YEREVAN, OCTOBER 24, ARMENPRESS. In its fifth year of operation, the Science and Technology Angels Network (STAN) announced its transition to full independence from the Foundation for Science and Technology of Armenia (FAST).

Comprising eighteen visionary founders, STAN has now grown to encompass approximately 40 investors from six different countries representing different industries.

Over the course of its journey, STAN's angels have cumulatively invested over $620,000 in 14 promising portfolio startups, with more exciting ventures on the horizon.

According to Armen Orujyan, the Founding CEO of FAST, STAN's remarkable growth reflects the shared commitment to nurturing the Armenian startup ecosystem."

Today, we make a profound announcement - STAN, having matured over the past five years, has reached a point where it can operate independently and sustainably. STAN officially spun out of FAST to continue its mission as a not-for-profit Foundation.

This is a remarkable milestone, and we owe this success to the unwavering support of our angels, partners, and the inspiring startups that have been an integral part of our journey”, says Armen Orujyan, a Founding Angel of STAN.

While STAN moves forward as an independent entity, FAST will retain a prominent presence on the board of the newly established foundation. Igor Khalatyan, founding angel and STAN co-chair since its establishment, will assume the role of chairman of the STAN board, while Ruben Osipyan will serve as the CEO.

"STAN, as a network of angel investors, will focus on expanding our investor base, increasing the scale and volume of our investments, and nurturing startups through the seed stage. We will establish our dedicated team, specializing in investment analysis, startup coordination, project discovery, and investor engagement," outlines Ruben Osipyan, as he presents STAN's future plans.

Science and Technology Angels Network (STAN) was founded in early 2018 by FAST’s initiative to create a new pathway for direct foreign investment and private equity flow into Armenia’s ICT ecosystem.

STAN provides access to risk capital and offers vast expertise that will be leveraged to support the companies with strategic advice, mentorship, and connections for their development. Among the noteworthy startups that have benefited from STAN are AxonaLab, BLiiNK, BrandLens, Denovo Sciences, Doctor Yan, doodooc, Dowork.ai, Grovf, HopShop, manot, MyThrill, PopUp School, and Saima.

STAN unites prominent angel investors such as Ruben Vardanyan, social entrepreneur, impact investor, and venture philanthropist, Ruben Harutyunyan, founder and CEO of HENDERSON Group, Igor Khalatyan, Founder & CEO of IrisNetwork.ai, ex-Vice President of Oracle Corporation, Artur Alaverdyan, Founder of SolarOn, Ruben Vardanyan, Founder of Joomag, Levon Budagyan, Founder and CEO of Waveye, Vahag Karayan and Gurgen Martikyan, Co-Founders of BrandLens, Avetis Antaplyan, Founder and CEO of HIRECLOUT, Sassoon Kosian, Vice-President of Data Science, Vahan Vardanyan, Founder of Kerpak, Rem Derbinyan, Founder of SmartClick AI, Art Ghazaryan, Founder of Ympakt venture studio, Astghik Khachatryan, Managing Director Leveraged Finance at Bank of America, Paris, Alexandre Meterissian, advisor of the senior leadership of Uber, Expedia Group, Intuit, Coca-Cola, BlackRock Metals, etc., Kevin Bartanian, Founder and CEO of KEVANI, Zarik Boghossian, Co-Founder and CTO of Wovenmedia, Hayk Harutyunyan, Chairman at the Energy Agency of Armenia.

To check the whole list of STAN and become an angel investor, please visit here.