Last week the Internet Initiatives Development Fund (IIDF, or FRII in Russian), the $200 million fund launched last year to support Russian Internet startups, announced the extension of its coverage to such new fields as big data, wearable devices and the Internet-of-Things.
“We did quite a lot of research on technological trends across the world. Cloud, social and mobile technology, big data and IT-ecosystems – all of these markets have grown this year and will continue to grow in the future,” said Kirill Varlamov, director of FRII.
“As before, we plan to focus on the early stages of projects, but are willing to consider rounds of up to $9 million. I think that our country has the potential to create a new Apple,” he believes.
Source: IIDF/FRII
