Sistema, a Russia-based conglomerate, has set up a R1bn ($32m) corporate venturing fund to back start-ups in the country’s Skolkovo high-tech project based outside of the capital, Moscow.
RTI, Sistema’s subsidiary specializing in innovative and high-tech sectors, has committed the money to the fund, which will back participating companies at Skolkovo during 2012 to 2015. Skolkovo participants will also be able to utilise the facilities and infrastructure of Sarov, Sistema’s technology park.
By 2015, an RTI research and development unit will also be established in Skolkovo with a budget of up to R1bn.