Russian venture capital company RVC
Central Federal District of the Russian Federation
123242, Kapranov Lane, 3 building 4
Povalko Alexander Borisovich
Federal Agency for State Property Management (Rosimushchestvo) - 100%
The Russian venture capital company — JSC Russian Venture Capital Company (JSC RVC) is created according to the Order of the Government of the Russian Federation of June 7, 2006 No. 838-r for the purpose of stimulation of creation in Russia of own industry of venture investment, development of the innovation branches of the economy and promotion on international market of the Russian knowledge-intensive technology products.
Authorized capital of JSC RVC is 28,225,879,400 rubles.
Main objectives of activity of JSC RVC are: stimulation of creation in Russia own industry of venture investment and significant increase in financial resources of venture funds.
The role of JSC RVC in the innovation system is a role of public foundation of venture funds through which the state stimulation of venture investments and a financial support of the high-tech sector in general is performed.
Investment activities of RVC is directed to involvement of private Russian and foreign investors in the innovation segments of economy of Russia and also on development of new investment instruments of the national venture market.
This activity is implemented through creation of funds on the basis of public and private partnership. RVC pays special attention to the knowledge-intensive sectors with low presence of private equity which are important for the balanced innovative development of the country.
JSC Russian Venture Capital Company (JSC RVC) is public foundation of funds, institute of development of the Russian Federation. Primary activity of JSC RVC - creation in Russia own industry of venture investment and also execution of functions of Project office of the National Technology Initiative (NTI).
The Federal Agency for State Property Management performs powers of general meeting of shareholders of Russian Venture Capital Company (JSC RVC) open joint stock company which 100% of stocks are owned by the Russian Federation.
CEOs of RVC:
- since December, 2016 - Povalko Alexander Borisovich
- from April 28, 2009 to 2016 - Igor Agamirzyan.
- till March, 2009 - Alexey Korobov.
The priority directions of investment of the venture funds created with participation of JSC RVC are defined according to the list of the critical technologies approved by the Russian President:
- Security and counteraction to terrorism;
- The live systems (understood as biotechnologies, medical technologies and the medical equipment);
- Industry of nanosystems and materials;
- Information telecommunication systems;
- Rational environmental management;
- Transport, aviation and space systems;
- Power and energy saving.
The total quantity of the funds created by JSC RVC reached 27, their total size — 51.3 billion rubles. A share of JSC RVC – 26.8 billion rubles. The number of the innovative companies invested by RVC funds reached 202. The total volume of the invested means – 17.8 billion rubles.
With the participation of the capital by December, 2017 RVC creates 26 funds. Their total size was about 35.1 billion rubles. The share of RVC in the created funds makes 22.5 billion rubles, the number approved to investment by RVC funds of portfolio companies reached 217.
The total volume of the means approved to investment into the innovative companies was about 17.1 billion rubles (without projects from which an exit is made).
With participation of the capital of RVC by December, 2016 21 funds (including two funds in foreign jurisdiction), their total size — 32.3 billion rubles were created. A share of JSC RVC — 19.9 billion rub
The organization reports that in 2016 the number of the innovative companies approved to investment by funds of JSC RVC reached 194. The total volume of the means approved to investment — 17.5 billion rubles.
Fund of sowing investments
In June, 2010 RVC approved concepts of Biopharmaceutical cluster fund ("RVC Biofund"). At the beginning of 2011 JSC Biofarmatsevticheskiye investitsii RVC was created.
The initial value of Biofond was 500 million rubles (about $16 million) at the planned increase up to 1.5 billion rubles ($48.6 million).
Biofond is focused on investments not only into the making biopharmaceutical enterprises, but also on the service and infrastructure companies offering information and analytical and consulting services in medicine, pharmaceutics and biotechnology.
Cluster fund RVC of information telecommunication technologies, built-in intelligent systems, mechatronics and robotics
- In March, 2011 it became known that until the end of the year RVC will create the trust fund for investment into the IT industry the CEO of RVC Igor Agamirzyan told CNews. According to him, future fund is in a stage of development of the concept, and its start should be expected "towards the end of a year".
According to the head of RVC, the company of the domestic IT sector do not test a big lack of investments from venture funds as and in addition to RVC practically all venture investors in Russia work with the IT companies.
- On April 13, 2011 RVC for the first time confirmed officially the intention to create the trust fund for investment into the IT industry.
The new fund will receive the name "Cluster Fund RVC of Information Telecommunication Technologies, Built-in Intelligent Systems, Mechatronics and Robotics", and its capital, according to the director of the department of programs and projects of RVC Andrey Vvedensky, will make up to 2 billion rubles. This amount is comparable to the total amount of investments of RVC in 2010 which volume was expressed in 2.7 billion rubles.
The interests of new fund will be extremely wide. As examples of projects where investments could be directed, top managers of RVC in addition to industrial and household robotics call IT systems of management of low-profitable petrowells and creation of smart homes (in which energy management systems can reduce costs for housing and public utilities for 30-50%). However, they say, these directions of investment of fund, most likely, will not be limited.
The director of RVC Igor Agamirzyan told that registration of fund as child JSC Rossiyskoy of venture "company" can be expected at the end of 2011, and its financial filling "will be step-by-step, in process of the approval of projects". The first investments of "fund for robots" will be made in the first months 2012.
It is important to note that unlike most the venture funds created by RVC in cluster "fund for robots" the large partner co-investor will not be invited. According to Agamirzyan, "fund will not be the leading investor at the level of projects, it will soinvestirovat there where there is already private equity".
The head of RVC speaks about the purposes of investments of newly created fund as about "horizontal" - capable to affect all branches of the economy. Therefore market sizes "robotics, mechatronics and intelligent systems" it is difficult to estimate (see. Industrial robotics).
Regional venture funds in small enterprises in the scientific and technical sphere
For August, 2010 in Russia 22 regional venture funds of the investments into small enterprises in the scientific and technical sphere created in 2006-2010 by the Ministry of Economic Development of the Russian Federation together with administrations of regions with a total amount of 8.624 billion rubles work.
|№||Name of fund||Management company||Размер Фонда,||Year of establishment|
|Regional venture fund of investments into small enterprises|
|1||города Москвы||Альянс РОСНО Управление Активами||800||2006|
|2||города Москвы (Второй)||ВТБ Управление активами||800||2008|
|3||Воронежской области||Сбережения и инвестиции||280||2009|
|4||Волгоградской области||Ай-Мэн Кэпитал||280||2009|
|5||Калужской области||Сбережения и инвестиции||280||2010|
|6||Краснодарского края||Ай-Мэн Кэпитал||800||2009|
|7||Красноярского края||Тройка Диалог||120||2006|
|8||Московской области||Тройка Диалог||284||2007|
|9||Нижегородской области||ВТБ Управление активами||280||2007|
|10||Новосибирской области||Ай-Мэн Кэпитал||400||2009|
|11||Пермского края||Альянс РОСНО Управление Активами||200||2006|
|12||Республики Башкортостан||Сбережения и инвестиции||400||2009|
|13||Республики Мордовия||Альянс РОСНО Управление Активами||280||2007|
|14||Республики Татарстан||Тройка Диалог||800||2006|
|15||Республики Татарстан (высоких технологий)||АК Барс капитал||300||2007|
|17||Санкт-Петербурга||ВТБ Управление активами||600||2007|
|18||Саратовской области||ВТБ Управление активами||280||2007|
|21||Челябинской области||Сбережения и инвестиции||480||2009|
|22||Чувашской Республики||НИК Развитие||280||2009|
Representatives of RVC were entered into the boards of trustees of 22 regional venture funds of investments into small enterprises in the scientific and technical sphere. Management companies are given expert support based on which investment committees of funds approved 18 projects (from 37 provided) for the total amount more than 0.7 billion rubles of JSC RVC already promotes portfolio company of these funds in the market. In 2011 noticeable increase in volume of the venture investments made by regional funds with expert and other support of JSC RVC is expected.
Examination of projects of regional venture funds
Since January, 2010 all projects, being applicants of investments of regional venture funds of investments into small enterprises in the scientific and technical sphere, without fail go for examination in JSC RVC. The decision on involvement of RVC to additional examination of projects of regional venture funds was made Ministry of Economic Development Russia at the end of 2009 for the purpose of professionalizing of control of procedures according to which management companies of regional funds select projects for investment.
"For the first seven months 2010 31 projects came to JSC RVC for consideration, 12 of them are presented in the unsolved form, – Jan Ryazantsev, the director of the department of investments and examination of JSC Russian Venture Capital Company comments. – Unfortunately, the level of training of documents is extremely low that often becomes the reason for failure in consideration of the project. Today (August, 2010) we already approve 6 investment projects, and 5, unfortunately, it was necessary to reject on an absence reason of signs of innovation of project data".
Among the reasons for which projects are rejected or are not taken cognizance, Jan Ryazantsev called insufficiency of the submitted documentation, low extent of study of projects, lack of protection of intellectual property, etc.
"The main problem which we faced during the work with management companies of regional funds is their unavailability to the high level of preparation of a documentation package on projects, – Jan Ryazantsev continues. – For conducting careful comprehensive check in JSC RVC the document package needs to be supplemented with a number of documents, essential in terms of the investor. But we see the positive relation to process of consideration of projects from management companies therefore through joint efforts we managed to settle practically all questions and problems, reduction of time of consideration of requests, building of a flow of transactions will turn out to be consequence of what".
At present in JSC RVC at a stage of consideration 8 projects are found, solutions on most of them will be accepted to the middle of August, 2010. Besides, summaries on the investment projects planned to study came to JSC RVC: on 4 projects from venture funds of the Republic of Bashkortostan and Chelyabinsk region, 2 projects from the Samara fund and for 1 project from the Perm and Sverdlovsk funds.
JSC RVC has extensive material on the innovation projects and considers them from the different points of view, application is assisted in them the best international by the practician, aims to reduce unjustified risks and to optimize conditions both for investors, and for initiators of projects. Besides, JSC RVC closely interacts with experts in many industries which also draw the conclusions by opportunities of successful commercialization of technology projects.
- On August 2, 2010 development of regulations of consideration of requests and decision making according to the investment projects represented to JSC RVC by management companies of regional venture funds is complete. Adoption of regulations will allow RVC and management companies of regional venture funds to come to the general convenient standards. According to regulations, the term of consideration of requests by "The Russian venture capital company" will not exceed 35 working days. In the nearest future the regulations will come to management companies of regional venture funds.
"The Russian venture capital company and its partners on behalf of management companies of regional venture funds are interested in that as much as possible interesting innovation projects received financing, – Jan Ryazantsev notes. – The state money loves the account, and one of the major tasks RVC sees in prevention of the direction of public funds in badly prepared projects to avoid notorious losses. Process of study of investment projects should be transparent for both parties. It is important to both RVC, and the management company which submitted the project for examination to trust each other and to be sure of completeness of information. The regulations developed by us will promote the solution of assigned tasks taking into account the interests of all parties involved in investment process", – the director of the department of investments and examination of RVC summarizes.
Main article: Infrafond RVC
The Board of Directors of JSC Russian Venture Capital Company in June, 2010 approved the concept of Infrafond RVC. At the beginning of 2011 the Infrastructure Investments of RVC limited liability company (Infrafond RVC) began the work.
Key task of Infrafond RVC is market development of the specialized services and services necessary for the technology companies for effective conducting primary activity and the accelerated development, promotions of products in domestic and foreign market. New infrastructure will provide the innovation entrepreneurs with consulting services in the field of marketing, finance, law, intellectual property, investor relations and others.
Venture fund for the "Personnel for Digital Economy" project
The Ministry of Economic Development of the Russian Federation and RVC approved key parameters on the organization of activity and financing of venture fund for support of perspective educational technologies of digital economy. The document was signed in June, 2019 within the St. Petersburg International Economic Forum by the Deputy Minister of Economic Development of the Russian Federation Ilya Torosov and the CEO of RVC Alexander Povalko.
The fund is created in pursuance of the federal draft "Personnel for Digital Economy" of the national program "Digital Economy of the Russian Federation" of the Government of the Russian Federation for development of perspective educational technologies using the best world technological solutions for increase in efficiency and access to education. Within activity of Fund development of the Russian technological companies in the field of education with their subsequent expansion abroad and also a transfer of world educational technologies to Russia is planned.
The total amount of fund will be 7 billion rubles due to providing RVC of the federal budget in 2019-2021 of the budget investments with increase at an equivalent part of participation of the Russian Federation in authorized capital of RVC. The term of activity of Fund will be 10 years with a possibility of double prolongation for the term of 1 year. The fund will be organized in the form of an investment partnership, at the same time the managing companion Fonda will be defined as a result of the procedure of open selection.
Within activity of Fund it is going to organize acceleration activity that will allow to expand a funnel of potentially successful projects and to stimulate development of new technological solutions.
The technical committee based on RVC will coordinate development of standards in the field of AI in health care
On February 26, 2020 RVC was reported by Zdrav.Expert that in 2020 in Russia the first editions of national standards in the field of artificial intelligence in health care will be developed. The Technical committee on standardization Artificial intelligence (shopping mall 164) created based on RVC will coordinate development. Read more here.
Determination of the research centers and companies for development financing of end-to-end technologies
On January 10, 2020 RVC determined winners of competitive selections of the leading research centers (LRC) and the leading companies by product development, services and platform solutions based on "end-to-end" digital technologies. Will direct to winners of tenders of RVC 2.8 billion rubles. 2 billion rubles - to LRC, the leading companies - 792 million rubles. Read more here.
Where and how many invested RVC in 2019
Investments of RVC into portfolio companies in 2019 made 1.3 billion rubles, and the total volume of transactions on exits reached 2.3 billion rubles, having increased by 35% concerning the 2018th. The Russian venture capital company published annual results of the activity on January 27, 2020.
By the beginning of 2020 29 venture funds, among them the New Industry Ventures fund created in 2019 jointly by Gazprom Neft and co-investors, fund with the Ministry of Industry and Trade of the Russian Federation in the field of the pharmaceutical and medical industry and also fund with the Ministry of Economic Development of the Russian Federation for support of perspective educational technologies are a part of RVC. Among other partners of RVC in creation of new funds — Terra VC investment company, the State Transport Leasing Company (STLC) and the Russian Railway.
In 2019 funds with participation of the capital of RVC approved providing investments to 24 companies for the amount of 1.4 billion rubles, including 6 projects of the National technology initiative for the amount of 573 million rubles. In a year 24 exits of RVC funds from portfolio companies took place.
By the beginning of 2020 the portfolio of RVC funds contains 180 companies. At the same time investments for the beginning of 2020 received 270 companies from RVC funds. The volume of the funds created with participation of the capital of RVC increased at the end of 2019 by 32% and reached 64.4 billion rubles.
| ||Formation of essentially new market tool - creation of two venture funds on transformation of the educational and medical industries became one of key results of last year — the deputy CEO — the investment director of RVC Alexey Basov says. — The state showed readiness to create instruments of returnable financing using market mechanisms of support of perspective commands, technologies and projects.|| |
Adoption of strategy of digital transformation
On December 19, 2019 in RVC announced TAdviser the adoption of strategy of digital transformation.
The strategy of the company is calculated till 2021. Its main objective – creation of a transparent and convenient system of relationship of the company with partners – from investment commands of venture funds to participating startups of accelerators of RVC and the NTI projects.
| ||Digitalization also should increase performance of business processes of the company and provide their measurability on different indicators, - noted in RVC|| |
In the strategy of digital transformation as specified in the company, such directions as information exchange of RVC with venture funds, aggregation and monitoring of data on funds and portfolio companies, management of the relations with receivers of measures of support of RVC, partners and experts enter in particular.
In 2019, in addition to RVC, the strategy of digital transformation accepted also many other state companies and state corporations.
The choice of Yunikorn Capital Partners for management of hi-tech medical projects of fund
Public discussion of drafts of preliminary national standards in the field of IoT and IIoT
On June 24, 2019 the Technical committee "Cyber-physical Systems" at Rosstandart submitted for public discussion drafts of preliminary national standards (PNST) in the field of Internet of Things and industrial Internet of Things. RVC acted as the initiator of development of documents. Read more here.
Creation of Technical committee on standardization of AI
On May 21, 2019 it became known what based on The Russian venture capital company (RVC) will begin work the Technical Committee (TC) on standardization artificial intelligence (AI). In the field of its responsibility there will be questions connected with normative and technical regulation of applied use of AI technologies. Learn more here
Development of the Strategy of development of the market of venture and direct investments
RVC together with the Ministry of Economic Development of the Russian Federation submitted the draft of the Strategy of development of the market of venture and direct investments until 2025 and further perspective till 2030. The project is developed by RVC together with the international consulting company PWC by request of the Ministry of Economic Development. Initiatives of strategy are directed to expansion of a circle of investors, active in the venture market, attraction to Russia of the foreign capital and stimulation of a release of the Russian projects to international markets, keep development of infrastructure a technology entrepreneurship and improvement of a regulatory framework, reported TAdviser on December 18, 2018 in RVC.
| ||In the course of strategy creation we analyzed experience of the state support of the venture market more than two tens leading countries — from the USA and Israel to China and South Korea. Practically the state played the leading role in "start" of the mechanism of the venture market in all examples, then continuing to participate in formation of the comfortable regulatory environment actively. Initiatives of strategy are developed with a support on the best foreign cases which brought specific and measurable economic effect. Target indicators are calculated on the basis of the financial model considering a current status of the Russian market and world benchmarks — the partner, the head of practice of rendering consulting services to the financial sector, PwC Russia Sergey Safonov told.|| |
Development of strategy is provided by the actions plan on stimulation of the innovative development of Russia approved by the order of the Government of the Russian Federation in June, 2017. The strategy purpose — creation in Russia the mature industry of venture investment that assumes increase in annual volume of transactions in the national market of a venture capital by 30 times by 2030 to 410 billion rubles a year. By estimates of RVC, achievement of this indicator assumes growth of the summary offer of the capital in the venture market by 10 times to 2.7 trillion rubles, increase in number of annually created high-tech projects by 2-2.5 times up to 40 thousand, double expansion of sales market of the innovation products to 10 trillion rubles and also increase in attractiveness of the Russian jurisdiction.
Strategy includes more than 40 initiatives directed to elimination of key barriers of development in Russia to the venture industry. Among them — removal of legislative restrictions and creation of economic incentives for entry into the market of new classes of investors, including non-state pension funds and insurance companies which occupy an essential share in the world market of a venture capital.
According to offers of strategy, NPF can have an opportunity to invest a certain limit of means in the venture funds in a format of the agreement of an investment partnership which are selected within the procedure of certification. At the same time necessary corrections will be made to approaches to risk assessment of investments and methodology of stress testing. For entry into the Russian venture market of the first NPFs it is offered to implement a pilot project on participation of NPF in funds with the state capital. In such funds the principle of asymmetric profit distribution will be implemented thanks to what NPFs will be able to receive the increased profitability. According to experts of RVC, implementation of strategy will allow to bring a share of NPF in the capital of venture funds in Russia by 2030 to 10%.
For involvement on the venture market of other major category of investors — corporations — in strategy the package of measures of tax incentives is offered. He assumes decrease in tax base when calculating income tax during creation of corporate venture funds, participation of corporations in venture funds as LP and investments of large business into technology projects. A target indicator of volume of the corporate capital in the venture market — 960 billion rubles by 2030.
Privileges regarding an income tax and increase in a limit of tax deduction are designed to stimulate investments into venture projects from private investors and angel investors. Besides, strategy provides introduction of amendments to the legislation, the individuals permitting participation in agreements of an investment partnership through most of which venture funds is structured. In the field of fiscal regulation it is also offered to consider the initiative of reduction of tariffs of contributions to social insurance funds for small innovative companies to 14%.
For access to the advanced international examination to strategy the opportunity of tax benefits for the foreign companies at placement in Russia is offered R&D-центров and fulfillment of requirements on Research and Development localization. Start of the program for systematic investment of funds with the state capital in global venture funds and foreign innovative companies is also planned. For the accelerated exit of the Russian companies creation of the acceleration centers providing a range of services on search of the international partners and promotion of products in target markets abroad is offered.
| ||Strategy sets before itself an ambitious goal on cardinal transformation of a landscape of the Russian venture industry, increase in attractiveness and comfort of our market for all categories of participants, achievement of its competitiveness on a global scale. The complex of initiatives of strategy is developed by RVC in close interaction and live dialog with representatives of private funds and investors, institutes of development, authorities, corporations. As a result we received the applied tool for system and all-round development of infrastructure of the venture market on the horizon of the next 5-10 years — the deputy CEO — the investment director of RVC Alexey Basov said.|| |
The separate block of initiatives is devoted to increase in availability of stock exchanges as main instrument of the investment attraction for the companies of late stages. In the document measures for review of rules of an entry into the exchange of fast-growing innovative companies, creation of special methodology for their preparation for listing of securities and subsidizing of the corresponding expenses are proposed. Besides, strategy offers subsidizing of rates on bonds for increase in attractiveness of tools of the innovative companies for investors and also start of the program for creation of the pre-IPO of funds. For simplification of work with loan financing for the mature companies implementation of mechanisms of crediting on the security of intellectual property is provided.
Measures of strategy for development of infrastructure of support of technology business are directed to increase in a flow and quality of projects. In particular, by 2030 start in Russia not less than 30 centers of collective use of services for small innovative companies is planned (including services in a customs clearance, registration of intellectual property, joint purchases, etc.) and also not less than 30 centers of approbation and prototyping where projects will be able to use infrastructure for carrying out Research and Development, to get mentor support, etc. Initiatives of development of competences of venture community provide start of educational programs for technology entrepreneurs and specialists of venture funds together with global education centers.
| ||The market of venture investments is a necessary financial instrument for scientific technology development of Russia which priority is recorded at the level of key state strategic documents. The package of measures, aimed at the development of the venture market in Russia is implemented by the ministry. In 2018 within accomplishment of order of the Russian President creation of corporate venture funds in the largest state corporations and the companies with state participation is provided, amendments in industry laws on the organization of the collective venture investments are prepared, the project on support of an entry of the innovative companies into public stock exchange market is started that significantly expands possibilities of "exit" of venture investors from projects. The Ministry pays important attention to tax incentives of venture investments. So, in 2018 order of the Government of the Russian Federation No. 356 providing increase in requirements to the maximum amount of market capitalization for the innovation companies issuers of actions and to the maximum size of revenue for the innovation companies bond issuing institutions allowing to increase the number of such companies which investors can receive exemption from capital gains tax was accepted. The developed strategy will also allow to implement system approach to market development of venture investments in Russia taking into account the state priorities of innovation technology development — the director of the department of strategic development and innovations of the Ministry of Economic Development Artem Shadrin considers.|| |
Agreement with the Government of Saint Petersburg
In November, 2018 the Government of Saint Petersburg and the Russian Venture Capital Company (RVCC) agreed about cooperation in the field of implementation of the National Technology Initiative (NTI). The relevant agreement was signed by the Vice Governor of St. Petersburg Sergey Movchan and the CEO of RVC Alexander Povalko.
The purpose of the agreement is implementation in the territory of the city of projects and programs in the field of NTI and digital development, development of venture investment and an ecosystem in St. Petersburg and also promoting of a technology entrepreneurship.
Cooperation will include, among other things, development and carrying out joint technology tenders NTI. Also in the agenda holding thematic actions of the All-Russian and international level, including project sessions, attraction to the region of venture investors, participation in development city a startup community and the innovation infrastructure.
| ||With assistance of the Government of Saint Petersburg in the territory of technopark of "LENPOLIGRAFMASh" opening of the regional Boiling point of ASI in St. Petersburg which integrated the best intellectual resources of the region creating modern society and its development on one platform took place (representatives of business, executive bodies of the government, engineers, scientists, teachers, students and graduate students. Council for implementation of NTI in the territory of St. Petersburg which main objective is ensuring leadership of the St. Petersburg companies in the hi-tech markets is created, having created all necessary conditions for their development and also to render assistance in preparation of the innovation projects for participation in NTI and development of offers on providing measures of support for the organizations participating in NTI.|
Sergey Movchan, Vice Governor of St. Petersburg
| ||"St. Petersburg confirms the status of one of scientific and education centers of the country. In 2017 the city headed the rating of Association of the innovation regions of Russia. Here the active technology community from young innovative companies, the leading engineering universities, business incubators, technoparks is concentrated. Based on SPbPU the Competence center of NTI on production technologies, at the ITMO University – the national center of cognitive developments successfully works. St. Petersburg is already one of reference regions of development of NTI, we calculate that our cooperation will be filled with joint projects.|
Alexander Povalko, CEO of RVC
Results of year: 26 funds, investments for 14 project companies
As of the end of 2017, with the participation of the capital of RVC 26 funds which total size was about 35.1 billion rubles are created. Medical technologies and pharmaceutics (30%), information technologies and the Internet (29%), power (10%) became the main industry directions of investments of the funds created with participation of the capital of RVC for the end of 2017.
In a year it is approved to investment of 11 project companies for the total amount of 438.4 million rubles. In general in the direction of investment activities RVC funds in 2017 approved providing investments to 14 project companies for the total amount of 507.82 million rubles. The total volume of the means approved to investment reached 17.1 billion rubles.
In 2017 6 "exits" from portfolio companies of funds with participation of the capital of RVC took place.
Besides, in 2017 the development strategy of RVC for 2017-2030 in which the mission, a strategic objective and tools ensuring functioning of key activities of the company are defined was approved: development and implementation of financial and non-financial instruments of market development of venture investment and a technology entrepreneurship, stimulation of creation in Russia own industry of venture investment and execution of functions of Project office of the National Technology Initiative (NTI).
| ||The strategic objective of RVC determines achievement by 2030 of activity scales, comparable to the similar European organizations. We are guided by formation in the country of the mature firm venture market, ― the CEO of RVC Alexander Povalko noted. ― We will create the system providing implementation of a sufficient flow of projects. As the institute of development, RVC considers priorities which are set by the state, almost all our tools will be aimed at achievement of tasks of NTI.|| |
The strategic objective of RVC is going to be implemented mainly by means of creation of new funds with involvement of professional investors, investments into the existing funds, the technology companies, works with portfolio companies of funds.
The international activity of RVC in 2017 was directed to formation of the positive relation to the Russian innovations in global market, integration of the technology companies into global technology chains and globalizations of the Russian venture market. The geography included the developed markets of Europe and North America and also technology hubs — Singapore, South Korea, Israel and others.
At the end of 2017 the network of foreign partners of RVC consisted of 1500 organizations of the innovation ecosystem from 40 countries of the world and included the state agencies, corporations interested in new technologies, the universities and the centers of a technical transfer, the state institutes of development and venture funds. Export revenue of portfolio companies of RVC funds in three quarters 2017 made 1.88 billion rubles.
Agreement with Venture Committee of All-China Association of Financial promotion of Science and Technologies
RVC and Venture Committee of All-China Association of Financial promotion of Science and Technologies signed in the summer of 2017 the agreement on cooperation aimed at the development of the venture markets and technology business of two countries.
The document was signed by the deputy CEO of RVC Fedotov Mikhail and the chairman of Venture Committee of All-China Association of Financial promotion of Science and Technologies (Committee) Xiu Xiaoping within the Second Chinese-Russian Forum "Investments into Innovations" which takes place on June 16-17 in Harbin.
Within cooperation of the party will combine efforts on involvement of the Chinese and Russian investors for implementation of joint innovation venture projects in the territory of Russia and the People's Republic of China and also on promotion of products of the innovation and industrial enterprises in the Russian and Chinese markets. The agreement provides, in particular, expert evaluation, certification, marketing and exposure of the innovative technologies and projects.
RVC and Committee will also promote the transfer of the innovative technologies directed to upgrade of productions and implementation of new technological solutions.
The agreement pays considerable attention to building and expansion of business contacts, in particular, to holding regular meetings of representatives of technology business of Russia and China.
Within partnership the Russian-Chinese working group will be created. Joint preparation and program implementation and projects and also monitoring and the analysis of activities for cooperation will become its main objectives.
RVC and Skolkovo create three venture funds not less than 6.6 billion rub
According to terms of agreement of June, 2017, the investment volume of RVC into each fund will be 1.5 billion rubles. The attracted external soinvestition will make not less than 0.5 billion rubles within the first 12 months of work of each fund and also in addition 0.2 billion rubles within the next 6 months. Thus, the total volume of funds will reach not less than 6.6 billion rubles.
Funds are created in three industry directions: information technologies, biomedicine and industrial technologies. Investment priorities are developed taking into account the interests of implementation of "road maps" of the National technology initiative and also stimulation of commercialization of results of research and development of the companies of fund participants Skolkovo.
Funds intend to invest in the Russian technology companies capable to become world leaders in the segments of the market. The share of such investments should make not less than 50%. It is planned that the total number of the companies invested by each fund will be not less than eight, including projects of early stages and the mature companies. At the same time the investment volume into each company will not exceed 10% of the total amount of investment obligations. Skolkovo ― venchurnye investitsii LLC, joint company RVC and Skolkovo became management company of funds.
2016: Alexander Povalko is appointed the CEO of RVC
In December, 2016 Alexander Povalko is appointed the CEO of the Russian Venture Capital Company (RVCC). The declaration of Povalko's appointment took place at a meeting of the Board of Directors of RVC.
Up to this point duties of the CEO of RVC were temporarily fulfilled by Evgeny Kuznetsov — the ex-deputy director general of RVC. The previous official head of the company — Igor Agamirzyan — voluntarily left a position in June, 2016.
2011: Election of Board of Directors
On June 30, 2011 within annual general shareholder meeting JSC RVC Federalnoye agentstvo po upravleniyu gosudarstvennym imushchestvom approved the annual report of JSC RVC for 2010, annual accounting records of JSC RVC for 2010 and also elected new members of Board of Directors of JSC RVC and board of JSC RVC.
7 people are elected as a member of Board of Directors of JSC RVC:
- Agamirzyan Igor Rubenovich is the CEO of JSC RVC;
- Vardanyan Ruben Karlenovich is the chairman of the board of directors of Troika Dialog group (the independent director);
- Guriev Sergey Maratovich is the rector of non-state educational institution "New Economic School" (the independent director);
- Yigal Ehrlich is the head of the venture Yozma program (the independent director);
- Oskolkov Ivan Valeryevich is a department director Ministry of Economic Development Russia;
- Sitnikov Alexey Yuryevich is the Head of Department of the international cooperation of "Fund of Development of Development Center and Commercialization of New Technologies" Non-profit organization (Skolkovo Foundation);
- Udaltsov Yury Arkadyevich is a board member, the director of the innovative development of JSC Rusnano.
The board of JSC RVC in the following structure (5 people) is elected:
- Agamirzyan Igor Rubenovich is the CEO of JSC RVC (chairman of the board);
- Vvedensky Andrey Valeryevich is the director of the department of programs and projects of JSC RVC;
- Korolyov Nikolay Lvovich – the deputy CEO – the operating officer of JSC RVC;
- Kuznetsov Evgeny Borisovich is the director of the department of development and communications of JSC RVC;
- Ryazantsev Jan Vladimirovich is the director of the department of investments and examinations of JSC RVC.
Results of year: 12 funds, double growth of investments
By the end of 2010 there were 12 venture funds created by RVC 10 of which are registered in Russia and 2 in Great Britain. Their cumulative size is about 25 billion rubles at a share of RVC in their capital about 15 billion rubles.
At the end of 2010 more than double growth in comparison with results of 2009, both on number of new portfolio companies, and on investment volume was shown. For 2010 in JSC Russian Venture Capital Company from 7 OR (V) I closed-end investment Fund, RVC created with participation of the capital, 44 projects on which expertize was carried out arrived. 17 projects are approved. 130 investment requests from which the Investment committee of FPI selects 20 projects are submitted to Fund of sowing investments by venture partners.
The total amount of investments on the approved transactions of funds for the entire period of existence of JSC RVC was more than 6 billion rubles. For 2010 investment volume was about 2.7 billion rubles that makes 45% of investment volume made for all term of work of RVC in the market and almost twice exceeds investment volume, made in 2009 – 1.4 billion rubles.
If to consider a portfolio of RVC funds by the number of the companies, then as of January 1, 2011 it consisted of 58 companies, from them nearly two thirds of the companies filled up a portfolio of the funds created with participation of the capital of RVC in 2010.
The greatest gain entered Fund of sowing investments RVC to the total number of the approved projects – 20 portfolio companies. Once in permanent pipe-line more than 50 preliminary applications and 20 complete packets according to transactions are under consideration in FPI RVC. Now work on direct coordination of terms of consideration of requests in FPI RVC with a volume of required investments to stimulate entrepreneurs on attraction of the small amounts of investments is conducted (up to 3-7 million rubles). In an industry section funds with participation of the capital of RVC invested in 2010 mainly in a biofarma, industrial production and information technologies.
Apparently from the chart (fig. 3), for 2010 also the structure of a portfolio considerably changed: two sectors of economy were added: "alternative energy sources" and "construction materials".
Shares of investments of funds with participation of the capital of the Russian venture capital company by sectors of economy for the end of 2010 are shown in fig. 4.
For September, 2010, in addition to two British funds, means of RVC are invested in seven venture and one sowing fund in Russia. The number of the companies invested by RVC funds in June, 2010 reached 27, the total volume of the invested means – 4.413 mrld rub.
Memorandum of cooperation with PwC
On December 7, 2010 PwC and the Russian Venture Capital Company (RVCC) announced signing of the memorandum in the field of project implementation on development of the industry of venture investment and an innovation and technology entrepreneurship in Russia.
Cooperation had to be performed in several directions:
- educational programs for the entrepreneurs occupied in the field of high technologies and innovations;
- the programs aimed at support and the accelerated development of small innovative companies including – the joint organization and carrying out the investment tenders and other actions promoting implementation of this task;
- cooperation in the field of creation and development of a system of collecting and preparation of analytical information on investment activity in the Russian venture market (on an analog with the research MoneyTree™ released by PwC together with National association of venture investment and Thomson Reuters in the USA);
- rendering consulting support to the small innovative and technology companies and also the Russian and foreign venture funds investing in the innovation and technology projects.
For implementation of the Memorandum of understanding of PwC and RVC created the working group which will prepare recommendations about holding joint actions, programs and projects, their accomplishment and also to perform monitoring and the analysis of cooperation within the Memorandum.
Igor Rubenovich Agamirzyan, the CEO of the Russian venture capital company, noted:
"At transfer of the country to the innovation way of development we are in great need in mastering of best practices of the international venture market and an innovation and technology entrepreneurship, access to "know-how" of this business. In Russia in a short time all necessary competences and tools as for attraction of venture investments, and their independent carrying out should be concentrated. However there is more to come. We are also in great need in emergence high quality and available – at the price and in all territory of the country – consulting services of the broadest spectrum for the Russian innovative companies. And here interaction with colleagues from PricewaterhouseCoopers can be very useful. We are sure that the Memorandum signed with PwC – only the first step in our long-term and mutually beneficial cooperation".
Check of Accounts Chamber
As a result of consideration on July 16, 2010 of results of a control action "Complex check of effective management of property contributions of the Russian Federation" by Board of Accounts Chamber of the Russian Federation under the chairmanship of Sergey Stepashin a number of the system problems which are directly affecting efficiency of functioning of JSC RVC in the field of the innovation economy and formation of the venture environment was revealed.
As it was said in the statement on the official site of Accounts Chamber of the Russian Federation, planned control and indicative targets of activity of RVC for 2009-2010 are not balanced with the purposes and the corresponding target indicators of social and economic development of Russia defined in the Concept of long-term social and economic development of the Russian Federation till 2020 and other documents of strategic planning including in the Strategy of development of science and innovations in the Russian Federation until 2015.
In particular, there is no system of the indicators characterizing efficiency of use of property contributions of the Russian Federation to authorized capital of the innovative companies. As it is set by check, the main part of financial resources of RVC is not invested in venture projects or the innovation enterprises, and placed on deposits in banks. As a result the Board decided to direct representation of Accounts Chamber of the Russian Federation to the Ministry of Economic Development of the Russian Federation and also the report on results of check in chambers of Federal Assembly of the Russian Federation.
Investments into BrightSource Energy
The British fund RVC - Russian Venture Capital I LP – invested $10 million in the BrightSource Energy company which is engaged in solar power.
Accession to IVP XIII venture fund
In September, 2010 RVC announced closing of the transaction on accession to venture fund of a late stage Institutional Venture Partners XIII (IVP XIII). IVP created new fund of $750 million in size with focus on technology innovative companies of a late stage of development in August, 2010. Investments of RVC into IVP XIII fund made $10 million. The transaction was made through Russian Venture Capital II LP fund which was registered on June 25, 2010 in Great Britain.
"Accession of RVC to the international fund of a late stage will allow to achieve several strategically important goals at once, - Jan Ryazantsev, the director of the department of investments and examination of RVC told. - Obtaining data on methods and technique of formation of venture funds of a late stage; access to extensive information on the most relevant ("hot") transactions in the venture market; development of a partner network due to building of relationship with other investors in the created venture fund; involvement of partners in fund on the Russian technology market, as strategic co-investors and many other things".
Accession to the international venture fund is a popular method of increase in investment qualification, Yury Ammosov, the research supervisor of the Innovation institute at MIPT considers. Singapore, according to him, for 15 years invested venture money thus and "it helped it". "IVP – one of the largest venture funds and is rather complex to get there therefore for RVC is a big achievement", - the expert adds.
Concepts of Biofond and Infrafond are approved
In June, 2010 RVC approved concepts of Biopharmaceutical cluster fund ("RVC Biofund") and Fonda of infrastructure investments ("Infrafond RVC").
2009: The CEO Alexey Korobov leaves the company
In March, 2009 the CEO of RVC Alexey Korobov resigned. Together with him the company was left by the chief financial officer Olga Golikova and the chief executive Oksana Artyukhova. Alexey Vladimirovich Kuzmin who stayed in this position several days was appointed the new CEO of RVC.
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