North West | Finance, business

Russian steel tycoon supports fund that backs AI

9 Oct '18
Severstal, a Russian steel giant owned by the billionaire Alexey Mordashov, has invested in Chrysalix RoboValley in its first round of funding. This Dutch fund itself supports projects in artificial intelligence (AI), automated systems, and Robotics, Firrma.ru reported.

A source familiar with the deal told Firrma that Severstal Ventures, a venture arm of Severstal, has invested about $10m in the fund.

A young $100m fund, Chrysalix RoboValley also provides acceleration program services on its premises, bringing together promising start-ups and offering them technical and business support.
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