Mitgo announces investments in AI-focused startup studio AILABIKA

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Aug 23, 2024, 15:35 ET

CHICAGO, Ill., Aug. 23, 2024 /PRNewswire/ -- One of the leading holdings of the MarTech industry - Mitgo Group - decided to deepen its focus on development and implementation of AI solutions in its MarTech and affiliate businesses. The first tranche of investments has been already received by Spanish startup studio AILABIKA.

"No reports or expert advice can replace personal experience. AI today is a buzzword, in which some see the coming revolution of the Internet, and others - the foreshadow of another inflating bubble. But for us, it is first and foremost a practical set of tools that can boost progress in our niches - MarTech, AdTech, Affiliate marketing. This is the reason for our investment and close cooperation with AILABIKA. We have already seen the first results: the indicators of our understanding of AI and its application have almost doubled," says Max Volokhov, CEO of Mitgo Ventures.

Mitgo has known the AILABIKA team for 8 years. Mitgo's venture fund invested in one of the first startups of AILABIKA's CEO Kyrylo Kravchenko. The project developed quickly and successfully reached the exit stage. Subsequently, Kyrylo launched a number of other projects and continued to maintain close ties with Mitgo. He has over 20 years of experience in the IT industry and over 14 years of entrepreneurial experience, as well as a Ph.D. in theoretical physics. Kyrylo has successfully launched over 300 web projects and acted as a founder and co-founder in dozens of startups.

In the fall of 2023, he founded AILABIKA, which focuses on business idea validation, AI consulting and the creation of startups using artificial intelligence technologies. The company embodies a symbiosis of an R&D center and a startup studio. Its team is currently working on a number of projects in the MarTech and AdTech industries. For Mitgo, it will become a bank of expertise in AI and an additional R&D center.

"We have an ambitious goal for the coming year - to launch at least 2 AI-based projects with ARR of at least $10 million in the first year. I am confident in the development and growth of the AI market, and the emergence of artificial general intelligence (AGI) in the near future. The development of AI will radically change the entire sphere of consumption and penetrate almost all spheres of human life, even the most fundamental ones - like family and social relations", shares Kyrylo Kravchenko.

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SOURCE Mitgo