Meet tech’s newest unicorn:
After raising a fresh $130 million at a near $1.5 billion valuation, Hovhannes Avoyan’s free-to-use editor is fast becoming the Photoshop for the TikTok and Instagram generation.rowing up in Soviet Armenia in the early 1980s, Hovhannes Avoyan dreamed of going to the state-run artdrawing of a vase. Avoyan’s sketch failed to impress. Rejected, he picked a different creative path–computer science, focusing on the first generation of artificial intelligence and machine learning.
Avoyan’s Armenian-born app is now available in 28 languages. Each month more than 150 million customers—mostly under the age of 35—use it to make more than 1 billion edits on photos and videos bound for social media, commerce sites and digital ads. adding an Instagram filter. “It's got a bunch of really terrific businesses all rolled into one in a global presence, which you don't often see,” says G Squared’s Larry Aschebrook. “The younger population has been very involved with it for some time and it’s now prevalent with professions and the creator economy.”
Picsart’s seamless experience has been Avoyan’s goal since he built the first tool for his daughter in 2011. “Too many people equate good technique with being creative,” says Avoyan. “Our technology enhances everyone’s technique and can be the engine for visual creativity.”
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