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Sweeping reform to liquidate Bortnik Fund, Rusnano, RVC and Skolkovo as autonomous organizations

According to media reports and official communications, the Russian government adopted a reform of the country’s sprawling network of 40 development institutions, including key players of the innovation ecosystem.  This long-awaited reform aims to eliminate inefficiencies by consolidating like organisations and ensuring that each institution works specifically towards achieving Russia’s national development goals. The reform includes three components: …

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AI, Blockchain, quantum: Online event series to highlight “next-wave technologies” (Dec. 1, 10, 22)

GenerationS and Sequence Ventures announce #GENSTechTalks a new series of talks (in English language) to explore the Russian tech landscape with the leading industry experts.  The series is scheduled as follows: December 1: Quantum technologies with Maria Lepskaya of Runa Capital; December 10: Blockchain with Eldar Khamitov of G1 Ventures; December 22: Artificial Intelligence with Alexey Fomin of Botkin.AI. …

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Russian home cinema startup secures $5 million factoring loan to pursue international development

Russian home cinema startup Multibutik — also known as Cinemood — has secured a $5 million loan from factoring company GameBoost42.  Now headquartered in San Francisco, this startup is one of Russia’s most hyped international startup success stories. It has developed mini cinema projectors for children, including a cloud-connected one that can project content onto any surface.  Cinemood …

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Russia and Gulf countries intensify cooperation in high tech

A series of news in the past few days came to underline the intensifying relationship between Russia and Gulf countries in the fields of technologies and investment. Mubadala eyes Russian technologies Thus last week Sberbank, the state-controlled Russian financial and tech giant (now known as Sber), announced a “strategic agreement” with Mubadala Investment Company (Mubadala), an Abu Dhabi-based sovereign …

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US investor Michael Calvey kept under house arrest despite cancer revelation

Yesterday a court in Moscow upheld the house arrest of Baring Vostok founder Michael Calvey on fraud charges despite the revelation that he has a malignant tumor. The US businessman faces embezzlement charges that he says are being used to pressure him in a business dispute. A Moscow court had ruled last month to extend the house …

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RVC head under house arrest: Russian investment world rocked by yet another criminal case

Late last week the head of Russian Venture Company (RVC), Alexander Povalko, was arrested then placed by a Moscow court under house arrest for 45 days. The FSB (Federal Security Service) and police officers ransacked his home.  It is the latest high-profile legal case to have rocked the Russian investment world — and market players have been …

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Robot maker Promobot raises $2.7 million to develop artificial skin in Russian Far East

Promobot, a successful Russian robotics startup, has secured 200 million rubles (approximately $2.7 million) from the Far-East High Technology Fund as it intends to open a branch in this far-flung Russian region. This local branch will develop sophisticated artificial skin and hair to enhance the look of these robots.  The fresh funding will also help …

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Russian venture market reached record $868 million in 2019

DSight, a business intelligence agency focusing on the Russian venture market, has just released the English version of its latest yearly report. Russian venture investments amounted to at least $868 million in 2019 (excluding exits), up 13% year-on-year, says the report. Although this performance remains very modest by international comparison (USA: $136 billion, UK: $14.3 billion, Germany: $6.6 billion), it …

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Russian oil tech startup receives $1.6 million from state-supported industry fund

New Industry Ventures, a Russian fund created last year, today announced its first deal. The fund has injected 100 million rubles ($1.6 million at the current exchange rate) in ADL Completions, a startup launched in 2017 to develop technological solutions in multilateral and multi-bore well completion. These solutions allow “side-tracks” to be built onto existing wells, maintaining the flow-rate …

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Mail.Ru and Yandex bet on online platforms to massively train IT specialists

Mail.Ru Group now owns 60.3% of Skillbox, an e-learning platform for digital and IT specialties, Vedomosti reported yesterday, citing the official company register and exchanges with company representatives. The amount of the transaction was not disclosed. In February, the LSE-listed Russian Internet giant had acquired a 3.6% stake for an undisclosed amount as part of …

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Russian Railways teams up with RVC to launch transport tech funds

RVC, the Russian state-owned fund of funds dedicated to innovation, and RZD (Russian Railways) have teamed up to launch to two venture funds for industrial and digital investments. Scheduled for launch in 2021, the funds will support early-stage projects which have “the potential of developing synergies with the railways company and increasing its business efficiency.” …

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Russian venture market grows but remains modest by international standards

Venture investment volume in Russia reached almost half a billion US dollars ($493.6 million) in the six first months of this year, according to Dsight. This Moscow-based venture analytics and business intelligence agency released last week the English version of its latest industry report. While still modest by international standards (US venture deals accounted for …

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