At St. Petersburg International Economic Forum VEB Innovations LLC and RVC signed a cooperation agreement to develop the projects of the National Technology Initiative, the Digital Economy of the Russian Federation program, to support promising end-to-end technologies and to assist Russian innovative companies in entering international markets.
According to the cooperation agreement, the parties will jointly consider high-tech projects and provide funds on the terms determined in the investment partnership agreement with Venture Fund of the National Technological Initiative.
VEB Innovations is considering to become a co-investor of the NTI Fund in order to provide seed financing, stage A and B financing to Russian technology companies, which are using science-and-technology know-how of NTI’s priority sectors to create proper intellectual assets. The NTI Fund is being established by RVC to provide venture support to the projects of the National Technological Initiative. Overall, the Fund’s size together with moneys raised as co-investments in portfolio companies will be at least RUB 3.5 billion. Among the industry priorities of the Fund are technologies for storing and analyzing big data, artificial intelligence, blockchain, quantum technologies, new energy sources, robotics, virtual and augmented reality technologies, neurotechnologies, etc.
The agreement also stipulates that VEB Innovations and RVC should actively exchange experience and information in order to develop innovative projects and venture financing of high-tech projects, made in Russia.
About VEB Innovations
VEB Innovations LLC is a single point of contact with VEB Group in the matter of supporting innovative projects. VEB Innovations prioritizes the financing of projects of National Technological Initiative, the program ‘Digital Economy of the Russian Federation’ and provides assistance to Russian innovative companies in entering international markets. The company is also interested in promising projects in the field of convergent technologies, quantum technologies, etc.
About National Technological Initiative
The National Technological Initiative is a long-term comprehensive program to ensure that in the next 15-20 years Russian companies will take the lead in new high-tech markets. NTI is meant to be a broad coalition, consisting of groups of like-minded people from technology companies, of leading universities and research centers, major business associations of Russia, development institutions, expert and professional communities, interested executive bodies. Currently, there are 12 working groups that are developing road maps for nine promising markets and three cross-market directions.
RVC JSC is a governmental fund of funds, the Institute of Development of the Russia's venture investment industry. The main objectives of RVC JSC: promote creation of Russia's own venture capital industry and execute functions of the Project Office of the National Technology Initiative (NTI). The authorized capital of RVC JSC is more than 30 billion roubles. One hundred per cent of the RVC capital is owned by the Russian Federation represented by the Federal Agency for Management of State Property of the Russian Federation (Rosimushchestvo). The total number of funds formed by RVC JSC has reached 26, their total size is 35.7 billion roubles. The share of RVC JSC is 22.7 billion rubles. The number of innovative companies approved for investment by RVC funds has reached 223. The total amount of monetary funds approved for investment is 18.2 billion roubles.