The Russia-China Investment Fund (RCIF), backed by Russia’s sovereign fund RDIF and China Investment Corporation, has invested an undisclosed amount in Hyperloop One, the Californian startup which aims to commercialize next-gen transportation technologies.
The news was reported yesterday by Vedomosti. The business daily cited RDIF CEO Kirill Dmitriev, who did not specify the date of the transaction.
The move comes just weeks after Richard Branson announced an investment and his personal involvement in Hyperloop One.
The Californian startup has already received funding from Russian investors several times in the past: once last year from the RDIF and three times from Dagestani businessman Ziyavudin Magomedov, through his fund Caspian VC Partners (CVC).
Almost simultaneously, the RCIF participated in a $460 million round for Megvii Inc., a Chinese developer of facial-recognition technology, as reported by Bloomberg. The round also involved billionaire Jack Ma’s Ant Financial, one of China’s largest state-backed venture funds and South Korean SK Group.
In November last year the RCIF and Chinese company TUS Holdings agreed to establish a joint venture fund to “promote the development of trade and economic, investment, scientific and technological cooperation” between the two countries.
