Seven key employees of Russian IT startup Biorg have bought 80% of the company from founder Georgy Zuev, a representative for the startup told RB.RU. Zuev himself plans to focus on other technology projects, after the deal he has 20% left in the project.
Biog is reportedly developing through an option mechanism: granting shares to employees through a preemptive right to buy at a fixed price. According to the Unified State Register of Legal Entities, Ilya Verigin, Daria Giancotti, Anton Kolosov, Alexander Novikov, Anna Savelyeva and Alexei Statsenko each received 10% in Bioorg LLC. 20% was bought by Mikhail Gorbunov.
“Thanks to this approach, the company increased revenue by 50% while ensuring profitability in 2022 and building a sustainable business model for the subsequent scale and transformation of the business,” says the startup.
It also notes that the company “has formed a sustainable financial model for working under government contracts, has not attracted venture financing, and is investing its own funds in development.”
Within three years, Beorg plans to introduce a series of new domestic AI-based document recognition and analysis products, based on its own Beorg Smart Vision technology platform. The company hopes to “completely replace the decisions of foreign players, to cover the key needs of companies and the state in digitization.”
The owners will receive help from the former top manager of the Sberbank subsidiary, Ruslan Aligadzhiev, in implementing the updated development strategy. In January 2023, he was appointed to the position of CEO of Biorg.
The startup was founded in 2017 by Georgy Zuev and he is a resident of Skolkovo. Since its inception, the company has completed a number of large commercial and government orders: the transfer of files from registry offices to electronic format; document processing for companies of the Moscow Stock Exchange and others.
According to the Kontur.Focus system, the project’s revenue in 2021 amounted to 109.9 million rubles, with a net loss of 45.8 million rubles. According to a representative of the company, in 2022, revenue amounted to 174 million rubles, net profit – 5 million rubles.
Author:
anastasia mariana
Source: RB
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