The economic situation in Ukraine may have dramatically worsened over the past year and a half, but there may yet be a bit of life for startups located there, as Ajax Systems, which launched in 2011 and develops “smart” devices for home-security, has announced that they have obtained $1 million in funding from SMRK. Up to this point, the company had been supported by funds invested by CEO and founder Aleksandr Konotopskyi.
Konotopskyi says that, backed by his own funds, they initially built an MVP and concentrated on wireless security. After a year of sales and receiving feedback, they opted to pivot towards advanced wireless security and the smart home. Konotopskyi reveals that the company intends to use the funding to support their plans to roll out 40 devices over the next 3 years. They are also looking in both directions, geographically, planning to enter the CIS (former USSR) and European markets. Although they had not obtained funding from SMRK, Ajax turned to them as a result of a prior working relationship and the expertise of SMRK investors with regards to launching products in the American market.
This becomes the fourth investment for SMRK, which launched last year. The fund was previously part of a round, along with Altair Capital managing partner Igor Ryabenkiy, worth $500K for AmazingHiring, a Moscow-based platform for finding IT professionals. They also invested an undisclosed amount in Settle, a Ukrainian startup that provides restaurants with an app for pre-orders and mobile payments.