Central regions | Finance, business | Technology & innovation

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

22 Nov '16
Russian Venture Company (RVC), Russiaís national fund of funds for innovation, has recently set up three joint funds with the Skolkovo Foundation that manages this countryís most widely touted innovation hub under construction just outside Moscow, and is now investing more than $70m in these.

All government decisions regarding the three funds will be made by the year-end, RF Deputy Minister of Economic Development Oleg Fomichov said. Whatís known now is that itís 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 fundsí 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 fundsí day-to-day operations is expected to ensure quality investments, the partners believe.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations:

Latest News: Central regions
22 Mar '17 | Finance, business | Industry, manufacturing
20 Mar '17 | Finance, business | Technology & innovation
16 Mar '17 | Technology & innovation | Finance, business
14 Mar '17 | Farming, agriculture | Technology & innovation
 

Feature stories

6 Mar '17
Developing a photonic computer, a technology that...
25 Jan '17
ScreenCardio-NN, an innovative company based in...
7 Dec '16
In spite of all current problems and adverse external...
Search (News archive - 21052)
Advertising
Nano & Giga Symposium
Advertising
Kendrick-RD
Advertising
Report: Russian universities should modernize to compete globally
Advertising
ITMO University

Latest News

23 Mar '17
22 Mar '17
Tesla Inc., a U.S. electric vehicle maker and energy...
21 Mar '17
New Siberian biopolymers can interact with our...

Most read stories from last week

21 Mar '17
New Siberian biopolymers can interact with our...
22 Mar '17
Tesla Inc., a U.S. electric vehicle maker and energy...
23 Mar '17