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RVC summarizes its activity for 2015

28.12.2015

RVC summarizes its activity for 2015

RVC summarizes its activity related to the creation and integration of investment and non-financial instruments that support innovation ecosystem development in Russia. For the previous four years, RVC showed good results in attracting co-investors' funds which, in summer 2015, was acknowledged and appreciated by the Government of the Russian Federation in complex efficiency analysis of the innovation development institutes for technological renovation of the Russian economy. In 2015, 6 new funds involving RVC capital were announced. So, as of the date, the total number of funds set up by RVC is 23 and their aggregate amount is more than 33.6 billion rubles.

From this year, RVC, by resolution of the Government of the Russian Federation and the Presidential Council for economic modernization and innovation development in Russia, is defined as a project office of the National Technology Initiative (NTI) which is a long-term development strategy of the country aimed at formation of new global markets until 2035.

As a part of the innovation ecosystem development program, RVC realized a number of projects aimed at competencies development and improvement of interaction of the venture market participants, support of regional infrastructure, promotion of the technology entrepreneurship and ensuring globalization of the Russian innovation infrastructure. During the second part of 2015, RVC launched re-formatting of the most projects for the purpose of creation of favourable conditions and adjustment of the existing innovation infrastructure for NTI demands.

NTI PROJECT OFFICE

Activity of RVC as a project office implies organizational, technical, expert, analysis and methodological maintenance of task forces and financial support of NTI.

12 task forces develop roadmap projects of 8 NTI perspective markets and 4 cross-market directions with the support of RVC and Strategic Initiatives Agency. Currently, the first four roadmaps which were approved by the Council for economic modernization are submitted for approval to the Government of the Russian Federation: related to the market of smart transport systems - AutoNet, AeroNet, MariNet, NeuroNet neuro-technology market. Roadmap projects related to development of the HealthNet personal medicine market and EnergyNet smart energy supply market.

For the purpose of NTI technology projects support, RVC together with the Fund for Assistance to Small Innovative Enterprises in Science and Technology work on the offer to launch a series of contests for selection of the perspective technology developments that are of strategic importance for the leading position of Russia on new markets.

INVESTEMENT ACTIVITIES

The key vector of RVC investment activity in 2015 was ensuring of the balanced staged and industry structure of the Russian venture market by way of setting up new industry funds and seed micro funds.

In 2015, the main industry investment directions of the funds set up with participation of RVC capital were healthcare technologies and pharmaceuticals (60%), energy efficiency (16%), space technologies and telecommunication (9%).

In 2015, comparing to the previous year, significant growth of investments (198.6 %) in healthcare and pharmaceuticals was registered.

Volume of the approved investments for priority modernization directions of the economy technological development in 2014 and 2015.

Key figures of the investment activity of RVC

Currently 23 funds (including 2 funds in foreign jurisdiction and 5 micro funds) are set up with participation of RVC capital; their aggregate amount is more than 33.6 billion rubles. RVC share in the set up funds is 19.9 billion rubles; number of the portfolio companies approved for investment by RVC funds is 184. Aggregate volume of the funds approved for investment in innovation companies is more than 16.9 billion rubles.

Volume of RVC investment commitments as of the end of 2015 is 6.16 billion rubles.

RVC specialists provided expert support to 22 regional venture funds, 4 of them, with methodology support of RVC, completed re-registration procedure and began their work as direct investment funds.

Creation of the investment instruments

In 2015, it was announced of setting up of 6 new funds in the form of investment partnership agreement including 3 micro funds for investment of seed-staged and pre-seed-staged projects and 3 industry funds.

The agreement between RVC and Belarus innovation funds of setting up of the Russian-Belarus venture investment fund managed by RVC Infrafund was signed. The expected target fund volume will be about 14. billion rubles.

3 micro funds established by RVC PEV in the form of investment partnership agreement in the amount of 33.4 billion rubles each: "APC Seed Fund", "Hardware 2.0 Venture Accelerator Fund", "Live Systems Seed Fund".

Besides, in 2015, setting up of three industry funds was announced:

  • "North Energy Fund I Seed" seed fund, aimed at investment of the seed-staged projects in energy efficiency, renewable energy resources and rational nature management. Target fund volume is 1 billion rubles.
  • Aerospace cluster venture fund – "Finematika" Volume of the first fund closing is 1.51 billion rubles with the ability of further increase upon investors' decision.
  • "Da Vinci Pre-IPO Fund" fund aimed at investments in the Russian high technology fast growing companies with development potential up to international level and further introduction to IPO. Volume of the first fund closing is 3.78 RUB.

Key efficiency indicators of the funds engaging RVC capital

18 new project companies were approved for investment during the year. Amount of the approved investments in the project companies for 2015 (exclusive of December 2015) was 2,175 billion rubles, which is 42% higher than for the entire 2014. The Aggregate volume of the funds approved for investment amounted 16.9 billion rubles.

According to the results of three quarters of 2015 export revenue of the portfolio companies supported by the funds engaging RVC capital grew by 53% comparing to the analogous values of the previous year and amounted 26.45 billion rubles.

At the end of 2015, 20 "exits" of the project companies supported by the funds engaging RVC capital.

Activity of RVC affiliated funds

In 2015, RVC PEF funds, RVC Infrafund, RVC Biofund, "Civil Technologies OPK", Softline Seed Fund and "High Technology Venture Fund" approved investments in 22 project companies (15 of them are new) for the total amount of 579,39 billion rubles (389.09 billion rubles of them – in new companies).

Activity of RVC PEF in 2015 was focused on support of the companies specializing in information technologies, biotechnologies, pure technologies, medicine and healthcare, new materials and work related to development of the seed venture investments sector in Russia through setting up of seed-staged and pre-seed-staged micro funds. In 2015, 3 micro funds set up engaging RVC PEF capital increased their capital - Softline Seed Fund, "High Technology Seed Fund" and "Hardware 2.0 venture accelerator fund". The funds increased their capital for the amount of 300 million rubles, RVC PEF deposited 75% of the amounts to every fund, the rest 25% were invested by the private investors.

In 2015, RVC INFRAFUND invested in Chelyabinsk IT Park, in the АМТ&C group of engineering companies engaged in integration of new magnet-based technologies in different industries. Besides, RVC Infrafund invested in launch of the big project "Open workshops", focused on support of the circle and maker movement and in the EKAT Perm company that develops and integrates high technology solutions in clearance and sterilization of air in such industries as chemistry, petrochemistry, agriculture, etc.

Activity of RVC Biofund in 2015 was focused on portfolio extension through investments in service companies of the biology and pharmaceutical cluster and on support of the previously invested companies.

RVC Biofund and Non-banking Credit Organization «Modernization and technology development fund» participated in the joint first round funding in the amount of 43 million rubles in "RTM Diagnostics" specializing in development and production of devices for breast cancer diagnostics.

Moscow Seed Fund and RVC Biofund conducted joint funding rounds of total volume of 16 million rubles in EkzoAtlet compay, finalist of the GenerationS-2014 federal technology start-up accelerator and 46 million rubles - in "Central Plant of Grouth Medium".

The previously invested "National Bioservice" company with the support of RVC Biofund created the service of human tissue micro-chips production that will be used to research cross-reaction of antibodies to human tissue.

"Semiotik" project company launched its pilot product (blood test chips) on the Indian and American markets by signing a supply agreement for the research carbohydrate microchip (glycochip) with the Indian company Yashraj Biotechnology Ltd., and the American company GlycoTech Corporation.

Portfolio companies of the «Civil Technologies of the Military-Industrial Complex» fund were presented at the «Army 2015» Forum. RVC participated in the science and practical conference "Innovation development ways for the Military Forces of the Russian Federation. Key directions of work with innovative developments".

"MaxTelCom" which is a portfolio company of the «Civil Technologies of the Military-Industrial Complex» fund, developer of the first Russian machine for optic fiber assembly, signed a strategic partnership agreement with the Volgograd optic and mechanical plant VOMP JSC, one of the biggest Russian optic instrument engineering enterprises.

RVC ACTIVITY RELATED TO INNOVATIVE ECOSYSTEM DEVELOPMENT

Innovation ecosystem development in regions

One of the competence development instruments for participants of the innovation environment in regions are Regional Practical Consulting Sessions (RPCS). In 2015, RPCS were conducted in coordination with the Ministry of Economic Development of the Russian Federation in 36 cities of Russia, in Armenia, Belarus and Kazakhstan. About 1500 people got an idea of venture investment and technology commercialization practice, more than 200 regional technology projects got expert consultations as a part of free educational programs.

Innovation Ecosystem Forum for representatives of the regional innovation ecosystems is conducted for the second time under the RVC initiative. This year, it was devoted to perspectives of creation of the specialized infrastructure for the new NTI technology markets. More than 300 people - technology entrepreneurs, representatives of the regional venture funds and techno parks, employees of the leading Russian universities, authority representatives from 38 Russian entities participated in it.

Innovation ecosystem development at the universities and scientific organizations

RVC establishes partnership relations with the leading universities and scientific organizations. This year, a cooperation agreement between the Support Fund for Scientific and Project Activity of Students, post-graduates and young scientists "National Intellectual Development" (Innopraktika) and MSU named after M.V. Lomonosov for the purpose of generation and promotion of innovation MSU development was signed. Agreements with the Federal Agency of Scientific Organizations, Tomsk State University were concluded as well. The projects are launches in 2015 and event schedules for 2016 are signed for all agreements.

In March 2015, Innovation Ecosystem: Universities and Scientific Centers Forum organized by RVC based of NRTU "MISiS" was conducted; current results of interaction of universities, scientific organizations, state and business as well as perspective cooperation directions in the field of technology transfer were discussed at the forum. 30 university developments were presented at the forum.

In cooperation with the ITMO University, RVC arranged an educational "Commercializing Innovation" involving Professor of the Massachusetts Institute of Technology (MIT) Eugene Fitzgerald that was attended by more than 70 representatives of the Russian innovation ecosystem. Authors of the best course projects went to the advanced training in Singapore, where they acquainted with the innovation ecosystem arrangement of the country.

In addition, during 2015, RVC arranged a series of advanced trainings for representatives of universities, scientific organizations, venture funds, private companies, and public authorities in the Netherlands, Singapore, Brazil, Germany and Switzerland.

Venture funds development

National Premium "Venture Investor" is conducted for the second year in cooperation with RVCA for the funds demonstrating high class and culture of investment activity, establishing professional standards for business practice and defining key trends of the Russian venture industry. The award ceremony for the Premium winners in seven nominations took place at the Open Innovation Forum «Best venture investor», «Best Early-Staged Transaction», «Best venture investor in regions», «Best withdrawal», «Best seed-staged venture investor», «Best syndicated venture transaction» and «Person of the Year».

RVC realized a series of educational events for potential and existing business-angels in such Russian regions as Ekaterinburg, Novosibirsk, Samara, St. Petersburg, and Kaliningrad. More than 250 people attended the seminars.

For the second year, activity of the United Analytical Group initiated by RVCA and RVC is supported as a part of the investor development program: Based on the new methodology of collection and analysis of the common activity parameters of the Russian venture funds, reviews of the direct and venture investments market for 2014 and 9 months of 2015 were prepared and presented.

Corporate venture investment development

As a part of RVC initiative for stimulation of the corporate venture funds (CVF) setting up by the Russian companies in 2015, 36 Russian top and mid-level managers passed an educational program based on HSE devoted to corporate venture investment portfolio management and work with the "open innovation" model instrument Many program participants passed advanced training in Germany.

This year, the joint project of RVC and Science and Innovation Directors Club was conducted; it was related to analysis of the best innovation management practice in the big Russian companies including those with state ownership. 9 production companies and global technology leaders’ centers in Russia were in the focus.

This year, with the support of RVC, The Third Moscow Corporate Venture Summit was conducted; it traditionally became a key discussion platform in the field of corporate venture investments and gathered more than 500 participants.

Globalisation Program for the Russian Innovation Industry

In 2015, the projects aimed at promotion of the Russian innovation companies on the foreign markets involving partners from China, South Korea, Singapore, USA and Europe were continued.

In 2015, 3 programs in the sphere of information technology, photonics and radiation technology were conducted as a part of the strategic project supporting export of the companies included in the industry business associations and technological platforms. According to the preliminary results, more than 100 high technology Russian companies got support under this project. Representatives of the companies participated in 28 foreign industry exhibitions, educational seminars and got access to the analytical marketing research for priority national and product markets in the specified industries.

In 2015, RVC signed a cooperation agreement with the Research and Development Strategic Planning Office of the Ministry of Trade, Industry and Energy of the Republic of Korea and Korean Technical Venture Fund. The document is aimed at mutual support of the Russian and Korean Technology companies and universities as well as extension of the commercial use for long-term development of both countries. Russian-Korean technological weeks in Moscow and Seoul were hold in 2015 as a part of relation development with the Korean partners.

RVC also signed a cooperation agreement with the "Torch" Center (China), under which the Russian Day was arranged together with NP RUSSOFT at the Mobile World Congress.

In 2015, RVC was a general partner of the educational program and business mission to Singapore for representatives of the Russian development institutes, members of the task forces engaged in NTI roadmaps development, representatives of the regions and leading universities of the country.

Promotion of the innovation activity

In 2015, Communication Laboratory educational and networking project aimed at communication development between the representatives of the scientific organizations, their press services and mass media for the purpose of promotion of the advanced scientific developments, focused attention on the niche popular science, educational and technology publications distributing more than 70% of the content via the Internet.

In 2015, the All-Russia Contest of Innovation Journalism "Tech in Media" was conducted for the fifth time; it was aimed at acknowledgement and promotion of the journalists writing about scientific developments, successful commercialization samples and attraction of attention of the large society segments to technology development in Russia. More than 320 journalists participated in the contest.

The "Media Accelerator" project implemented in cooperation with Slon Magazine for the second year supports development of the relevant mass media that form popular science, technology and educational content and ensures popularization of the scientific themes in the regional mass media. More than 20 mass media participated in the program; 3 network meetings, 5 educational seminars, three of which were conducted as a part of the big MediaMakers conference that gathered about 600 guests were carried out for them.

TechUp rating of the Russian high-tech companies

This year winners of the fourth national TechUp rating of the Russian high technology fast growing companies conducted by RVC in cooperation with PwC, HSE, MSP Bank were announced. 60 companies of 250 applicants which passed through the qualification were included in the rating. According to the rating results, technology "gazelles" made a breakthrough last year: if in 2013, total revenue growth was 18%, in 2014 – it was 35%. Their total expenses for technical innovations increased by 19% – up to 19.1 billion rubles. In 2015, the TOP-list of companies with high export potential was prepared for the first time. According to rating analysis, more than 60% of the companies export their products to the foreign markets.

GenerationS Federal Technology Startups Accelerator

In 2015, GenerationS, the biggest in Russia and Eastern Europe accelerator of technology start-ups was launched for the third time. The infrastructure project was re-formatted to a line of corporate accelerators for development of the "open innovation" instruments in the Russian companies. Applications for the accelerator creation were submitted by more than 20 Russian corporations, 7 industry programs were created based on the results of qualification: modern power generation, telecommunications, automatic and robotics complexes, aerospace technologies, "smart city" solutions, oil and gas technologies and materials, biotechnology and medicine GenerationS-2015 gathered the record number of applications - 2566 projects from 14 countries. Participants of the GenerationS partner network are 150 innovation ecosystem players including public organizations and industrial corporations, banks, investment companies and universities. GenerationS prize fund increased up to 10 million rubles, value of partner prizes amounted to the record sum of 160 million rubles. According to the accelerator results, industrial partners were project mentors: individual plans of joint development are worked over, project concepts are elaborated according to the corporate standards, and technology testing on production lines is arranged.

Open Innovation Forum

From 2012, RVC is a co-organizer of the Moscow International Open Innovation Forum In 2015, the Forum and a new Technology Show became the biggest event in Russia related to the future of technology in human life, economy and society. RVC experts actively participated in the forum business program. RVC mount demonstrated developments of the portfolio companies supported by the funds involving RVC capital, of the GenerationS-2015 accelerator participants and companies included in the NTI task forces.

The first presentation of the four NTI roadmaps related to development of perspective markets took place at the Open Innovation Forum. AeroNet, AutoNet, MariNet, NeuroNet.

Analytics

In 2015, RVC together with the Russian and foreign partners prepared the actual research and reviews:

  • Overview of the direct and venture investment markets (RVC, RVCA)
  • MoneyTreeTM: Venture Market Navigator(RVC, PwC)
  • National report on innovations in Russia (RVC, Ministry of Economic Development, Open government)
  • The Third Annual Open Expert and Analytical Report on Realization of the Innovation Development Strategy of the Russian Federation for the period until 2020 (RVC, Frost&Sullivan)
  • Innovation development program for the companies with the state participation: intermediate summary and priorities (RVC, Ministry of Economic Development, SHE)
  • Foreign practices of stimulating demand for innovation under the public procurement and procurement in the companies with state participation
  • Innovation ecosystem development of the universities and scientific centers
  • Scenarios of development and globalization of the Russian information technologies industry (RVC, E&Y)
  • Review and assessment of development perspectives of the global and Russian information technology markets (RVC, Moscow Exchange, IDC)
  • Concept of setting up and operation of the patent fund
  • Candidates to champions: Peculiarities of the Russian fast growing technology companies, their development strategies and ability of the state to support realization of such strategies (RVC, SHE)


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