Russian venture companies Phystech Ventures and North Energy Ventures have run a joint Fund Terra Fund II. It includes 24 investors. The representatives of the Fund told about this Inc.
The Terra Fund II portfolio includes 11 Russian technology companies with a presence in the markets of the Middle East, South-East Asia and North America, such as Axel, UVL Robotics, Geosteering Technologies and ADL Completions. The size of the Fund was $ 40 million, it included 17 investors from Phystech Ventures and North Energy Ventures, as well as 7 new ones. In the supervisory board — ex-partner of Lime Rock Partners Saad Bargash and Investment Director of RVC Alexey Basov.
The Fund will focus on the late stages in the area of traditional energy technologies, smart networks, industrial Internet of things, robotics, artificial intelligence and machine learning.
Danila Shaposhnikov, the partner of North Energy Ventures, said that the strategy of bringing Russian technologies in the area of oil and gas and traditional energy to the markets of the Middle East, Africa and South-East Asia will be continued. According to him, now there has been formed a steady demand for cost-effective solutions and alternatives to the products of global majors.
Phystech Ventures is a venture capital firm that invests in global teams that develop difficult-to-copy IT and energy efficiency technologies, while North Energy Ventures focuses on technology companies in the oil and gas sector. The total volume of previous Phystech Ventures and North Energy Ventures Funds is more than $ 30 million. Firms conducted a total of 22 investments, their total portfolio includes 9 companies.