BFG Group plans to direct the attracted financing to the development and scaling of the product in Russia and abroad, as well as to strengthening the team.
A joint fund of Skolkovo Ventures and the Russian Venture Company (RVC) will invest about 200 million roubles in the development of software for optimising production processes using digital double technology and artificial intelligence, the RVC press service said on Wednesday.
BFG Group is a Russian engineering IT company whose software makes it possible to create a digital production model and optimise business processes using artificial intelligence technologies. By reducing production cycles and volumes of work in progress, a company can increase profits several times. The first investment tranche of 50 million roubles has already been provided to the developer company; the remaining monetary funds will be allocated after the terms of the agreement are met.
BFG Group plans to direct the attracted financing to the development and scaling of the product in Russia and abroad, as well as to strengthening the team. In 2016, the BFG Group already raised 80 million roubles from the Internet Initiatives Development Fund (IIDF).
According to IIDF analysts, 13 thousand Russian industrial companies need solutions to optimise and improve production efficiency. The domestic market for such products in engineering will be estimated at 50–70 billion roubles in the next few years. Clients of the BFG Group are PJSC KamAZ, BTK Holding, Renova and Kalashnikov.
Skolkovo Ventures and Russian Venture Company established the Industrial I Skolkovo Venture Fund in 2017 to support high-tech projects. The Fund's investors also include United Aircraft Corporation PJSC, Russian Railways OJSC, and Russian Helicopters JSC.
Skolkovo Ventures is an investment platform for managing venture capital funds, attracting external financing, developing and launching new financial products for fast-growing technology companies on the market, established by the Skolkovo Foundation in 2017. The company manages several venture capital funds with a total volume of 5 billion roubles.
RVC is a governmental fund of funds, the Institute of Development of the Russian Federation. The authorized capital of RVC JSC is more than 30 billion roubles, 100% of which is owned by the Russian Federation represented by the Federal Agency for State Property Management of Russia (Federal Property Management Agency). The total number of funds formed by RVC has reached 27, and their total size is 51.3 billion roubles.