Industrial research conglomerate Battelle, through its Singapore-based 360ip intellectual property corporate venturing unit, has joined up with the Russian state to develop nanotechnology projects.
The Russian Corporation of Nanotechnologies (Rusnano), a $5bn state-backed venture capital company, and 360ip have agreed to invest $50m each in an Asian Nanotechnology Fund, while Singapore’s Economic Development Board (EDB) is providing $20m in grants for local businesses.
At least half the Asian fund will invest in Russia-based projects.
Glenn Kline, executive president of 360ip, said: "Nanotechnology is a major growth sector worldwide. In close cooperation with Rusnano and the EDB, 360ip looks forward to taking an active role in developing high growth nanotechnology companies that can generate strong returns for the fund’s investors."
360ip was jointly established by non-profit research group Battelle Memorial Institute and Battelle Ventures, the group’s corporate venturing unit that manages $255m alongside affiliate fund Innovation Valley Partners. In June 360ip agreed to help commercialise business partners of the Development Bank of Japan’s Intellectual Properties Development & Investment subsidiary.
Georgy Kolpachev, managing director of Rusnano, which has reportedly eyed buying UK-based chip maker Plastic Logic, said: "By establishing the Asian Nanotechnology Fund, we are creating a bilateral mechanism for more rapid commercialization of advanced products and solutions developed across Russia, Singapore and Asia. Our strategic partnership with 360ip and the Singapore Economic Development Board will also grow the research and development of nanotechnology in Russia and promote Russian technology in the international market."
On September 13, Rusnano signed a similar agreement to form the Canada-Russia Nanotechnology Venture Capital Fund in partnership with Toronto-based venture capital firm VentureLink Funds early next year. The Canadian joint venture will invest in energy production and storage, including renewable and clean energy sources, advanced materials and biomaterials but avoid defence.