VEB Innovations, the venture arm of Vnesheconombank supporting innovative projects, is planning to invest up to 200 million rubles ($3.5 million at the current exchange rate) in Compo, a Russian developer and manufacturer of automated retail solutions.
Compo is planning to use the financing to develop sales on the global market. Currently, the company is in talks with potential customers from neighboring countries, as well as from China and Iran.
In 2014, Compo’s Electronic Shelf Labels (ESL) manufacturing technology was tested for the first time. Pilot projects in domestic retail chains were successful, the company claims.
Commercial shipment of Compo’s ESLs is scheduled for Q4 of this year. The company aims to deliver up to 20 million devices globally within five years.
Compo is part of the Skolkovo-headquartered Componentality group. The group has offices in the USA and Finland, in addition to an R&D office in Saint Petersburg, Russia.
Vnesheconombank (VEB) is a Russian government-owned development bank which provides funding for projects aimed at developing the Russian economy. Its subsidiary VEB Innovations fund was established in 2011 to invest in high technology projects from Skolkovo, the international tech hub under completion on the outskirts of Moscow.
Source: CNews.ru
