Hovhannes Avoyan, born on March 23, 1965, in Yerevan, Armenia, is a serial entrepreneur, investor, and scholar whose innovative spirit has left an indelible mark on the global tech landscape. As the co-founder and CEO of Picsart, the world’s largest creative platform for photo and video editing, Avoyan has transformed the way millions express their creativity. With over 150 million monthly active users and more than one billion downloads, Picsart stands as a testament to his ability to blend technology with human expression. This article delves into Avoyan’s biography, his journey to building Picsart, and insights into his net worth.
Avoyan’s early life was shaped by the challenges of growing up in Soviet-era Armenia. Born in 1965, he witnessed the collapse of the Soviet Union in his 20s, navigating economic hardships that included shortages of electricity, heating, and basic necessities. These experiences forged his resilience and adaptability, qualities that would define his entrepreneurial career. Avoyan pursued a Bachelor’s degree in Computer Science from the State Engineering University of Armenia in 1987, laying the foundation for his technical expertise. He later earned a Master’s in Political Science and International Affairs from the American University of Armenia in 1995 and enhanced his business acumen through Harvard Business School’s Bertelsmann Senior Executive Program in 2005.
Before Picsart, Avoyan founded five startups, all of which were successfully acquired by global companies such as Lycos, Bertelsmann, GFI, TeamViewer, and HelpSystems. Notable ventures include CEDIT (1996–2000), Sourcio (2005), and Monitis Inc. (2007), showcasing his knack for building scalable tech solutions. His extensive experience in computer programming and global business management, spanning over 25 years, positioned him as a seasoned leader by the time he launched Picsart in 2011 with co-founder Artavazd Mehrabyan.
The inspiration for Picsart came from a deeply personal place. In 2011, Avoyan’s ten-year-old daughter was bullied online for sharing her artwork, an experience that left her disheartened and creatively stifled. Determined to create a safe space for artistic expression, Avoyan envisioned Picsart as a platform where creators of all skill levels could share and edit visual content without fear of judgment. This mission resonated globally, leading to Picsart’s rapid growth into a platform with over 150 million monthly active users and a presence in 30 languages across iOS, Android, and Windows devices. Headquartered in San Francisco, with offices in Yerevan, Los Angeles, Beijing, Bangalore, New York, and an AI lab in Moscow, Picsart has attracted backing from major investors like SoftBank, Sequoia Capital, and Insight Venture Partners.
Avoyan’s leadership extends beyond Picsart. He served as President of the Union of Information Technology Enterprises of Armenia (UITE) from 2000 to 2015, fostering the country’s tech ecosystem. He is also a member of the American University of Armenia’s Board of Trustees, a senior lecturer in computer science, and a visiting lecturer at San Francisco State University. His commitment to advancing AI in Armenia is evident through his support for establishing data science and machine learning schools to help Armenian professionals compete globally. Avoyan’s contributions have earned him accolades, including the 2016 Distinguished Alumni Award from the American University of Armenia and the 2019 Global Achievement Award from the Armenian Trade Network.
Estimating Hovhannes Avoyan’s net worth is complex due to limited public financial disclosures. As the CEO and co-founder of Picsart, valued at over $1 billion in 2021, his wealth is likely tied to his equity stake in the company. Picsart’s funding rounds, including $45 million raised in 2015–2016, suggest significant personal returns for Avoyan, especially given his history of successful startup exits. While exact figures are unavailable, his net worth is speculated to be in the tens to hundreds of millions, factoring in Picsart’s unicorn status and his previous acquisitions.
Avoyan’s philosophy emphasizes creativity, resilience, and data-driven decision-making. He actively uses Picsart, engaging with its community and testing features, reflecting his hands-on approach. His mantra, inspired by Arianna Huffington, is that “failure is not the opposite of success; it’s part of success.” This mindset has guided him through the ups and downs of building six companies, with Picsart as his most significant achievement. As Picsart continues to innovate with AI-driven tools and expand its global footprint, Avoyan remains a pivotal figure in empowering creativity worldwide.
