SmartGateVC leads Dowork.ai’s pre-seed round
Dowork.ai, a collaborative platform for project time and cost estimation, raised a pre-seed round led by SmartGateVC with the participation of Hye Rise Investments and angel investors from Science and Technology Angel Network (STAN) Sassoon Kosian and Artur Alaverdyan. We’re thrilled to welcome Dowork to the SmartGateVC family!
Dowork.ai is an AI-powered project estimation platform, which helps teams come up with near-realistic estimations using a work-breakdown structure, collaborative approach and historical data. It also gives the opportunity to track, analyze and oversee multiple projects simultaneously without the need to deep dive into each one. Dowork.ai uses Deep Neural Networks as a base for the task estimate predictions.
The product is aimed to help freelancers, software development companies, product companies and large enterprises in 1) effective and accurate estimations and 2) completion of projects on time and on budget.
Dowork.ai 2.0 became the #1 Product of the Day on Product Hunt on May 6, 2021. Earlier in May 2020, the alpha version of the product was launched on Product Hunt and got 650 signups and over 550 estimated projects in just 2 months following the launch.
“I have been in the software development field for the past fifteen years, and I was always having problems with estimations. Bad estimates make businesses miss important deadlines, create pressure on teams, and in the end, make team members burn out and become unmotivated. At Dowork, we want to help companies create accurate and near realistic estimations using Deep Learning algorithms. We are truly delighted to have SmartGateVC as our lead investor. With this investment, we are going to launch our MVP and enter the North American market.” says Mushegh Gevorgyan, the Co-founder and CEO of Dowork.
Ashot Arzumanyan, Partner at SmartGateVC, says “We are excited to work with Mushegh and happy to have him among the SmartGateVC family of founders. We can’t wait for the fruitful journey while re-shaping the unique niches in the project management domain”.
“Mushegh has extensive experience in the industry and it’s our pleasure to back founders like him. Dowork is going to change the way we work on projects, whether those being in-house projects or external outsourcing. The value, of course, is much higher for non-technical teams working with outsourcing software vendors.” says Hambardzum Kaghketsyan, Partner at SmartGateVC.
“As a business owner that has seen so many projects blow through budget and miss deadlines, when I saw Dowork.ai, talked to Mushegh and heard about his vision, I knew I had to join him on his journey.” says Zarik Megerdichian, Founder & Investor at Hye Rise Investments.
“What I like most about Dowork is not only they are building a better project management tool, but they are also using AI to harness intelligence from data and make it available to users. I believe Mushegh and team are on a path to something great. That is what attracted me to not only invest in this work but also join the team as an advisor.” says Sassoon Kosian, Angel Investor at STAN.
SmartGateVC is a Silicon Valley pre-seed venture capital fund backed by Tim Draper and seasoned tech entrepreneurs and professionals. Our key focus areas are Artificial Intelligence (AI), Security, Internet of Things (IoT) and emerging Computational Biotech, Quantum Computing and Blockchain across California, Massachusetts, NYC, Armenia, and wider Eastern Europe.