RVC, Russia’s national fund of funds for innovation, the Tomsk State University (TSU) in Siberia and DI-Group, a private Russian management company for VC funds, are expected to ink an agreement in May to set up a joint venture fund, Interfax-Siberia reported, citing TSU Rector Eduard Galazhinsky.
“The university must become a full-fledged player in a market economy when it comes to intellectual property, for example; it must be able to allocate a certain amount, run a risk with it, invest, and reap profits,” the rector was quoted as saying.
How much each of the partners is bringing into the venture has yet to be specified.
It is DI-Group, an expert in high tech start-up investing, that will be managing the fund. “We’re giving them the right to run it, but risks will be shared,” Mr. Galazhinsky added.
According to TSU Vice Rector for Innovation Konstantin Belyakov, this will be Russia’s first university-based fund “with each partner investing real money.”
“DI-Group is already busy putting together a pipeline of investable projects,” Mr. Belyakov said.
DI-Group president Igor Kovalyov expressed hope that the new fund will help bring to fruition the potential Russian research projects have not only in Russia but globally.
DI-Group has been focused on innovative solutions in the field of 3D printing and medical hardware, wearables, and the Internet of Things. DI-Group manages such sizable venture funds as HaxVentures in Russia and HaxAsia in Singapore.
This story was first published in Marchmont News, a syndication partner of East-West Digital News.
