UAC to Invest up to RUB 300M in Skolkovo Venture Fund and RVC
The United Aircraft Corporation (UAC) will invest up to 300 million rubles in Skolkovo Venture Fund — Industrial I established by Skolkovo-Venture Investments LLC and Russian Venture Company (RVC). The agreement on the conditions for the UAC to join the investment partnership was signed during the Open Innovations Forum held on October 16, 2017 in Skolkovo. The UAC President Yury Slyusar and General Director of Skolkovo-Venture Investments LLC Vasily Belov signed the document.
UAC will be the first strategic investor and partner of the investment partnership Skolkovo Venture Fund — Industrial I attracted by Skolkovo-Venture Investments LLC. The partnership with a target fund size of RUB 2.5-3 bln will invest in Russian start-ups considering the interests of implementation of the road maps within the National Technological Initiative and promotion of the commercialisation of the results of the Skolkovo Fund participants in the "Industry 4.0" area: new materials, unmanned technologies, smart energy, sensorics, digital design, additive technologies, robotics, predictive analytics and other industrial areas. RVC acted as an anchor investor of the fund with an investment volume of RUB 1.5 bln. Earlier, the concept of joint investment in small innovative companies was approved by the Board of Directors of the UAC.
"We decided to start investing in small innovative companies together with experienced partners from RVC and Skolkovo. Investment focus of the Skolkovo Venture Fund — Industrial I coincides with the directions that are necessary for the development of the corporation and our technologies. Having gained experience in the course of this partnership, we will continue deploying our system of investment management in innovation," said the UAC President Yury Slyusar." He also reported that the industry-specific department of innovative digital technologies and venture projects had started its operations as part of the UAC, which will "serve as the project office of digital transformation initiatives." "We expect that this will become one of the points of growth in the competences of the new technological wave in the UAC," emphasized the UAC president.
In addition to direct investment activities, Skolkovo-Venture Investments actively participates in the development of the ecosystem of venture investments in Russia. In this light, the decision of the UAC to become a strategic investor among state-owned technological companies seems to us to be an extremely important sign for the entire industry. Our partnership demonstrates that the end consumers of innovations — large corporations — have entered the venture market. Investment through venture funds is a convenient tool for access of the best start-ups to technologies at early stages and allows to share risks with other investors. It is important that the UAC is becoming an active partner, which forms investment and start-up competencies within the corporation," commented Vasily Belov, the General Director of Skolkovo-Venture Investments LLC.
"Technological renewal of corporations with public ownership plays a huge role, and should be implemented inter alia through the extension of partnership with small innovative companies. Therefore, involving corporations in a venture ecosystem is our priority. Moreover, it is very important that the development institutions and state corporations find common ground. We provided several areas of partnership in the updated RVC development strategy, including investment cooperation and creation of funds, expert advisory activities, and acceleration. Currently, we are going through different stages of negotiations in order to create venture funds with five state corporations from the list of the Order issued by the President of the Russian Federation. Cooperation between the UAC and the joint Venture Fund RVC and Skolkovo proves of the company's readiness to catch up on work with high profile high-tech early-stage projects. I’m confident that this decision of the UAC will contribute to the development of country's innovation and aviation industry. RVC, in turn, will, as before, provide the UAC with extensive support in cooperation with the small technological business," said General Director of RVC Alexander Povalko.