Russia-based steel, energy and mining group Severstal has partnered accelerator and incubator operator Global Venture Alliance to launch an accelerator dedicated to developing startups in the industrial sector.
Severstal SteelTech Accelerator will target startups developing technology that could be integrated into the company’s production cycle, providing each participant with one-to-training with experts and mentors over a three-month period.
Each of the startups will gain access to resources, laboratories and workplaces at Severstal, as well as product packaging and development facilities.
The accelerator will form part of $25m Severstal has earmarked for funds and associated projects by the end of 2019, having launched a corporate venturing unit called Severstal Ventures in May 2018.
Severstal CEO Alexander Shevelev said: “We are open to new opportunities and ready to provide our technology partners with the best conditions on the market to realise the potential of innovative ideas relevant to our business.”