Investments in high-tech start-ups at the first stage will amount to 1 billion rubles

Fulfilling the instructions of Vladimir Putin, Rostec State Corporation creates a venture fund that will support high-tech projects in the field of electronics in the Russian Federation. Initially, the fund amount is planned to be at the level of 500 million rubles, with a possibility of additional 500 million rubles at the first stage, thus up to 1 billion rubles.

The State Corporation is working on the registration of the venture fund. It is planned that it will be engaged in investing in promising high-tech areas, primarily in the field of IT and electronics. Issues on replenishment of the investment capital of the fund will be resolved as Rostec joins the projects.

Speaking at the St. Petersburg Economic Forum in June last year, Vladimir Putin instructed Rostec State Corporation to form a venture fund for investing in small innovation companies. Roskosmos, Rosatom, United Aircraft Corporation and United Shipbuilding Corporation were also assigned with the task of creating such structures, in addition to Rostec.