The new Terra Fund II of $ 40 million comprises 24 investors, including 7 new investors and 17 investors who previously worked for Phystech Ventures and North Energy Ventures. Among the investors in the Terra Fund II are large banks, corporations, RVC, owners of oilfield services companies, international tech entrepreneurs.
The Terra Fund II’s portfolio currently includes 11 Russian tech companies operating in the Middle East, South-East Asia, and North America, including Axel (high-speed telemetry and LWD data processing), UVL Robotics (robotic solutions in logistics), Geosteering Technologies (software solutions for optimization of drilling), ADL Completions (technologies of multilateral completion of wells) and others.
The investment strategy of the new Fund assumes a shift in focus on companies of later stages in the area of traditional energy technologies, smart grids, industrial Internet of things, robotics, artificial intelligence, machine learning. The Fund’s executive team will also work towards increasing the capitalization of the existing portfolio, while assisting companies to form sales channels in global markets, raise foreign capital, protect intellectual property, etc.
In addition to partners Phystech Ventures and North Energy Ventures, Vasily Larionov, former top manager at Schlumberger and Baker Hughes, joined the executive team of the Fund. Saad Bargash, ex-partner of Lime Rock Partners, and Investment Director of RVC Alexey Basov joined the supervisory board of the Fund.
Phystech Ventures is a venture capital firm founded by Pyotr Lukyanov and Olga Maslikhova in 2013. The company invests in Russia, the USA and South-East Asia in teams developing hardly replicated technologies in IT and energy efficiency. Despite the launch of a joint Fund, Phystech Ventures will continue to invest independently in foreign markets and will expand its presence in Silicon Valley up to three full-time employees. North Energy Ventures is a venture capital firm with a focus on technology companies in the oil and gas sector, energy efficiency and new materials. It was founded in 2012, among partners are Dan Colbert, Ivan Protopopov, Danila Shaposhnikov and others. Fund offices are located in Moscow and Oregon.
Since the foundation the Phystech Ventures and North Energy Ventures have invested collectively in 22 companies, 9 companies were included in the joint Fund portfolio. 2 transactions were completed immediately after the launch of the Fund. Previous funds managed by Phystech Ventures and North Energy Ventures (the total value is more than 30 million US dollars) will continue their independent operations.