Far East | Technology & innovation | Finance, business

Far Eastern fund supports industrial IoT solutions

4 Jul '19
Visitech, a Russian developer of industrial Internet of Things (IoT) and safety software solutions which is headquartered on the Island of Sakhalin in Russias Far East, is raising $1.6m from the Far Eastern High Tech Fund (FEHTF), the Russian business daily Kommersant reported.

FEHTF was set up by Rusnano, Russias government-owned nanotech giant, the local Foundation for the Development of the Far East and the Baikal Region, and the Russian Venture Company (RVC), the national fund of funds for innovation.

Visitech wants to use the money to fine-tune its products, step up R&D, improve marketing, and open a rep office on the Island of Russky in Vladivostok, the key city of Russias Far East.

Visitech was established four years ago in Yuzhno-Sakhalinsk, Sakhalins center, by Rustam Milanov and Sergey Bobylyov, two former engineers at Sakhalin Energy, and Anton Kirichenko, an ex software developer at EY and Rover Computers. One of the co-owners of the company is Eldar Razroev, the former head of Euroset, a large mobile tech retail network; he owns 2% of Visitech. The company is developing software for production safety monitoring, predictive analytics to forecast and investigate failures. The team ended 2018 with $1.9m revenue. Its client base includes large-scale Russian oil and mining companies, such as Rosneft, Gazprom Neft, MMK, and a few others.

With the Visitech solutions, a user can reduce by 80% the time required to address industrial emergencies. The analytics provided by the team helps users identify and prevent systemic or one-time reasons of failures. Labor safety costs may be reduced by 10-25%, the incidence and acuteness of on-site accidents by 20-50%, and overall fines and downtimes caused by accidents can be decreased by 30-50% for a three-year horizon.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations: Yuzhno Sakhalinsk

Tags: industrial Internet of Things (0) / Visitech (0) / Far Eastern High Tech Fund (0) /

Latest News: Far East
19 Sep '19 | Finance, business | Technology & innovation
4 Jul '19 | Technology & innovation | Finance, business
17 Apr '19 | Technology & innovation
 

Feature stories

8 Nov '19
For the first time in the history of Russian-African...
29 Oct '19
25 Jul '19
Russian scientists have come up with a new method of...
Search (News archive - 21625)
Advertising
AIM_Congress
Advertising
NATT
Advertising
Venture_Russia_2018
Advertising
Marchmont News

Latest News

5 Dec '19
Russias largest savings bank is testing its own...
4 Dec '19
Kaspersky Lab, a Russian IT company, has unveiled a...
2 Dec '19
MTS, one of Russias top four mobile telecom...

Most read stories from last week

5 Dec '19
Russias largest savings bank is testing its own...
4 Dec '19
Kaspersky Lab, a Russian IT company, has unveiled a...