RVC, Roscosmos and VEB Innovations announced establishment of a venture fund in form of Investment Partnership Agreement. The agreement of intent was signed by Alexander Povalko, the CEO of RVC, Anton Zhiganov, executive director for business development and commercialization at Roskosmos and Kirill Bulatov, CEO of VEB Innovations LLC.
The venture fund is going to finance small innovative companies that focus on activity areas of Roscosmos State Corporation. By creating such a venture fund, Russian space industry is showing its willingness to operate in a "new cosmonautics" era, when private business, university laboratories and spinoffs of large corporations become full-fledge participants in space programs. Pro-active solutions can be successfully integrated into the production chains of the national space industry both when creating rocket and space technology, and commercializing capabilities of orbital groups. Roscosmos is seriously interested in new software solutions in the field of geoinformatics, structural materials and modern production technologies, various components of space vehicles, platform and system solutions for micro satellites, so the venture fund is one of the most widely accepted methods of supporting novice companies at early stages of product and service development.
The new venture fund will also help ensure effective integration with the directions and projects of the National Technology Initiative.
RVC, Roscosmos and VEB Innovations intend to submit before April 1, 2018 drafts of the investment partnership agreement as well as other documents defining the Fund's operating procedure to their authorized bodies for signing. The agreement was prepared as part of the instruction from the President of the Russian Federation No. Pr-1132 item 2 a) dated June 14, 2017 on the creation of specialized divisions and venture funds investing in small innovative companies in several state corporations and publicly-owned companies.