Sistema, a Russian, LSE-listed conglomerate, and Rusnano, the state-owned nanotech giant, are launching a joint fund to support high tech projects.
The new fund will focus on seed, growth and expansion stage high technology projects in Russia and neighboring countries, Europe and Israel with a focus on microelectronics, energy efficiency, robotics, IT and telecom, in particular.
AFK Sistema and Rusnano are contributing equal amounts to the fund, which will be capitalized on a per-project basis to reach up to $100 million. Each project may receive anything between $5 million and $20 million with potential involvement of external co-investors at later stages.
Source: Rusnano.
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