The group of companies Renova intends to create a venture fund for developing projects on biotechnologies, innovation and venture news source UNOVA reports.

The fund will reportedly provide “seed” finance, as well as to invest funding into later stages of research and development of medicines. The funding amount might total $1m and more.

“We expect to attract not only Russian projects on biotechnologies and pharmaceuticals, but also interested in he projects to be implemented abroad,” Sergey Pavlovsky, the Renova representative, said.

The market analysts believe biotechnologies to be a perspective field, which is actively developing all over the world. According to Nikolay Bespalov, the director on research and consulting of the center Pharmexpert, the ones who pay serious attention to biotech projects in Russia are the Skolkovo innovation center, Rusnano, the Russian Venture Company.

“Skolkovo has the cluster of biomedical technologies, which is already working on 79 projects. Further investment into the projects will be carried out by venture funds that will allocate money for development of startups. From what I understand, this is the kind of fund, currently being created by Renova. Considering affiliations between Skolkovo and Renova (Victor Vekselberg is the president of both Renova and Skolkovo), it is obvious that Renova venture fund is created in order to invest into the projects, selected by Skolkovo specialists,” Mr. Bespalov said.

Renova group of companies is the leading Russian private business-group, consisting of management companies, direct and portfolio investment funds.

Renova group of companies owns and manages assets in metallurgical, oil, machine building, mining, construction, energy, telecommunication, nanotechnological, housing utilities industries, as well as the financial sector in Russia and abroad.

Renova group is a strategic investor and shareholder in leading international and Russian companies, including TNK-BP, UC Rusal, Oerlikon and Sulzer.