RVC Expanding Technology Cooperation with South Korea


RVC and the Korea Institute for Advancement of Technology (KIAT) have signed a Memorandum of Understanding for cooperation in development and advancement of technology innovation. The agreement was signed on the margins of Russia Korea Business Forum in Moscow.

The agreement between RVC and KIAT aims to provide mutual support for innovative development of Russian and South Korean companies, as well as technology collaboration between universities from the two countries. The parties to the agreement are planning to share experience in innovation management and advance cooperation in creation and development of new high-tech industries.

The key area of cooperation will be South Korea’s active involvement in organization of the National Technology Initiative’s (NTI) Winter City and First Element Technology Contests, which are getting launched this year by RVC, the Skolkovo Foundation, and the Agency for Strategic Initiatives (ASI). Under the new agreement, RVC and KIAT will encourage Korean engineers, scientists and entrepreneurs to participate in contest assignments to overcome international technology barriers. South Korean teams will have an opportunity to compete in creating a driveless car designed for safe navigation in a winter city, as well as developing a hydrogen fuel cell for vehicles and aircraft that would offer efficiency comparable to that of conventional fuels.      

The agreement also provides for collaboration between Russian and Korean universities in technology transfer and commercial application of technologies. RVC and KIAT are planning to join forces for development of innovative solutions at NTI Competencies Centers operating on the basis of 14 universities and scientific research centers, including the St. Petersburg Polytechnic University, ITMO, SkolTech, Innopolis, the Far Eastern Federal University, and others. The centers are focusing on development of breakthrough technologies, such as robotics, AI, the Internet of Things, neurotechnology, quantum communications, blockchain, among others.

“Russia can benefit greatly from the South Korean experience in transforming the economy through new technology. In our agreement with KIAT, we have made a commitment to cooperate on two key projects of the National Technology Initiative. We are planning to use the expertise of our South Korean partners to implement a new approach to managing scientific research at NTI Competencies Centers. South Korea has also made a commitment, through KIAT, to become the first international partner of NTI Technology Contests. This indicates that the challenges of overcoming technology barriers included in contest assignments are relevant not only to Russia, but also globally,” said Alexander Povalko, CEO of RVC.

“Russia is extremely competitive in basic sciences such as physics and mathematics, and is in possession of original technology in advanced materials, bio, and aviation. We hope to expand cooperation in the long term because both countries can jointly create new industries through mutual complementary cooperation utilizing Korea's enterprise innovation capability and high-tech industry technology,” said Kim Hak-Do, president of KIAT.

RVC has been collaborating with South Korea on technology innovation since 2014. RVC has partnered with major Korean government institutions, universities and corporations. RVC is working together with the Ministry of Trade, Industry and Energy of the Republic of Korea, the Korea Techno-Venture Foundation , and the Samsung Research Center in Russia. Several companies which have received investments from RVC funds are already active on Korean markets: RMT, ExoAthlete, the Perm Chemicals Company, Thercon-LHP, and others.


About RVC

RVC JSC is a government-controlled fund of funds, an institution to promote development of venture investment sector in the Russian Federation. The primary operating goals of RVC are stimulating the establishment of a domestic venture investment industry in Russia and performing the functions of the Projects Office for the National Technology Initiative (NTI). RVC has an authorized capital of more than RUB 30 billion. RVC is 100% owned by the Russian Federation through the Federal Agency for State Property Management of the Russian Federation (Rosimushchestvo). RVC has created 26 investment funds with the combined asset value of RUB 35.7 billion, with RUB 22.7 billion of the total controlled by RVC. RVC funds have approved RUB 18.2 billion of investments in as many as 223 innovation-focused companies.

About KIAT

The Korea Institute for Advancement of Technology (KIAT) is an institution for developing technology policy with the South Korean Ministry of Trade, Industry and Energy. KIAT was established in 2009 according to the Law on Development of Industrial Technology as a result of merger of six public technology institutions. With its headquarters in Seoul, KIAT has an annual budget of approximately US$ 1.4 billion. The development institution comprises seven departments focused on advancement of industry, materials and components, international cooperation, commercialization of technology, support for regional industry and high-potential companies, as well as development of technology policy. As an authorized organization with the South Korean Ministry of Trade, Industry and Energy, KIAT is promoting the advancement of Korean industrial technologies to the next level.

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