14.May .2021 10:00

Gov’t Emphasizes To Bolster Support For Innovative Startups

Gov’t Emphasizes To Bolster Support For Innovative Startups
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Georgian Prime Minister Irakli Garibashvili met with the founders of Pulsar AI, a Georgian startup recently acquired by American SpinCar, a global leader in digital automotive merchandising software.

During the meeting at the Administration of the Government, the founders of Pulsar AI described the startup's path to success. Irakli Garibashvili thanked them for another innovative Georgian project and wished them success.

The parties emphasized that Pulsar AI's success clearly demonstrates that local Georgian startups are quite competitive in the international market, also pointing out that Pulsar AI's precedent is an enormous inspiration and motivation for everyone engaged in this field.

Pulsar LLC is a grant beneficiary of the Innovation and Technology Agency at the Ministry of Economy and Sustainable Development. In 2017-2018, they were awarded a 5,000-GEL grant for developing prototypes and participation in international events to showcase their prototypes to prospective investors. In 2018, the startup won an additional 100,000 GEL in the agency's grant program, followed by a victory in the agency's 650,000-GEL grant program in 2020. In 2019-2020, Pulsar attracted 1.2 million USD in investment from Silicon Valley. Ultimately, the Georgian startup sold for tens of millions of dollars.

Pulsar AI uses artificial intelligence to facilitate communication between customers and car dealers. The company seeks to create a technology enabling dealers to serve prospective clients fast and effectively, via mail, texting, or webchat.

The conversation also touched on the creation of Georgia's ecosystem as the Government's priority. It was emphasized that the Government, under its 10-year plan, will further bolster the strategy for supporting such innovative startups. According to the Prime Minister, the positioning of innovative Georgian products in the global market is extremely important.

The meeting at the Administration of the Government was attended by Georgia's Minister of Economy and Sustainable Development Natia Turnava, Deputy Minister Irakli Nadareishvili, and Head of the Innovation and Technology Agency Avtandil Kasradze. The meeting was also joined via a videocall from the US by SpinCar's Co-Founder Michael Quigley.