RVC, Roscosmos and VEB Innovations to create a joint venture fund

RVC, Roscosmos and VEB Innovations to create a joint venture fund

RVC, Roscosmos and VEB Innovations announced establishment of a venture fund in form of Investment Partnership Agreement. The agreement of intent was signed by Alexander Povalko, the CEO of RVC, Anton Zhiganov, executive director for business development and commercialization at Roskosmos and Kirill Bulatov, CEO of VEB Innovations LLC.

The venture fund is going to finance small innovative companies that focus on activity areas of Roscosmos State Corporation. By creating such a venture fund, Russian space industry is showing its willingness to operate in a "new cosmonautics" era, when private business, university laboratories and spinoffs of large corporations become full-fledge participants in space programs. Pro-active solutions can be successfully integrated into the production chains of the national space industry both when creating rocket and space technology, and commercializing capabilities of orbital groups. Roscosmos is seriously interested in new software solutions in the field of geoinformatics, structural materials and modern production technologies, various components of space vehicles, platform and system solutions for micro satellites, so the venture fund is one of the most widely accepted methods of supporting novice companies at early stages of product and service development.

The new venture fund will also help ensure effective integration with the directions and projects of the National Technology Initiative.

Currently, we face a double-barrelled situation in the Russian space industry: on the one hand, corporations are in dire need of innovative developments, and on the other hand, there are still barriers preventing a technology business from entering the market. The new venture fund will help overcome this gap, open the market, and allow small innovative companies to commercialise their space developments," said CEO of RVC Alexander Povalko.

"Currently, the Roscosmos' strategic aim is provide active launch of space services to the market. In doing so, we strive to support both initiative high-potential teams working at our enterprises and external teams who can boast of having unique competencies in market areas which are new for us. Venture instruments are actively used by the leading global aerospace companies and when interacting with colleagues from Russian development institutions, we also discover these opportunities," said Anton Zhiganov, executive director for business development and commercialization at Roscosmos.

"When faced with severe international competition, we find it important to provide the space industry with promising ideas and solutions that can be in demand in related industries. The fund plans to support projects such as 3D printing, quantum sensors, energy storage and transmission systems. We must allow newcomers and accomplished teams with ambitions to make a difference, to raise the funds required and to participate in the development of technologies for discovering any practical uses of outer space. Exactly for this purpose we are creating the new venture fund which, combining the capabilities of Roscosmos, RVC and VEB Innovations, will become a unique tool for solving these tasks, commented Kirill Bulatov, CEO of VEB Innovations.

RVC, Roscosmos and VEB Innovations intend to submit before April 1, 2018 drafts of the investment partnership agreement as well as other documents defining the Fund's operating procedure to their authorized bodies for signing. The agreement was prepared as part of the instruction from the President of the Russian Federation No. Pr-1132 item 2 a) dated June 14, 2017 on the creation of specialized divisions and venture funds investing in small innovative companies in several state corporations and publicly-owned companies.

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