The Moscow Seed Fund (Fund for assistance to development of venture investment in small science-and-technology enterprises of Moscow), established by the Moscow Department of Science, Industrial Policy and Entrepreneurship with the support of RVC, in cooperation with the business angel Mikhail Chuchkevich invested RUB 9 million in the iNVend project in March 2018.
iNVend is engaged in the development and implementation of software for self-service booths. The technology allows for self-check-in in hotels, business centers and airports. This development has a unique format. There are technologies that help you to make a reservation on a web-site, however an automated check-in at a hotel without human assistance is more a novelty on the market than a quality standard for a hotel or airport. And particularly self-check-in function (self-check-in booths) is an essential step to fully keep in line with advancing mobile technologies.
The company started developing this technology in 2014. It took them 2 years to proceed from the idea to a firstly-sold pilot model. These were the hoteliers themselves that suggested this idea as they regularly faced problems with queues, lengthy check-in procedures and search for receptionists.
There has been some progress made lately. The booths have been pilot-tested by a number of Russian hotels; some of the booths have been integrated with hotel systems. The product is constantly revised for improvements since it is unique and unrivalled in the Russian Federation. Apart from guest accommodation, the solution is capable to identify whether the passport is authentic or fake and belongs to its owner, which makes the check-in procedue quick, convenient and safe. The company is a resident of Slava Technopark, the winner of GSEA 2015, a competition for young entrepreneurs, the semi-finalist of the international competition GSEA 2016.
The Moscow Seed Fund and Mikhail Chuchkevich will invest into the creation of an updated solution operating with guests’ mobile phones and integrated with the largest hotel systems. The money will also be spent on improving the appearance of the self-check-in booth.
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.
The Moscow Seed Fund (Fund for assistance to development of venture investment in small science-and-technology enterprises of Moscow) was established by the Moscow Department of Science, Industrial Policy and Entrepreneurship with the support of RVC OJSC. The Fund's mission is to support the novice venture investors and young innovative enterprises. The Fund extends the loans against the concessionary interest rate for innovative projects under seed and pre-seed stages having passed a competitive selection and having received a financial aid as investments from private investors. The fund provides RUB 2 as a financial leverage for each RUB 1 invested by a private investor. The maximum amount of investments into one enterprise shall not exceed RUB 8 million. The loan is extended for 3 years.