IT-Park Uzbekistan logo
  • Open a Company
  • Become a Resident
  • Events
  • Success Stories
  • Our Team
  • News
  • Contact us

Why Uzbekistan?

Country OverviewPolitical & Economic StabilityGovernment SupportTalented workforceBusiness EnvironmentInfrastructureIT Park Statistics

Explore Opportunities

Set up an IT Outsourcing & BPO businessBenefits for FDI and Site-SelectorsScale program for local companiesFor service-oriented companiesOpen a CompanyBecome a ResidentIT VisaLocal2GlobalZero Risk ProgramBonus SystemVenture CapitalPost production
EventsSuccess StoriesOur TeamNewsComplianceContact usUzbekistan 360
Privacy policy
IT Park© 2025 IT Park
YouTubeLinkedInFacebookInstagramTelegram

    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


    Your idea could become the next international success story. Central Eurasia is no longer on the periphery. Become part of the next generation of founders.

    Latest news

    29 August 2025

    Xiaomi considers Uzbekistan as a service hub with access to CIS markets

    29 August 2025

    IT Park Cyber Cup 2025: tournament results

    28 August 2025

    IT Park University announces 100 grants for applicants from Fergana and Nukus

    27 August 2025

    IT Park Cyber Cup 2025: finalists announced

    View all
    eventImage
    26 July 2025

    GBSF 2025 outcomes: Uzbekistan strengthens its status as an IT hub

    Tashkent hosted the Global Business Services Forum 2025 (GBSF 2025), one of the most prominent events of the year in the field of IT outsourcing and digital services. Organized by IT Park Uzbekistan with the support of the Ministry of Digital Technologies, the event convened approximately 450 participants representing 260 companies, including 237 international companies from 40 countries. Among the attendees were representatives of multinational corporations, startups, government agencies, and venture capital funds.

    eventImage
    16 July 2025

    IT Park Uzbekistan and Berlitz strengthen cooperation in talent development

    IT Park Uzbekistan hosted a follow-up meeting between Makhliyo Muksinova, Services Export Development Director at IT Park, and Mr. Wilson Go, President of Berlitz Philippines. The meeting served as a continuation of the dialogue initiated by Abdulakhad Kuchkarov, CEO of IT Park Uzbekistan, and Fortuna Joy de Lara, CEO of Berlitz Philippines and Berlitz Uzbekistan.

    eventImage
    10 July 2025

    IT Park Uzbekistan strengthens cooperation with member companies and supports business scaling

    Representatives of IT Park Uzbekistan held a series of working meetings with member companies — E-LINE PRESS, LEGALMAX CENTRAL ASIA, FINANCIAL CHAIN CORPORATION, and IONE — during which the prospects for further business development, the implementation of new projects, and projected volumes of export services were thoroughly discussed.

    eventImage
    29 August 2025

    Xiaomi considers Uzbekistan as a service hub with access to CIS markets

    Abdulakhad Kuchkarov, CEO of IT Park Uzbekistan, held a meeting with a delegation from Xiaomi led by Wang Guifen, Business Development Director. During the discussions, the parties examined a model under which user support for CIS markets could be scaled from Uzbekistan through IT Park members, with a longer-term perspective on global expansion. Particular attention was given to increasing the volume of orders for Uzbek companies.

    eventImage
    29 August 2025

    IT Park Cyber Cup 2025: tournament results

    From August 25 to 28, the IT Park Cyber Cup 2025 took place, organized by the Ministry of Digital Technologies and IT Park Uzbekistan, with sponsorship support from UPGrade. The tournament featured competitions in two disciplines — CS2 and Dota 2.

    eventImage
    28 August 2025

    IT Park University announces 100 grants for applicants from Fergana and Nukus

    IT Park University is launching a grant program for graduates from Fergana and Nukus. Under this initiative, one hundred students will be provided with the opportunity to pursue their first year of undergraduate studies free of charge at one of the country’s leading IT universities. The program is aimed at supporting talented youth from the regions and creating favorable conditions for their successful integration into the IT sector.

    eventImage
    27 August 2025

    IT Park Cyber Cup 2025: finalists announced

    The IT Park Cyber Cup 2025, organized by the Ministry of Digital Technologies in cooperation with IT Park Uzbekistan and sponsored by UPGrade, is taking place from August 25 to 28. The tournament features two competitive disciplines — CS2 and Dota 2. Over the first two days, the qualifying and semifinal matches were completed, determining the first finalists.

    eventImage
    27 August 2025

    IT Park Uzbekistan and the Creative Industries Agency signed memorandum on game development

    Representatives of IT Park Uzbekistan, led by Services Export Development Director Makhliyo Muksinova, held a meeting with a delegation from the Creative Industries Agency (Moscow). The delegation included CEO Gyulnara Agamova and included Deputy CEO Alexander Bodrov, representing the ANO “Development of the Video Game Industry”. Following the discussions, the parties signed a memorandum of cooperation, and agreed to develop joint initiatives in the field of game development.

    eventImage
    27 August 2025

    Uzbek–Japan ICT Forum to convene experts on IT outsourcing

    On 24 September 2025, the Uzbek–Japan ICT Forum will take place in Tashkent within the framework of ICT Week. The forum is expected to bring together more than 150 participants, including representatives of government institutions, the business community, academia, and international organizations.

    eventImage
    26 August 2025

    Global Startup Awards — Central Asia Final to be held in Tashkent as part of ICT Week

    On 26 September 2025, Tashkent will host the Global Startup Awards — Central Asia Final, the regional stage of the world’s largest awards program for startups, organized within the framework of ICT Week. The event will bring together startups from eight countries, alongside leading industry experts, investors, accelerators, and media representatives, creating a significant platform to advance innovation in Central Asia and to strengthen the region’s role on the global stage.