Central regions | Finance, business | Technology & innovation
Start-up Cashdesk launched to back young IT companies
23 Apr '18
Interregional Transit Telecom (MTT), a Russian company owned by ex telecommunications federal minister Leonid Reiman, and Inoventica, an IT firm, have partnered in putting together a new $1.6m program called “Start-up Cashdesk” to support young IT companies, Firrma reported.
Start-up Cashdesk is expected to lend a financial and technological hand to start-ups that need IT resources and services to begin their development. Sectoral preferences for support: start-ups that develop artificial intelligence, neural networks, speech technologies, 3D modeling, hazard prediction solutions, technologies to streamline production processes, transport modeling systems, instant translation solutions, and augmented/virtual reality.
Projects to be selected may be each eligible for an investment of up to $160,000, of which half at least must cover the IT infrastructure each project needs (these will be Inoventica’s high-speed servers and data protection systems, solutions to counter DDoS attacks, broadband Internet and other telecom lines) and the other half is for the team to pay for its ongoing needs, including payroll, office rent, and services offered by program partners.
As Inoventica CEO Vitaly Slizen claims, Start-up Cashdesk offers start-ups a level of services which is competitive to other similar programs. The advantages include “a low interest rate, no need for a start-up to cede a share of ownership to an investor, and no mandatory loan collateral.”
MTT is an experienced Russian telecom providing long-range communications services. Inoventica is an IT operator that builds public, hybrid and private clouds nationwide.