four startups, ranging from early-stage ideas to well-funded ventures, were arranged in a spine-like structure down the center of the expo hall, symbolizing their importance as the backbone of the tech ecosystem. Sargis Karapetyan, CEO of UATE, emphasized the significance of this feature, stating, “people are coming to see who’s next up, like Picsart, Krisp, ServiceTitan, and so on. This year, you’ll see 84 of them.” 

Startup Alley featured a diverse range of companies:

• Wearify, a fashion-tech AI-powered startup founded by Karine Martirosyan, brings 3D/AR virtual fitting rooms to life, helping brands engage GenZ shoppers and adapt to their evolving preferences. 
• SleepDoctor, founded by Tat Ajamyan, is the first teleconsultation and diagnosis platform specializing in sleep disorders, backed by the prestigious HEC Station F incubator and BigStoryVC. Ajamyan previously founded Wakie, a YCombinator backed communications app. 
• AygiAI, founded by Aram Ghazaryan, is an AI-driven plant disease identification system for agriculture, promoting healthier crops and a more sustainable future.
• Drawstory, founded by Narek Ghazaryan, is a B2B AI-powered storyboarding assistant helping users create storyboards directly from their scripts.
• Zegashop, an e-commerce provider founded by Arthur Y. Mnatsakanyan allows anyone to create an online store and sell products easily. With ten years of experience in e-commerce, the founder developed an e-commerce builder that incorporates built-in tools for SEO, site performance, and digital marketing, eliminating the need for multiple plugins or external tools.
• ChamboPlay, founded by Sarkis Chemberjian, is a startup providing mobile-free, educational entertainment for children in Armenia. Their toys, when placed on a special player, narrate Armenian stories, with plans to let users record their own voices to connect distant relatives with children.

The range of applications featured in startup alley was noted by visitors, like Gregory Tidanian, a software engineer from the United Kingdom. “I loved the diversity of startup applications at DigiTec,” he said. “From education tools and social platforms to astronaut food and smart prostheses—it was a technology festival. Founders were mission-driven and passionate and had products and services that provide real value to their customer base.”

At the end of the Startup Alley, Formula VC installed an elevator to simulate an elevator pitch. This innovative concept allowed startup founders to experience the dream moment of encountering an angel investor in a casual setting. Founders were given 60 seconds inside the elevator to pitch their ideas to a VC, with the possibility of an additional 60 seconds if approved. This feature added an exciting and practical dimension to the expo, giving founders valuable experience in concisely presenting their ideas under pressure.

DigiInvest: Spotlight on Fintech

DigiInvest, a newly established initiative, featured its own conference room hosting panel discussions and keynote speeches exclusively focused on the fintech sector. UATE’s Sargis Karapetyan explained that DigiInvest partnered with FinArm to dedicate an extra 2,000 square meters to accommodate over 15 financial institutions and educate consumer investors about investment opportunities.

Among the innovative investment solutions at DigiInvest was eqwefy, an investment platform founded by Samson Avetian. It enables investing in some of Armenia’s outstanding startups, aiming to democratize startup investment for everyone. At the expo, eqwefy announced the first two Armenian startups in its portfolio: Viral Mango, an influencer media kit generator, and rBlox, a fully modular network stack.

Ararat Mkrtchian introduced his startup, Sirius Capital, a digital financial platform founded in Armenia. The platform offers a wide range of investment opportunities, including innovative currency exchange solutions and access to global financial markets. 

Armenian commercial banks were also present, with Ameriabank introducing MyInvest, a service in the MyAmeria app that allows users to trade stocks, bonds, and ETFs and provides access to various investment instruments, both local and international.

The DigiInvest conference hall hosted numerous speakers over three days. Vahe Andonians, founder of Cognaize, explored the economic value of AI in banking. Arthur Hakobyan, co-founder and CTO at Highway, presented a roadmap for building a modern bank using modular fintech solutions. Samson Avetian of eqwefy discussed financial returns and driving Armenian innovation. Meanwhile, Hovsep Patvakanyan, Head of the Investment Council of Armenia, led an interactive discussion about incentives for investing in Armenia.

DigiTalks: Insightful Discussions

DigiTalks was particularly busy this year, featuring 22 presentations and panel discussions with reputable speakers from Armenia and abroad. The hosts of BigStory Podcast, Davit Baghdasaryan (CEO and co-founder at Krisp), Artavazd Minasyan (Co-founder of Krisp and 10Web), and Artavazd Yeritsyan (Co-founder and CEO of Podcastle), conducted a special live episode of the podcast at DigiTalks, offering valuable advice to new startup founders.

Ruben Osipyan, CEO of the Science and Technology Angels Network (STAN), moderated an insightful discussion on building a sustainable tech ecosystem. Larisa Hovannisian, Founder and CEO of Teach For Armenia, spoke about the role schools play in the age of AI and the importance of keeping humanity alive in our world. Aram Pakhchanian, Chairman of the Ayb Educational Foundation, moderated two panel discussions: one exploring bridging the gap between academia and industry from an educator’s perspective, and another discussing the development of science and technology by leveraging the extensive Armenian diaspora network. Aram Jivanyan, a cryptographer and entrepreneur, moderated a panel discussion on the potential risks associated with poor cryptocurrency regulations in Armenia.

International Presence

The three-day expo attracted thousands of visitors, both local and international. Nearly 200 exhibitors presented their innovations and services. Among the attendees were embassy representatives and international delegations, including a special group represented by the Americas Competitiveness Exchange (AEC). The AEC delegation comprised 40 high-level government officials, business leaders, entrepreneurs, and policy experts from across the Americas, invited by Armenia’s Ministry of Economy to host their annual gathering in Yerevan.

This year, DigiTec coincided with the World Congress on Innovation and Technology (WCIT), held in Yerevan from October 6-8. UATE organized both events under the theme “The Power of Mind,” hosting them simultaneously in separate venues. This strategic scheduling aimed to maximize international attendance and showcase Armenia’s growing influence in the global tech industry. The convergence of these two major events in Yerevan emphasized the city’s emerging status as a hub for technological discourse and innovation in the region.

Looking Ahead

As DigiTec builds on its ongoing success, the expo plans to mark its 20th anniversary with expanded international participation from neighboring and regional countries. Events like DigiTec offer Armenian companies valuable opportunities to connect with potential global partners and customers—an essential focus UATE highlights for the future of the event.

UATE plans to expand the Startup Alley concept next year, expecting a larger number of startups and introducing stricter selection criteria to showcase the best of Armenia’s tech ecosystem. This growth highlights the flourishing landscape of innovative startups in the country, poised to participate in future events.

The 2024 edition of DigiTec successfully showcased the vibrancy and potential of Armenia’s tech industry. As its 20th edition approaches, the event remains a crucial platform for promoting Armenia’s tech ecosystem both nationally and internationally.

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