Uzbek AVO Bank invests $1 million in Kazakhstani startup

Kazakhstani startup SHAI has raised $1 million in investment from entrepreneur and investor Ruslan Adilbaev, the main stakeholder of the Uzbek AVO Bank, as reported by Astana Hub.

SHAI is a platform offering businesses tools they can use for the creation of AI agents and digital assistants to automate their routine processes, reduce potential errors, boost security and minimize the risk of corporate information leakage.

The startup plans to use the investment as leverage to further develop its IT products and expand its business to new markets. Since the end of 2024, the startup has successfully implemented more than ten projects in areas such as the public sector, industry and education, both within Kazakhstan and abroad.

On April 9, some media outlets reported that SHAI had entered into an agreement with Galvani Bioelectronics Limited, a joint venture by Alphabet and GSK, a British multinational pharmaceutical and biotechnology company. This is a significant achievement for SHAI, as it has been pursuing business expansion in the U.K. and the U.S.

Ruslan Adilbaev is a Kazakhstani entrepreneur and investor. He is the founder and owner of the investment and brokerage company Elidi Securities Ltd. In 2023, Elidi reported $29.6 billion in turnover. At the end of 2023, Adilbaev acquired AVO Bank in Uzbekistan, focusing on the digitalization of its services. This new approach allowed the bank to attract more than 900,000 clients in less than six months. The businessman also has interests in several radiopharmaceutical projects aimed at producing drugs for the treatment of oncology diseases in Kazakhstan.