Russia to step up support of IT, biomed and industrial tech developments

Russia to step up support of IT, biomed and industrial tech developments November 02, 2016, 11:03

Russian Venture Company (RVC), Russia’s national fund of funds for innovation, has recently set up three joint funds with the Skolkovo Foundation that manages this country’s most widely touted innovation hub under construction just outside Moscow, and is now investing more than $70m in these, Firrma.ru reported.

All government decisions regarding the three funds will be made by the year-end, RF Deputy Minister of Economic Development Oleg Fomichov said. What’s known now is that it’s Skolkovo Venture Investments, a company the Skolkovo Foundation decided to set up as subsidiary back in September, that is expected to manage the new joint funds.

Fund 1 will be investing in IT projects; fund 2 will focus on biomed; and fund 3 on industrial tech. RVC is expected to ante up about $24m for each of these, while Skolkovo has undertaken to bring private co-investors on board, which will be expected to invest about $8m in each of the funds over the first year of their operation. Another $24+m are expected to come from private coffers in years 2 and 3 of the funds’ existence. Each of the three will be able to shell out an average of $1.6m per project.

The funds will be supporting Skolkovo-bred start-ups, so giving the Skolkovo Foundation a mandate to run the funds’ day-to-day operations is expected to ensure quality investments, the partners believe.

Source: http://marchmontnews.com/Finance-Business/Central-regions/21715-Russia-step-up-support-IT-biomed-and...

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