Far East | Finance, business | Technology & innovation
Far Eastern fund supports mini-projectors
19 Sep '19
The government-owned Far Eastern Fund for High Technologies (FEFHT) has invested $3m in a local developer of advanced mini-projectors called Multikubik. The fund was set up last year by a consortium led by Rusnano and RVC, two of what are referred to as Russia’s state-run development institutions, Vc.ru reported.
The stake FEFHT acquired in the deal has yet to be specified. Its charter policy requires that it invest in equity capital exclusively, getting a below-controlling stake. The fund will participate in the management of the investee through its board of directors.
Multikubik was reported to have plans to use the new funding for the opening of an office and R&D center in Vladivostok, the largest city on Russia’s Pacific coast. The R&D center is expected to tweak the content platform and develop new projector models. R&D in the field of augmented and virtual reality for use with projectors is also on the table. The company believes having such a strong investor as FEFHT right next to it will help Multikubik prepare for expansion to the vast Asian markets.
Multikubik develops and manufactures Cinemood-branded mini-projectors enabling users to watch both integrated cartoon content and content from third-party services like Ivi or Megafon TV. Using the content on a subscription basis is an option.
The developer refers to Russia and the U.S. as its priority markets.