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Alexander Lukashenko Visited Most Efficient IT Companies of Belarus
Minsk, Belarus – 13 March 2017. Today President of Belarus Alexander Lukashenko visited two most efficient IT companies in Belarus – exp(capital) and Banuba Development. The President met investors and shareholders of these companies – Mikhail Gutseriev, the Head of Board of Directors of Larnabel Ventures investment fund, and Viktor Prokopenya, founder of VP Capital.
On the March 1st, 2017 the annual results of companies, residents of the High Technology Park, have been announced. exp(capital) and Banuba Development have been announced as No. 1 and No. 2 on efficiency. Annual revenue of Banuba Development per one employee was 4,3 times larger than the average revenue per employee among High Technology Park in Belarus, which is 33 000 US dollars. Annual revenue of exp(capital) per one employee was 5,6 times higher.
During the meeting Aleksander Lukashenko got acquainted with mobile products, developed by the companies. The core technology, on which all products are based, is the artificial intelligence technology – ability of algorythms to learn (machine learning), to build logical co-dependencies and conclusions, basing on neural networks, which is close to the principles how human brain functions.
Banuba Development works on mobile applications based on the augmented reality technology. The algorythms can detect objects of real world – faces, shapes, things. Developed solutions in the sphere of computer vision are patentable. Company’s employees have filed several patent applications to USPTO. The technology allows creating a number of mobile products, starting from security system up to education and entertainment applications, when the real world objects are augmented by virtual objects in real time mode.
exp(capital) develops mobile applications in financial sphere. These applications allow to invest in financial instruments, while using only mobile phone or tablet. The key feature of the application is the intellectual platform, which analyses user's interests, behavior biases within the platform. Basing on the information received, the platform can timely provide to the user all necessary financial information. In fact, the algorythm is performing a function of intellectual navigator in enormous volumes of financial data. The platform can also alert user in case he intends to make risky transaction, which allows to minimize losses.
The key feature of exp(capital) and Banuba Development is their product model. Companies do not render separate services to external clients, but develop ready IT product. The added value of ready IT product is alway higher. Unfortunately, there are few product companies among High Technology Park residents, most of which are outsoursing companies.
During the meeting the problems of IT development in the country have been discussed. It was pointed, that the rate of growth of IT is decreasing four years in row. Despite huge potential of IT in Belarus, this sector will not grow further, in case no legal changes, aimed on promotion of IT to the new level of development, are introduced.
«The Belarusian IT sector has grown significantly over the past 10 years, and as an entrepreneur in the space I have seen the benefits that can come when an environment encourages technological development and success. I appreciate the opportunity to engage in a dialogue with the Belarusian government to discuss how this important sector can continue to grow and thrive. – said Viktor Prokopenya. – When we say that the average revenue per employee in the HTP is 33 000 USD, is it a big number or not? The revenue of Apple and Google is 1,86 and 1,15 mln USD accordingly. This shows the huge gap between the efficiency of outsoursing model and creation of own high technology IT product. Apple and Google are the real high technologies, which set the goal for us to which we shall and can aspire. It is very important for IT sector to reach for new technological level – creation of own product. The importance of necessary legal framework creation can hardly been overvalued».
«The difference between product IT companies and oursoursing companies is very close to difference between couturier and seamstress. Seamstress, as well as outsoursing company, work strictly within the framework set forth by the client. This work, as a rule, does not require high qualification, accordingly, added value and revenue are comparatively low. Product companies – are centers of added value creation, revenue and comprise really high technology, - said Mikhail Gutseriev. – Investors are not keen to work with low margin oursoursing IT businesses. Product companies, on the other side, are very perspective for investments attraction. Growth potential, as well as possible revenues are great. Belarus has many talented, intelligent, inventive people. When the legal framework for product IT companies will be created, these people will have chance to attract investments for their projects. I am confident that at certain conditions many talented people from abroad can come to Belarus. I am happy to see that Belarus authorities are not indifferent to IT business problems, and it is well supported on the highest possible level».
Alexander Lukashenko agreed that the IT sector potential is not used on 100 %. Nevertheless, the state has supported IT and will continue to support it, this is constant position of the state, as IT is the future of the country. The state is interested in having investments in the country and wants talented and inventive people to work in the country. President confirmed that proposals on creation of legal framework for product IT companies will be carefully considered and necessary decisions made.
About EXP (Capital)
The company is founded in 2013. It's Minsk office has 70 employees - highly skilled team of mathematicians and software engineers. Company focuses on private science and has a number of pending US patent applications. The company specialises in the development of mobile applications in global financial markets. The applications are designed to handle very large quantities of real-time data using parallel processing across a large hardware network. The software operates 24 hours a day in a live and highly scalable environment in partnership with numerous large international financial institutions.
About Banuba Development
Founded in 2016, Banuba develops technologies for augmented reality-enabled mobile applications. The company is based in Hong Kong and has a development subsidiary in Belarus, and employs over 45 AI/AR engineers. Banuba has a number of pending US patent applications and plans to launch its first mobile application in the first quarter of 2017.