Three major Russian institutions—the Far East Development Fund, national fund of funds RVC and nanotech giant Rusnano—have ambitious investment plans for their new Far East venture fund that will support technology development in this far-flung Russian region.

Dubbed “Far East High Tech Development and Implementation Fund,” the new investment vehicle aims to develop innovation and deploy high technologies in Russia’s Far East. It has a target amount of nearly $175m, including half of this sum at the first stage.

The fund may invest up to $17.4m in each project, the source pointed out.

Meanwhile, RVC is planning to launch no less than 10 new venture funds across the regions to operate both locally and globally.