After spending 13 years in the United States, Ratmir Timashev returned to Russia in 2005 but grew disillusioned with the direction under Putin's leadership. In 2014, after a four-year period in Switzerland, he made his way back to the U.S. He reflects, "You can establish a business in Germany or Britain, but you won't truly become German or British. However, you can become American if you align with our values."
On a vibrant spring day at an upscale French eatery in Greenwich, Connecticut, 59-year-old billionaire software entrepreneur Ratmir Timashev passionately discusses his ambitious plan to cultivate Columbus, Ohio, into the next American hub for artificial intelligence development. Dressed casually in a cream hoodie and white polo shirt, he shares his vision: "I am a scientist at heart, and this is my experiment—to make Columbus the new Silicon Valley, a center of innovation."
This vision is considered somewhat unconventional, as the booming wealth and excitement of AI startups are predominantly found on the coasts, whereas Columbus is typically associated with its healthcare and insurance industries. However, a 2025 report from the Brookings Institution classified Columbus as the 29th top metropolitan area for AI development, trailing behind other collegiate cities like Ann Arbor and Gainesville but surpassing places such as Pittsburgh and St. Louis, and recognizing it as one of 28 burgeoning “star hubs.”
To actualize his ambition, Timashev plans to invest $100 million over the next five years. In February, he launched Oh.io, a venture capital firm dedicated to attracting 100 AI startups to Columbus. Unlike traditional VC firms that merely provide funding, Oh.io distinguishes itself by offering comprehensive sales and marketing support for startups that establish themselves in Columbus for 18 to 24 months. In return, Oh.io earns the option to invest at a lower valuation if they achieve success during this period. Timashev's goal is to attract growth-stage startups generating $1-5 million in revenue from across the U.S., Europe, and Israel. Despite having signed on eight startups thus far, he is concurrently grappling with a legal dispute involving three former executives accusing him of wrongful termination.
"We're not just investors; we’re partners with a vested interest," Timashev emphasizes, describing Oh.io as a "performance venture platform." "We build a team for you, and after our collaboration, that team belongs to you. Our objective is for the teams to remain and flourish in Columbus. Management can operate from anywhere—Israel, London, or San Francisco—but the sales and marketing units for North America will be based in Columbus."
Timashev’s ties to Ohio date back to the early 1990s when he first arrived in the U.S. in 1992 to pursue graduate studies in chemical physics at Ohio State University. He subsequently co-founded two software enterprises in Columbus, including Veeam, a leading data management company that was sold to Insight Partners for $5 billion in 2020. His entrepreneurial success and VC investments have amassed him a net worth of around $5.4 billion. Additionally, he has pledged around $150 million to his alma mater, including a landmark $110 million donation in 2020 aimed at establishing a new center for software innovation, which broke previous funding records set by other notable alumni.
Timashev is actively collaborating with the Columbus Partnership, an organization comprising around 80 local CEOs dedicated to economic growth, which was co-founded by philanthropist Les Wexner in 2002. "He has a strong belief that this region can become the leading tech startup and entrepreneurial center of the Midwest, and he is committed to making that vision a reality," remarks Jason Hall, CEO of the Columbus Partnership.
Despite Columbus's relative size compared to larger tech cities, Hall highlights its significant advantages: it serves as a major data center hub; hosts a $28 billion Intel semiconductor manufacturing site dubbed the "Silicon Heartland"; and houses five of the 500 largest American corporations, including Vertiv, a key player in cooling and power solutions for data centers.
For Timashev, the missing piece lies in attracting startup founders. "Columbus has excellent industries like retail, insurance, and banking, in addition to numerous healthcare and pharmaceutical startups," he shares, pointing out leading companies in the area. "However, the spirit of entrepreneurship seems absent."
Born in 1966 in Ufa, an industrial city in the Soviet Union, Timashev's upbringing revolved around science, encouraged by his engineer parents. As a teenager, he aspired to be an ice hockey player but was instead guided toward academic pursuits.
"When I compare Ufa with Columbus, I see many similarities," he explains. "Both places are filled with hardworking individuals who embody strong values."
Graduating from the Moscow Institute of Physics and Technology in 1990 just as the Soviet Union was collapsing, Timashev sought work to support his family while pursuing a PhD, taking on various jobs from roof repairs to small construction gigs.
In 1992, with borders open post-communism, he seized the moment to move to the U.S. and chase the American dream, determined to learn about capitalism and entrepreneurship.
Recruited to Ohio State by Professor Terry Miller, who introduced Russian students to his prestigious chemical physics lab, Timashev faced an obstacle—his English proficiency was insufficient for admission.
"There were many bright individuals in the Soviet Union without opportunities due to the failing economy. Ratmir stood out among a wave of applicants," recalls Miller. After demonstrating his language capabilities by his second semester, he proved his potential was worth the risk.
Timashev began his business journey in 1993, still a student at Ohio State, when former classmates in Russia sought his help in exporting computer parts to early tech enthusiasts back home. Although he couldn’t directly engage due to his student visa, he assisted them in establishing the export business.
By 1996, with a master’s degree and a green card, he launched Aelita Software with Andrei Baronov, a former MIPT friend. Initially, their company provided system management tools, coinciding with a burgeoning market of Microsoft Windows users. After bootstrapping for five years and attracting notable clients, they sold a third of Aelita to Insight Partners for $10 million in 2002, ultimately selling the entire company to Quest Software for $115 million two years later. Their next venture was Veeam, which focused on data protection and backup solutions for VMware clients.
As their partnership flourished, Timashev remained in the U.S. while Baronov moved to Switzerland. However, Timashev soon realized that he could no longer support the country under Putin's regime and joined Baronov in Switzerland in 2010.
Following a successful trajectory for Veeam, which accrued $1 billion in sales by 2019, Timashev decided to return to the U.S., settling in Greenwich, Connecticut, while managing from Columbus. The company was sold to Insight for $5 billion in 2020, after their venture proved a resounding success.
"Ratmir and Andrei are among the most accomplished entrepreneurs we've partnered with," stated Jeff Horing, co-founder of Insight Partners, referring to the landmark achievements of Aelita and Veeam.
Flush with cash from the sales, Timashev significantly increased his philanthropic contributions to Ohio State. In June 2021, he donated $17 million to support the construction of new facilities, demonstrating his commitment to the institution that shaped his career.
In 2023, he donated $110 million to create the Center for Software Innovation, combining the engineering and business disciplines to foster aspiring software entrepreneurs. This initiative is part of Ohio State’s broader innovation district, which has attracted substantial investments.
Timashev's new venture, Oh.io, launched in February and aims to connect startups with major local employers. With its focus on presenting startups to significant partners such as Cardinal Health and Nationwide, Timashev emphasizes the immense potential for growth. "We are dedicated to helping you find your first customer," he notes.
Columbus's appeal also lies in its lower costs compared to tech-heavy cities like San Francisco and New York. "Columbus has an abundance of talent and infrastructure, but at a much more reasonable price point," says Jason Luo, CEO of AI receptionist startup Newo, part of the Oh.io program.
While Timashev acknowledges that establishing Columbus as a tech hub is a tall order, he remains optimistic. "People often ask if Columbus can rival Silicon Valley. When locals start bragging about our startups, that's when we'll know we've arrived," he states. Achieving significant success with major startups is crucial to inspiring a new generation of entrepreneurs.
Nonetheless, his project faces challenges. Three executives filed a lawsuit in April, claiming they were unlawfully terminated and alleging breaches of contract. Their grievances include accusations of Timashev backing out on commitments related to the fund and focusing on underperforming investments.
“There were promises that were not kept," asserts former CEO Jeff Schumann. “We were dismissed for questioning the fulfillment of those promises.”
In response, an Oh.io spokesperson stated that they are prepared to defend against the allegations and are confident in their position. The legal matters are currently unfolding, with ongoing lawsuits on both sides.
As the situation develops, Oh.io has appointed Alex Husted as venture partner and is still on the lookout for new opportunities, recently welcoming Swiss startup Saporo into the fold.
Over the next 18 months, as the first cohort of startups navigates this journey, the future success of Oh.io remains uncertain, but for Timashev, it’s a testament to perseverance: "If you can succeed in Ohio, you can succeed anywhere," he remarks. “I always say I had three lucky breaks: I had a supportive family, I attended MIPT, and I made it to America.”
In the U.S., he discovered unparalleled opportunities and a sense of belonging. “This is the country where I align most closely with the values of freedom and enterprise," Timashev shares. "The U.S. flourishes because it attracts those who are restless and driven to reach new heights."
