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Two Funds are Investing in a Russian Developer of Technological Prostheses

Source: RBC

The production Department of the company "Motorica" (Photo: Vladimir Gerdo / TASS)

Two Russian funds — the Russian Direct Investment Fund (RDIF) and the Far Eastern High Technology Fund (FEHTF) — invested 300 million rubles in a Russian company that develops high-tech prosthetic hands and rehabilitation systems “Motorica”. This was reported to RBC by the press service of the Far Eastern Fund.

“Motorica”, a resident of Skolkovo, produces robotic functional prosthetic hands with an individual design. With the allocated funds, the company will develop and improve its products, as well as develop Attilan — a virtual reality (VR) platform for rehabilitation of patients with prostheses. Its user puts on a VR helmet and is immersed in a game that simulates the operation of a space station in orbit of Mars. The patient performs game tasks with robotic limbs, playing the role of a plant employee: an engineer, a scientist, a pilot, etc., in the process mastering a high-tech prosthesis.

The money will also be used to develop a service network of “Motorica” in Russia and in other countries and to open a research center in Vladivostok — they plan to organize it together with the medical center of the far Eastern Federal University (FEFU).

Out of 300 million roubles of investments received by the company, the Far East High Technology Fund allocated 200 million rubles, and the RDIF — 100 million rubles. Earlier, in 2019, the RDIF has already allocated 100 million rubles to “Motorica”, as it is a portfolio company of the Fund, and its products have export potential. RBC wrote about this deal.

With the help of new investments, the company will be able to make significant progress in the use of artificial intelligence and virtual reality technologies, says Ruslan Sarkisov, General Director of FEHTF. The Fund hopes for the imminent release of a product that will help the prosthesis owner to receive information from touching other objects with an artificial limb, the head of the Fund added.

“Motorica” expects that the financing will help “scale its business many times over” and continue the research that can ensure the company's success in foreign markets. In May 2020, “Motorica” received a certificate of European conformity for sales in Europe, the Middle East countries and in a number of countries in the Asia-Pacific region, which are the target regions of the company, the FEHTF said.

The Russian Direct Investment Fund (RDIF) is a sovereign investment Fund established in 2011 as a wholly-owned subsidiary of VEB. In 2016, the Fund was transferred to the Federal Agency for State Property Management under a special law. The Fund's portfolio includes more than 80 projects, including AliExpress Russia, Zapsibneftekhim, Detsky Mir, Mat i Ditya Group of Companies, PhosAgro, Russian Helicopters, etc. During the pandemic, RDIF became a co-investor in the creation of the first Russian “Sputnik V” vaccine against the coronavirus and is engaged in its global promotion.

The Far East High Technology Fund (FEHTF) was created in 2018 by the order of Russian President Vladimir Putin and Yury Trutnev, presidential plenipotentiary in the Far Eastern Federal District; its main goal is the development of local high-tech businesses. The Fund's investors include Rosnano, 123 and the Far East and Arctic Development Fund.

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