Steel and mining company Severstal has formed a corporate venture capital fund called Severstal Ventures that will invest in advanced materials and associated technologies.
The unit will invest in startups directly in addition to VC funds, and was announced alongside news that Severstal subsidiary Melsonda Holdings has provided an undisclosed amount of capital for Pangaea Ventures Fund IV, the latest fund being raised by VC firm Pangaea Ventures.
Andrey Laptev, Severstal’s director of business development and corporate venture projects, said: “Our focus will be on technologies that are ready for rapid implementation and we will aim to collaborate with these startup projects at an operational level.
“This could be done in several ways including, ‘pilots’, licensing agreements and direct investments. We believe that Severstal’s approach is unique to the global steel industry, although it is common in other major industries, such as the energy sector.”