University venture funds have been established in Russia
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Russia has launched a new tool to support startups - university venture funds, their total funding will amount to 3.5 billion rubles, Deputy Prime Minister Dmitry Chernyshenko said through the press service of the Ministry of Education and Science.
"It is important for a student startup to have a clear track for further development. For this purpose, a new tool has been launched - University Venture Funds with a total investment of 3.5 billion rubles," he said.
He added that the list of competences of the funds' investors includes robotics, microelectronics, biotechnology, medicine, artificial intelligence and other areas.
Head of the Ministry of Education and Science Valery Falkov specified that five university venture funds have been created so far.
The project is implemented by the Fund for Infrastructure and Educational Programmes (FIOP) and leading Russian investment companies working in the field of high technologies, the ministry said. FIOP partners include the Voskhod venture fund, Sitronics Group, the non-profit organisation Investment and Venture Fund of the Republic of Tatarstan, Rusbitech-Astra LLC (part of Astra Group) and the investment company Kama Flow.