Meet Abdumalik Mirakhmedov, Director and Co-Founder at UAE Tech Venture Company: Scalo Technologies

Tell us about Scalo Technologies

Scalo Technologies was set up to help high-potential startup founders scale their businesses and reach global markets, regardless of language or location.

Our focus is on four key sectors – AI, B2B services, HPC & SaaS. We’re particularly interested in cloud-based AI products, and are constantly searching for breakthrough ideas that can grow worldwide.

At the same time, we’re always exploring new opportunities in other fast-growing sectors. Markets displaying multiple growth potential over the next five to ten years are of special interest to us.

How did you come up with the idea for the company? Or what do you think makes this company unique?

The three Scalo founders are all entrepreneurs. We’ve built businesses from the ground up and have experience in a lot of sectors, so we decided to set up a tech venture company which would offer a different approach based on our combined knowledge.

We prioritize quality over quantity, opting for fewer deals with more substantial investments, and beyond the financial backing we’re a hands-on partner to rely on.

We provide startups with all the other practical support and guidance they need for rapid growth on a founder-to-founder basis. This is the Scalo Technologies philosophy. It’s what makes us stand out.

What is your advice to aspiring entrepreneurs?

Having a great idea is no longer enough. Entrepreneurs need a clear plan to scale their business. They must demonstrate a deep understanding of their market, and that their product or service can not only survive, but thrive, in a rapidly changing economic landscape.

Today’s Investors are more cautious, prioritizing startups with proven track records, scalable business models, and clear paths to profitability.

Tech entrepreneurs need to focus on building a strong brand, creating a loyal customer base, and demonstrating their ability to adapt to market changes.

In addition to creating a strong product and business model, startups must also be prepared to showcase their resilience.

Entrepreneurs need to be flexible, ready to pivot when necessary, and be prepared to weather economic downturns. Building a startup is a long-term journey, and those who can adapt to challenges and stay focused on their goals are more likely to succeed.

Founders who focus too hard on AI can miss important things – like understanding their customers, what the market wants, and running the business smoothly.

AI has huge potential for greater efficiency, innovation, and disruptive impact, but the danger for startups is that an obsession with new tech can lead them astray.

Founders must think critically, adapt to new situations, analyze and solve problems effectively, work their way through complex situations, make tough decisions, and build strategies to achieve goals.

What most excites you about Scalo Technologies?

We’re very excited by the opportunities we have to partner with innovative founders, help them turn their ideas into reality, and watch our portfolio companies grow and prosper in new markets.

Companies like Megarender, a cloud-based 3D rendering company that makes life easier for small business owners and freelancers. There are an estimated half a million or more graphic designers employed globally, most of these working freelance.

Megarender lets them create 3D scenes quickly without needing expensive computers. It’s like a rental service for powerful computers to make 3D graphics.

Another of our investments, Voctiv, is a leading conversational AI company which makes virtual assistants for businesses to automate customer support.

They launched a mobile app to help small business owners and self-employed. It’s a helpful robot receptionist who answers customer calls and messages, to help people get on with their work.

How has the company evolved over the last couple of years?

We originally set up the company in Singapore in 2020. Then in 2023 we decided to base our operations in Dubai in view of the emirate’s high level of business activity, a growing economy, and strong government initiatives to attract entrepreneurs and professionals from across the globe.

It was a strategic move, and a very important one for the company, because Dubai is at the heart of the MENA region, which is actively growing, and provides us with many outstanding investment opportunities.

In particular, we wanted to capitalise on the chance to connect with global startups, and also to meet UAE-based and MENA-based founders. This is where we need to be to communicate with our prospective partners as a global technology group focused on fast growing sectors of the digital economy.

What can we hope to see from Scalo Technologies in the future?

We’re actively pursuing opportunities in the MENA region in our four main target sectors. We’re having conversions now in the UAE and Saud Arabia, and expect to be announcing something soon as we look to build new partnerships, and continue to help our portfolio companies expand.

Artificial intelligence is transforming the way we live, work, and interact, taking us into an era of groundbreaking innovation, and imagination, without limit.

AI has eased its way into our daily routines, making changes beyond our wildest dreams, from the way it powers our smartphones, to the self-driving features in cars.

Scalo is part of this revolution, supporting and developing pioneering technologies that cater to the masses, making these technologies more accessible.

We’re dedicated to developing technology that positively impacts the world we live in, to help build a better future.