After raising $130 million, one firm is looking fantastic. It led by Hovhannes Avoyan and it looks like it could go ahead and eat Adobe’s lunch. How is it able to eat Adbobe’s lunch? That answer is quite straightforward. The firm seeks to provide great quality editing software for free.
The truth is that free is always a compelling offer.
Hovahnnes Avoyan and PicsArt
PicsArt is a free-to-use editor that is growing at a faster pace. Hovhannes Avoyan, the creator and founder of PicsArt, grew up in Soviet America in early 1980. He dreamt of going to the finest state-run art school and had applied too. Later, unfortunately, he failed the test. However, it didn’t stop him from getting the best out of his art. With the newest use of technology, Hovhaness Avoyan picked up a path of artificial intelligence and machine learning.
Later, he built over 3 software startups. He became wealthy and one of the leaders on the burgeoning tech scene. Being an art lover, he pushed his children to pursue it. In 2011, his 11-year-old daughter posted a drawing online that got a lot of criticism. She came to him discouraged. Hovhannes Avoyan was devastated by his daughter’s state.
But, he thought of this as an opportunity. He built a mobile application offering art tools to improve the drawing. His fatherly support exploded into producing PicsArt. Today, PicsArt is one of the leading art applications. Originally built in English, it has up to 28 languages currently and is also an advertising platform. So far, the revenue has topped $100 million.
Additionally, unlike how COVID 19 pandemic was unfortunate for most of us, it was fortunate for Hovhannes and his art application. Due to the lockdown, millions of businesses looked up to designing catalogs, banners, bouquets, and everything to market their businesses.
Avoyan Will Invest in the Future
But this isn’t where Avoyan stops, as PicsArt continues to grow. He makes good use of his ties to recruit 200 computer science interns every year. In an interview, he explained how cost-effective and a way of allowing new minds to train it is. He considers it a win-win situation for both parties.
Now his plans include expanding the marketing and advertising of the application. He intends to build an enterprise sales team from small businesses to large corporations with tools to publish and collaborate similar pro products offered by dropbox and irritable.
To sum it up, Avoyan defines his startup’s journey as changing all the rules. He expresses how everyone is living through a revolution.