Central regions | Finance, business | Technology & innovation

Government-backed Russian fund launches Big Data investment program

21 Mar '16
The Internet Initiatives Development Fund (IIDF, or FRII in Russian), a government-backed fund for Russian Internet start-ups, intends to invest approximately $7.7m in Big Data projects.

FRII will reportedly support a few dozen projects, taking into account the needs of large Russian corporations.

The fund also intends to create a big data laboratory to assist these start-ups in their technological development, recruitment, technical and software equipment tasks.

Several Russian investors and industry players have shown interest in Big Data recently. Among the most noticeable moves was Microsoft’s 2014 commitment to invest $1m in computer vision and Big Data research in partnership with a Moscow university.

In March 2015, two Moscow-based venture funds, Leta Capital and Simile Venture Partners, invested nearly $3m in Double Data, a Russian start-up developing Big Data solutions for financial institutions.

In December 2014 Yandex, the Russian search giant, launched Yandex Data Factory, an international project to provide custom-made Big Data solutions to companies both in Russia and worldwide.

More recently, in the Lower Volga area the Samara State Aerospace University (SSAU) set up a laboratory to process Big Data for a wide range of sectors, using its own hardware and software solutions.
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