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Russian venture capital company RVC

Company

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The Russian Venture Company is a state fund of funds and a development institute of the Russian Federation, one of the key tools of the state in building a national innovation system.

Owners:
Federal Agency for State Property Management (Federal Property Management Agency) - 100%

Content

Assets

Owners

+ Russian Venture Company (RVC)

The Russian Venture Company - Russian Venture Company OJSC (RVC OJSC) was established in accordance with Order of the Government of the Russian Federation dated June 7, 2006 No. 838-r with the aim of stimulating the creation of its own venture investment industry in Russia, the development of innovative sectors of the economy and the promotion of Russian knowledge-intensive technological products to the international market.

The authorized capital of OJSC "RVC" is 28 225 879 400 rubles.

Areas of activity

The main objectives of RVC OJSC are: to stimulate the creation of its own venture investment industry in Russia and a significant increase in the financial resources of venture funds.

The role of RVC OJSC in the innovation system is the role of the state fund of venture funds, through which state stimulation of venture investments and financial support for the high-tech sector as a whole are carried out.

The investment activity of RVC is aimed at attracting private Russian and foreign investors to innovative segments of the Russian economy, as well as the development of new investment instruments of the national venture market.

This activity is realized through the creation of funds on the basis of private-state partnership. The RVC pays special attention to knowledge-intensive sectors with a low presence of private capital, which are important for the balanced innovative development of the country.

JSC Russian Venture Company (JSC RVC) - state fund of funds, development institute of the Russian Federation. The main activity of RVC JSC is the creation of its own venture investment industry in Russia, as well as the performance of the functions of the Project Office of the National Technology Initiative (STI).

Management

The Federal Agency for State Property Management exercises the powers of the general meeting of shareholders of the open joint-stock company Russian Venture Company (OJSC RVC), 100% of the shares of which are owned by the Russian Federation.

RVC Directors General:

Investment area

Priority investment directions of venture funds created with the participation of RVC OJSC are determined in accordance with the list of critical technologies approved by the President of the Russian Federation:

  • Security and counter-terrorism;
  • Living systems (understood as biotechnology, medical technology and medical equipment);
  • Nanosystems and materials industry;
  • Information and telecommunication systems;
  • Environmental management;
  • Transport, aviation and space systems;
  • Energy and energy conservation.

Performance indicators

2018

The total number of funds formed by RVC JSC reached 27, their total size was 51.3 billion rubles. Share of JSC "RVC" - 26.8 billion rubles. The number of innovative companies invested by RVC funds reached 202. The total volume of invested funds is 17.8 billion rubles.

2017

With the participation of capital, by December 2017, RVC formed 26 funds. Their total size amounted to about 35.1 billion rubles. The share of RVC in formed funds is 22.5 billion rubles, the number of portfolio companies approved for investment by RVC funds reached 217.

The total amount of funds approved for investment in innovative companies amounted to about 17.1 billion rubles (excluding projects from which the exit was made).

2016

With the participation of RVC capital, by December 2016, 21 funds were created (including two funds in foreign jurisdiction), their total amount is 32.3 billion rubles. Share of JSC "RVC" - 19.9 billion rubles

The organization reports that in 2016, the number of innovative companies approved for investment by the funds of JSC RVC reached 194. The total amount of funds approved for investment is 17.5 billion rubles.

Funds

Managing organization: Infrafund RVC

Main article: Infrafund RVC

Infrafund RVC - managing organization:

Infrafond is also a subsidiary fund of JSC RVC.

Sowing Investment Fund

Main article: Sowing Investment Fund of the Russian Venture Company

RVC biofund

In June 2010, the RVC approved the concepts of the Biopharmaceutical Cluster Fund ("RVC Bio Fund"). In early 2011, OJSC Biopharmaceutical Investments RVC was created.

The initial value of Biofond was 500 million rubles. (about $16 million) with a planned increase to 1.5 billion rubles. ($48.6 million).

Biofond is focused on investments not only in biopharmaceutical enterprises, but also in service and infrastructure companies that offer information, analytical and consulting services in medicine, pharmaceuticals and biotechnology.

Cluster fund of RVC information and telecommunication technologies, built-in intelligent systems, mechatronics and robotics

  • In March 2011, it became known that by the end of the year, RVC will create a trust fund for investing in the IT industry told CNews CEO of RVC Igor Agamirzyan[1]. According to him, the future fund is in the process of developing a concept, and its launch should be expected "towards the end of the year."

According to the head of the RVC, companies in the domestic IT sector do not have a big shortage of investments from venture funds, since in addition to RVC, almost all venture investors in Russia work with IT companies.

  • On April 13, 2011, the RVC for the first time officially confirmed its intention to establish a trust fund for investing in the IT industry.

The new fund will be called the "RVC Cluster Fund for Information and Telecommunications Technologies, Built-in Intelligent Systems, Mechatronics and Robotics," and its capital, according to Andrei Vvedensky, director of the RVC programs and projects department, will amount to 2 billion rubles. This amount is comparable to the total investment of RVC in 2010, the volume of which amounted to 2.7 billion rubles.

The interests of the new fund will be extremely broad. As examples of projects where investments could be directed, top RVC managers, in addition to industrial and household robotics, call IT systems for managing low-cost oil wells and creating "smart houses" (in which energy management systems can reduce housing and communal services costs by 30-50%). However, they say, the investments of the fund will most likely not be limited to these areas.

Director of RVC Igor Agamirzyan said that the registration of the fund as a subsidiary of OJSC of the Russian Venture "Company" can be expected at the end of 2011, and its financial filling "will be phased, as projects are approved." The first investments of the "robot fund" will be made in the first months of 2012.

It is important to note that unlike most venture funds created by RVC, a large co-investor partner will not be invited to the cluster "fund for robots." According to Agamirzyan, "the fund will not be the leading investor at the project level, it will invest where there is already private capital."

The head of the RVC speaks of the investment goals of the newly created fund as "horizontal" - capable of affecting all sectors of the economy. Therefore, the volume of the market for "robotics, mechatronics and intelligent systems" is difficult to assess (see Industrial robotics).

Regional Venture Funds for Small Enterprises in Science and Technology

As of August 2010 Russia , there are 22 regional venture capital funds for investments in small enterprises in the scientific and technical sphere, created in 2006-2010 by Ministry of Economic Development the Russian Federation together with regional administrations with a total volume of 8.624 billion rubles.

Fund name Management Company Размер Фонда, Year of creation
млн. руб.
Regional Venture Fund for Small Business Investments
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
16 Самарской области Инвест-Менеджмент 280 2009
17 Санкт-Петербурга ВТБ Управление активами 600 2007
18 Саратовской области ВТБ Управление активами 280 2007
19 Свердловской области Ермак 280 2007
20 Томской области Мономах 120 2006
21 Челябинской области Сбережения и инвестиции 480 2009
22 Чувашской Республики НИК Развитие 280 2009
      8624  

Representatives of the RVC were introduced into the boards of trustees of 22 regional venture capital funds for investments in small enterprises in the scientific and technical sphere. Management companies are provided with expert support, as a result of which the investment committees of the funds approved 18 projects (out of 37 submitted) totaling more than 0.7 billion rubles. OJSC "RVC" is already promoting the portfolio companies of these funds in the market. In 2011, a noticeable increase in the volume of venture capital investments made by regional funds with expert and other support of OJSC RVC is expected.

Examination of projects of regional venture funds

Since January 2010, all projects that are applicants for investments of regional venture capital funds for investments in small enterprises in the scientific and technical sphere are necessarily sent for examination to OJSC RVC. The decision to involve RVCs in the additional examination of projects of regional venture funds was made Ministry of Economic Development Russia at the end of 2009 in order to professionalize control over the procedures under which the management companies of regional funds select projects for investment.

"In the first seven months of 2010, RVC OJSC received 31 projects for consideration, 12 of them were submitted in an underperformed form," comments Jan Ryazantsev, director of the investment and expertise department of Russian Venture Company OJSC. - Unfortunately, the level of preparation of documents is extremely low, which often becomes the reason for the refusal to consider the project. To date (August 2010), we have already approved 6 investment projects, and 5, unfortunately, had to be rejected due to the lack of signs of innovation of these projects. "

Among the reasons why projects are rejected or not accepted for consideration, Jan Ryazantsev called the insufficiency of the submitted documentation, the low degree of development of projects, the lack of protection of intellectual property, etc.

"The main problem that we encountered when working with the management companies of regional funds is their lack of readiness for a high level of preparation of the project documentation package," continues Jan Ryazantsev. - In order to carry out a thorough comprehensive inspection in OJSC RVK, the package of documents must be supplemented with a number of documents that are significant from the investor's point of view. But we see a positive attitude to the process of consideration of projects by management companies, so together we managed to resolve almost all issues and problems, which will result in a reduction in the time for consideration of applications, an increase in the flow of transactions. "

At the moment, 8 projects are under consideration at RVC OJSC, decisions on most of them will be made until mid-August 2010. In addition, RVC OJSC received summaries on investment projects planned for development: 4 projects from venture funds of the Republic of Bashkortostan and the Chelyabinsk region, 2 projects from the Samara fund and 1 project from the Perm and Sverdlovsk funds.

OJSC "RVC" has extensive material on innovative projects and considers them from various points of view, promotes the use of international best practices in them, seeks to reduce unjustified risks and optimize conditions for both investors and project initiators. In addition, RVC OJSC works closely with experts in many industries, who also give their conclusions on the possibilities of successful commercialization of technological projects.

  • On August 2, 2010, the rules for considering applications and making decisions on investment projects submitted to RVC OJSC by management companies of regional venture funds were completed. The adoption of the regulation will allow RVC and managing companies of regional venture funds to come to common convenient standards. According to the regulations, the deadline for considering applications by the Russian Venture Company will not exceed 35 working days. In the near future, the regulations will be received by the management companies of regional venture funds.

"The Russian venture capital company and its partners, represented by the management companies of regional venture capital funds, are interested in getting as many interesting innovative projects as possible," said Ian Ryazantsev. - State money loves the account, and one of its most important tasks RVC sees in preventing the sending of public funds to poorly prepared projects in order to avoid known losses. The process of developing investment projects should be transparent to both parties. Both the RVC and the management company that submitted the project for examination, it is important to trust each other and be sure of the completeness of the information. The regulations we have developed will contribute to solving the tasks set, taking into account the interests of all the parties involved in the investment process, "the director of the investment and RVC expertise department summarizes.

Venture Fund for the project "Personnel for the Digital Economy"

The Ministry of Economic Development of the Russian Federation and the RVC agreed on the main parameters for organizing activities and financing a venture fund to support promising educational technologies of the digital economy. The document was signed in June 2019 at the St. Petersburg International Economic Forum by Deputy Minister of Economic Development of the Russian Federation Ilya Torosov and Director General of the RVC Alexander Povalko.

The fund is created in fulfillment of the federal project "Personnel for the digital economy" of the national program "Digital Economy of the Russian Federation" of the Government of the Russian Federation for the development of promising educational technologies using the best world technological solutions to increase the efficiency and accessibility of education. Within the framework of the Fund's activities, the development of Russian technology companies in the field of education is planned with their subsequent expansion abroad, as well as the transfer of world educational technologies to Russia.

The total volume of the fund will amount to 7 billion rubles due to the provision of RVC from the federal budget in 2019-2021. budget investments with an increase of an equivalent part of the participation of the Russian Federation in the authorized capital of the RVC. The life of the Fund will be 10 years with the possibility of double extension for a period of 1 year. The Fund will be organized in the form of an investment partnership, and the managing friend of the Fund will be determined as a result of the open selection procedure.

Within the framework of the Fund's activities, it is planned to organize acceleration activities, which will expand the funnel of potentially successful projects and stimulate the development of new technological solutions.

History

2022: Government changes its mind to allocate RVC 2.5 billion rubles to finance IT startups

The government has changed its mind to allocate 2.5 billion rubles to the Russian Venture Capital Company (RVC) to finance IT startups. These funds will be used for "other" purposes, a spokesman for the government's press service told Vedomosti in February 2022.

According to the interlocutor of the publication, the current system of state support measures for the domestic IT industry involves "supporting the development of IT projects at any stage of technological readiness," from financing research and development of prototypes to export. As specified in the Ministry of Digital Affairs, the decision was approved by the Presidium of the Government Commission on Digital Development, the use of IT to improve the quality of life and business conditions at the end of December 2021.

The government changed its mind to allocate RVC 2.5 billion rubles to finance IT startups

Justifying the decision not to distribute RVC 2.5 billion rubles, the government representative emphasized that the period of activity of the venture fund, as a rule, is 8-10 years, of which the first 4-5 years is the investment period during which target companies are selected and invested in them, and in subsequent years exit from investment is carried out.

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Thus, the model of creating an effective venture fund with an investment period of 2 years is unlikely, "he continued.
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Using budget funds for venture capital investment with high risks (according to statistics, 75% of startups do not justify investing) "requires more careful study, the source said.

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The RVC are now able to operate at their own expense. At the same time, in the event of a significant increase in investment activities and the active implementation of the RVC development strategy, additional funds may be required in the future, a representative of the Russian Direct Investment Fund (RDIF) told Vedomosti.
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He added that the issue of the possibility of obtaining funding from the Ministry of Digital Affairs concerned "the activities of the RVC before the transfer of the RDIF."

2021: Intention to create together with Sber a fund for investments in technology startups

2020

Sale of a stake in Genetico

On November 26, 2020, the Russian Venture Company (RVC) announced the sale of its entire stake (17.79%) to Genetico after investing 180 million rubles in this one in the center of genetics and reproductive medicine. The deal was concluded with the founder and CEO of Genetics Arthur Isaev. More details here.

Appointment of Anatoly Braverman as head of the RVC

On November 23, 2020, it became known about the appointment of Anatoly Braverman to the post of head of the Russian Venture Company (RVC). This was announced by the Russian Direct Investment Fund (RDIF), in which Braverman is the first deputy general director. He will retain this position after RVC joined the RDIF. More details here.

Searches in the office and in the house of the general director

On June 3, 2020, it became known about searches in the office of the Russian Venture Company (RVK)  and in the house of its general director Alexander Povalko. More details here.

Allocation of 300 million rubles for the development of quantum Internet in Russia

At the end of April 2020, it became known that the RVC provided ITMO University with a grant of 300 million rubles for the development of a platform for quantum Internet. We are talking about a hardware and software solution called "Quantum Communication Platform for the Digital Economy," which is developing with the support of Russian Railways. It is planned to launch a pilot zone on the Russian Railways infrastructure for the implementation of the platform in 2021. More details here.

Technical committee based on RVC will coordinate the development of AI standards in health

On February 26, 2020, the RVC informed Zdrav.Expert that in 2020 the first editions of national standards in the field of artificial intelligence in healthcare will be developed in Russia. The development will be coordinated by the Technical Committee for Standardization "Artificial Intelligence" (TC 164), created on the basis of RVC. More details here.

Identify research centers and companies to finance the development of end-to-end technologies

On January 10, 2020, the RVC determined the winners of competitive selections of leading research centers (INDIVIDUALS) and leading companies for the development of products, services and platform solutions based on "end-to-end" digital technologies. The winners of the competitions RVC will send 2.8 billion rubles. 2 billion rubles - PERSONS, leading companies - 792 million rubles. More details here.

2019

Where and how much RVC invested in 2019

RVK's investments in portfolio companies in 2019 amounted to 1.3 billion rubles, and the total volume of exit transactions reached 2.3 billion rubles, an increase of 35% relative to 2018. The annual results of its activities were announced by the Russian Venture Company on January 27, 2020.

By the beginning of 2020, the RVC includes 29 venture funds, including the New Industry Ventures fund created in 2019 jointly by Gazprom Neft and co-investors, a fund with the Ministry of Industry and Trade of the Russian Federation in the field of pharmaceutical and medical industry, as well as a fund with the Ministry of Economic Development of the Russian Federation to support promising educational technologies. Other partners of RVC in the creation of new funds include Phystech Ventures, the State Transport Leasing Company (GTLK) and Russian Railways.

The volume of funds with the participation of the capital of the Russian venture capital company reached 64.4 billion rubles

In 2019, funds with the participation of RVC capital approved the provision of investments to 24 companies in the amount of 1.4 billion rubles, including 6 projects of the National Technology Initiative in the amount of 573 million rubles. During the year, 24 RVC funds were withdrawn from portfolio companies.

By the beginning of 2020, the portfolio of RVC funds has 180 companies. At the same time, 270 companies received investments from RVC funds at the beginning of 2020. The volume of funds created with the participation of RVC capital increased by 32% in 2019 and reached 64.4 billion rubles.

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One of the key results of last year was the formation of a fundamentally new market tool - the creation of two venture funds for the transformation of the educational and medical industries, "says Alexei Basov, Deputy General Director - Investment Director of RVC. - The state has demonstrated its readiness to create return financing instruments using market mechanisms to support promising teams, technologies and projects.[2]
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Digital Transformation Strategy Approval

On December 19, 2019, the RVC informed TAdviser about the approval of a digital transformation strategy.

The new strategy for the digital transformation of the RVC is designed for the period until 2021, the RVC said (photo - tdaily.ru)

The company's strategy is calculated until 2021. Its main goal is to create a transparent and convenient system of relations between the company and partners - from investment teams of venture funds to start-ups participating in RVC accelerators and STI projects.

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Digitalization should also increase the productivity of the company's business processes and ensure their measurability in various indicators, "the RVC noted
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The digital transformation strategy, as indicated in the company, includes such areas as information exchange of RVC with venture funds, aggregation and monitoring of data on funds and portfolio companies, management of relations with recipients of RVC support measures, partners and experts.

In 2019, in addition to RVC, many other state-owned companies and state corporations adopted digital transformation strategies.

Select Unicorn Capital Partners to manage a fund of high-tech medical projects

On December 18, 2019, the RVC informed Zdrav.Expert that it had determined the winner of the selection for the management of a fund for high-tech medical projects.

According to the results of the open selection, the Unicorn Capital Partners investment team scored the most points. More details here.

Public discussion on draft preliminary national IoT and IIoT standards

On June 24, 2019, the Technical Committee of Cyber-Physical Systems under Rosstandart presented for public discussion draft preliminary national standards (PNST) in the field of the Internet of Things and the industrial Internet of Things. The initiator of the development of documents was the RVC. More details here.

Establishment of Technical Committee for AI Standardization

2018

Development of the Venture and Direct Investment Market Development Strategy

RVC, together with the Ministry of Economic Development of Russia, presented a draft Strategy for the development of the venture and direct investment market for the period until 2025 and a further perspective until 2030. The project was developed by RVC together with the international consulting company PWC by order of the Ministry of Economic Development. The strategy initiatives are aimed at expanding the range of investors active in the venture market, attracting foreign capital to Russia and encouraging Russian projects to enter international markets, developing infrastructure to support technological entrepreneurship and improving the regulatory framework, TAdviser was informed on December 18, 2018 in the RVC.

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In the process of creating the strategy, we analyzed the experience of state support for the venture market of more than two dozen leading countries - from the USA and Israel to China and South Korea. In almost all examples, the state played a leading role in the "launch" of the venture market mechanism, then continuing to actively participate in the formation of a comfortable regulatory environment. The initiatives of the strategy are based on the best foreign cases, which have brought a concrete and measurable economic effect. The targets are based on a financial model that takes into account the current state of the Russian market and global benchmarks, "said Sergey Safonov, partner, head of consulting services for the financial sector, PwC Russia.
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The development of the strategy is provided for by the plan of measures to stimulate the innovative development of Russia, approved by order of the Government of the Russian Federation in June 2017. The goal of the strategy is to create a mature venture capital investment industry in Russia, which implies an increase in the annual volume of transactions on the national venture capital market by 30 times by 2030 to 410 billion rubles a year. According to RVC estimates, achieving this indicator involves an increase in the total supply of capital on the venture market by 10 times to 2.7 trillion rubles, an increase in the number of annually created high-tech projects by 2-2.5 times to 40 thousand, a doubling of the market for innovative products to 10 trillion rubles, as well as an increase in the attractiveness of Russian jurisdiction.

The strategy includes more than 40 initiatives aimed at eliminating key barriers to the development of the venture industry in Russia. Among them are the removal of legislative restrictions and the creation of economic incentives for new classes of investors to enter the market, including non-state pension funds and insurance companies, which occupy a significant share in the global venture capital market.

According to the proposals of the strategy, NPFs can be able to invest a certain limit of funds in venture funds in the format of an investment partnership agreement selected under the certification procedure. At the same time, the necessary adjustments will be made to the approaches to assessing the risk of investments and stress testing methodologies. To enter the Russian venture market of the first NPFs, it is proposed to implement a pilot project on the participation of NPFs in funds with state capital. In such funds, the principle of asymmetric distribution of profits will be implemented, thanks to which NPFs will be able to receive increased returns. According to RVC experts, the implementation of the strategy will bring the share of NPFs in the capital of venture funds in Russia to 10% by 2030.

To attract another most important category of investors - corporations - to the venture market, the strategy proposes a set of tax incentives. It involves a reduction in the tax base when calculating income tax when creating corporate venture funds, corporate participation in venture funds as LPs and large business investments in technology projects. The target volume of corporate capital in the venture market is 960 billion rubles by 2030.

Benefits in terms of personal income tax and increasing the tax deduction limit are designed to stimulate investment in venture projects by private investors and business angels. In addition, the strategy provides for amendments to the legislation allowing the participation of individuals in investment partnership agreements through which most venture funds are structured. In the field of tax regulation, it is also proposed to consider an initiative to reduce tariffs on social insurance contributions for small innovative companies to 14%.

For access to advanced international expertise, the strategy proposes the possibility of tax benefits for foreign companies when placing R&D centers in Russia and fulfilling R&D localization requirements. It is also planned to launch a program to systematically invest funds with state capital in global venture funds and foreign innovative companies. To accelerate the exit of Russian companies abroad, it is proposed to create acceleration centers that provide a range of services for finding international partners and promoting products in target markets.

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The strategy sets itself an ambitious goal to radically transform the landscape of the Russian venture capital industry, increase the attractiveness and comfort of our market for all categories of participants, achieve its competitiveness on a global scale. The set of initiatives of the strategy was developed by the RVC in close cooperation and lively dialogue with representatives of private foundations and investors, development institutions, authorities, corporations. As a result, we received an applied tool for the systematic and comprehensive development of venture market infrastructure on the horizon of the next 5-10 years, "said Alexei Basov, Deputy General Director - Investment Director of RVC.
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A separate block of initiatives is devoted to increasing the availability of exchange sites as the main tool for attracting investments for late stage companies. The document proposes measures to revise the rules for entering the exchange of fast-growing innovative companies, create a special methodology for their preparation for listing securities and subsidize relevant expenses. In addition, the strategy proposes subsidizing bond rates to increase the attractiveness of innovative company tools to investors, as well as launching a program to create pre-IPO funds. In order to facilitate working with borrowed financing, the introduction of intellectual property lending mechanisms is envisaged for mature companies.

To increase the flow and quality of projects, strategy measures are aimed at developing the infrastructure for supporting the technological business. In particular, by 2030 it is planned to launch at least 30 centers for collective use of services for small innovative companies in Russia (including customs clearance, registration of intellectual property, joint purchases, etc.), as well as at least 30 centers for testing and prototyping, where projects will be able to use the infrastructure for R&D, receive mentoring support, etc. Initiatives to develop the competencies of the venture community include the launch of educational programs for technology entrepreneurs and venture fund specialists together with global educational centers.

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The venture capital investment market is a necessary financial tool for the scientific and technological development of Russia, the priority of which is fixed at the level of key state strategic documents. The Ministry is implementing a set of measures aimed at developing the venture capital market in Russia. In 2018, as part of the execution of the order of the President of the Russian Federation, corporate venture funds were created in the largest state corporations and companies with state participation, amendments to industry laws on organizing collective venture investments were prepared, a project was launched to support the entry of innovative companies into the public exchange market, which significantly expands the opportunities for venture investors to "exit" from projects. The Ministry pays important attention to tax incentives for venture capital investments. So, in 2018, Decree of the Government of the Russian Federation No. 356 was adopted, providing for an increase in the requirements for the maximum size of market capitalization for innovative equity issuing companies and the maximum revenue for innovative bond issuing companies, allowing to increase the number of such companies whose investors can receive an exemption from capital gains tax. The developed strategy will also allow implementing a systematic approach to the development of the venture capital investment market in Russia, taking into account the state priorities of innovation and technological development, "said Artem Shadrin, director of the Department of Strategic Development and Innovation of the Ministry of Economic Development.
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Agreement with the Government of St. Petersburg

In November 2018, the Government of St. Petersburg and the Russian Venture Company (RVC) agreed to cooperate in the implementation of the National Technology Initiative (STI). The corresponding agreement was signed by the vice-governor of St. Petersburg Sergey Movchan and the general director of the RVC Alexander Povalko.

The purpose of the agreement is the implementation of projects and programs in the field of STI and digital development in the city, the development of venture investment and the ecosystem in St. Petersburg, as well as the popularization of technological entrepreneurship.

Cooperation will include, inter alia, the development and conduct of joint STI technology competitions. Also on the agenda are thematic events of the All-Russian and international level, including project sessions, attracting venture investors to the region, participating in the development of the urban startup community and innovative infrastructure.

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With the support of the Government of St. Petersburg on the territory of the LENPOLIGRAFMASH technopark, the regional boiling point was opened in St. Petersburg, combining on one site the best intellectual resources of the region that form modern society and its development (representatives of business, executive bodies of state power, engineers, scientists, teachers, students and graduate students. A Council for the implementation of STI in St. Petersburg has been formed, the main task of which is to ensure the leadership of St. Petersburg companies in high-tech markets, creating all the necessary conditions for their development, as well as to assist in the preparation of innovative projects for participation in STI and the development of proposals for the provision of support measures for organizations participating in STI.
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"St. Petersburg confirms the status of one of the scientific and educational centers of the country. In 2017, the city topped the rating of the Association of Innovative Regions of Russia. An active technological community of young innovative companies, leading engineering universities, business incubators, technology parks is concentrated here. On the basis of SPbPU, the STI Competence Center for Production Technologies successfully operates, at ITMO University - the national center for cognitive development. St. Petersburg is already one of the supporting regions of STI development, we expect that our cooperation will be filled with joint projects.
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2017

Results of the year: 26 funds, investments for 14 project companies

As of the end of 2017, with the participation of RVC capital, 26 funds were formed, the total amount of which amounted to about 35.1 billion rubles. The main sectoral areas of investment of funds formed with the participation of RVC capital at the end of 2017 were medical technologies and pharmaceuticals (30%), information technologies and the Internet (29%), energy (10%).

During the year, 11 project companies were approved for investment for a total of 438.4 million rubles. In general, in the direction of investment activities, RVC funds in 2017 approved the provision of investments to 14 project companies for a total of 507.82 million rubles. The total volume of funds approved for investment reached 17.1 billion rubles.

In 2017, 6 "exits" from portfolio companies of funds with the participation of RVC capital took place.

In addition, in 2017, the RVC development strategy for 2017-2030 was approved, which defines the mission, strategic goal and tools that ensure the work of key areas of the company's activities: the development and implementation of financial and non-financial instruments for the development of the venture investment and technological entrepreneurship market, the promotion of the creation of its own venture investment industry in Russia and the performance of the functions of the Project Office of the National Technology Initiative (STI).

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The strategic objective of RVC is to achieve activities comparable to those of similar European organizations by 2030. We are focused on the formation of a mature sustainable venture market in the country, "said Alexander Povalko, Director General of the RVC. - We will form a system that ensures the implementation of a sufficient flow of projects. As an institution of development, the RVC takes into account the priorities set by the state, almost all of our tools will be aimed at achieving STI goals.
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The strategic goal of RVC is planned to be realized mainly through the creation of new funds with the involvement of professional investors, investments in existing funds, technology companies, and work with portfolio companies of funds.

The international activity of RVC in 2017 was aimed at forming a positive attitude towards Russian innovations in the global market, integrating technology companies into global technology chains and globalizing the Russian venture market. Geography included developed markets in Europe and North America, as well as technological hubs - Singapore, South Korea, Israel and others.

At the end of 2017, the network of foreign partners of the RVC consisted of 1,500 organizations of an innovative ecosystem from 40 countries of the world and included government agencies, corporations interested in new technologies, universities and technology transfer centers, state development institutions and venture funds. The export revenue of portfolio companies of RVC funds for the three quarters of 2017 year amounted to 1.88 billion rubles.

Agreement with the Venture Committee of the All-China Association for the Financial Advancement of Science and Technology

The RVC and the Venture Committee of the All-China Association of Financial Promotion of Science and Technology concluded a cooperation agreement in the summer of 2017 aimed at developing venture markets and technological business of the two countries.

The document was signed by Deputy Director General of the RVC Mikhail Fedotov and Chairman of the Venture Committee of the All-China Association for the Financial Advancement of Science and Technology (Committee) Xiu Xiaoping at the Second Sino-Russian Forum "Investments in Innovation," which takes place on June 16-17 in Harbin.

As part of the cooperation, the parties will join efforts to attract Chinese and Russian investors to implement joint innovative venture projects in Russia and China, as well as to promote the products of innovative and industrial enterprises in the Russian and Chinese markets. The agreement provides, in particular, for expert evaluation, certification, marketing and exposure of innovative technologies and projects.

RVC and the Committee will also facilitate the transfer of innovative technologies aimed at modernizing production facilities and introducing new technological solutions.

The agreement pays considerable attention to building and expanding business ties, in particular, holding regular meetings of representatives of the technological business of Russia and China.

Within the framework of the partnership, a Russian-Chinese working group will be created. Its main tasks will be the joint preparation and implementation of programs and projects, as well as the monitoring and analysis of cooperation activities.

RVC and Skolkovo create three venture funds with a volume of at least 6.6 billion rubles

According to the terms of the agreement of June 2017, the volume of investments of RVC in each fund will amount to 1.5 billion rubles. Attracted external co-investments will amount to at least 0.5 billion rubles. during the first 12 months of each fund, as well as an additional 0.2 billion rubles. over the next 6 months. Thus, the total volume of funds will reach at least 6.6 billion rubles.

Funds are created in three sectoral areas: information technology, biomedicine and industrial technologies. Investment priorities were developed taking into account the interests of implementing the "roadmaps" of the National Technology Initiative, as well as stimulating the commercialization of the research and development results of companies participating in the Skolkovo Foundation.

Funds intend to invest in Russian technology companies capable of becoming world leaders in their market segments. The share of such investments should be at least 50%. It is planned that the total number of companies invested by each fund will be at least eight, including early stage projects and mature companies. At the same time, the volume of investments in each company will not exceed 10% of the total volume of investment obligations. The management company of the funds was LLC Skolkovo - Venture Investments, a joint company of RVC and Skolkovo.

2016: Alexander Povalko appointed CEO of RVC

In December 2016, Alexander Povalko was appointed general director of the Russian Venture Company (RVK). The announcement of the appointment of Povalko took place at a meeting of the board of directors of the RVC.

Until that moment, the duties of the general director of the RVC were temporarily performed by Evgeny Kuznetsov, the ex-deputy general director of the RVC. The previous official head of the company, Igor Agamirzyan, voluntarily resigned in June 2016.

2011: Election of the Board of Directors

On June 30, 2011, within the framework of the annual general meeting of shareholders of OJSC "RVC," the Federal Agency for State Property Management approved the annual report of OJSC "RVC" for 2010, the annual financial statements of OJSC "RVC" for 2010, and also elected new members of the board of directors of OJSC "RVC" and the management board of OJSC "RVC."

7 people were elected to the Board of Directors of RVC OJSC:

  • Agamirzyan Igor Rubenovich - General Director of OJSC RVC;
  • Vardanyan Ruben Karlenovich - Chairman of the Board of Directors of Troika Dialog Group of Companies (independent director);
  • Guriev Sergey Maratovich - rector of the non-state educational institution "Russian Economic School" (independent director);
  • Igal Ehrlich - Head of the Yozma Venture Program (Independent Director);
  • Oskolkov Ivan Valerievich - director of the department; Ministry of Economic Development Russia
  • Sitnikov Alexey Yuryevich - Head of the Department of International Cooperation of the Non-Profit Organization "Fund for the Development of the Center for the Development and Commercialization of New Technologies" (Fund Skolkovo"");
  • Yury Arkadyevich Udaltsov - Member of the Board, Director for Innovative Development of Rusnano OJSC.

The Board of JSC RVC was elected in the following composition (5 people):

  • Agamirzyan Igor Rubenovich - General Director of OJSC RVC (Chairman of the Board);
  • Vvedensky Andrei Valerievich - Director of the Department of Programs and Projects of OJSC RVC;
  • Nikolay Lvovich Korolyov - Deputy General Director - Operating Director of OJSC "RVC";
  • Evgeny Borisovich Kuznetsov - Director of the Department of Development and Communications of OJSC "RVC";
  • Jan Vladimirovich Ryazantsev - Director of the Investment and Expertise Department of OJSC RVC.

2010

Results of the year: 12 funds, double investment growth

By the end of 2010, there were 12 venture funds created by RVC, 10 of which are registered in Russia and 2 in the UK. Their total size is about 25 billion rubles. with a share of RVC in their capital of about 15 billion rubles.

According to the results of 2010, more than double the growth was shown compared to the results of 2009, both in the number of new portfolio companies and in the volume of investments. In 2010, OJSC Russian Venture Company received 44 projects from 7 ZPIF OR (B) AND, created with the participation of RVC capital, for which an examination was carried out. 17 projects were approved. 130 investment applications were submitted to the Sowing Investment Fund by venture partners, of which 20 projects were selected by the FPI Investment Committee.

The total volume of investments under the approved transactions of the funds for the entire period of the existence of RVC OJSC amounted to more than 6 billion rubles. In 2010, the volume of investments amounted to about 2.7 billion rubles, which is 45% of the volume of investments made over the entire life of RVC in the market and almost double the volume of investments made in 2009 - 1.4 billion rubles.

If we consider the portfolio of RVC funds in terms of the number of companies, then as of January 1, 2011 it consisted of 58 companies, of which almost two thirds of the companies replenished the portfolio of funds created with the participation of RVC capital in 2010.

The largest increase in the total number of approved projects was made by the RVC Sowing Investment Fund - 20 portfolio companies. At a time, more than 50 preliminary applications and 20 complete packages of transactions are under consideration at the RVC FPI in a permanent pipe-line. Currently, work is underway to directly link the timing of consideration of applications at the FPI RVC with the volume of requested investments in order to encourage entrepreneurs to attract small amounts of investment (up to 3-7 million rubles). In sectoral terms, funds with the participation of RVC capital invested mainly in biopharma, industrial production and information technologies in 2010.

As can be seen from the diagram (Figure 3), in 2010 the structure of the portfolio also changed significantly: two sectors of the economy were added: "alternative energy sources" and "construction materials."

Shares of investments of funds with participation of capital of the Russian venture capital company by sectors of economy at the end of 2010 are shown in Fig. 4.

As of September 2010, in addition to two British funds, RVC funds were invested in seven venture capital funds and one sowing fund in Russia. The number of companies invested by RVC funds in June 2010 reached 27, the total volume of invested funds - 4.413 million rubles.

Memorandum of cooperation with PwC

On December 7, 2010, PwC and the Russian Venture Company (RVC) announced the signing of a memorandum in the field of implementing projects for the development of the venture investment industry and innovative technological entrepreneurship in Russia.

Cooperation was to be carried out in several areas:

  • educational programs for entrepreneurs engaged in the field of high technology and innovation;
  • programs aimed at supporting and accelerating the development of small innovative companies, including the joint organization and holding of investment competitions and other events that contribute to the implementation of this task;
  • cooperation in the field of creating and developing a system for collecting and preparing analytical information on investment activity in the Russian venture capital market (similar to the MoneyTree™ study produced by PwC together with the National Venture Investment Association and Thomson Reuters in the United States);
  • providing advisory support to small innovation and technology companies, as well as Russian and foreign venture funds investing in innovative and technological projects.

In order to implement the Memorandum of Understanding, the PwC and RVC have established a working group that will prepare recommendations on joint activities, programmes and projects, their implementation, and monitor and analyse cooperation within the framework of the Memorandum.

Igor Rubenovich Agamirzyan, CEO of the Russian Venture Capital Company, noted:

"When moving the country to an innovative development path, we urgently need to master the best practices of the international venture market and innovative technological entrepreneurship, access to the know-how of this business. In Russia, in a short time, all the necessary competencies and tools should be concentrated both to attract venture capital investments and to conduct them independently. However, this is not all. We are also in dire need of high-quality and affordable consulting services for Russian innovation companies. And here, interaction with colleagues from Pricewaterhouse Coopers can be very useful. We are confident that the Memorandum signed with PwC is only the first step in our long-term and mutually beneficial cooperation. "

Audit of the Accounts Chamber

As a result of the review on July 16, 2010 of the results of the control event "Comprehensive Verification of the Effectiveness of Property Contributions Management of the Russian Federation" by the Board of the Accounts Chamber of the Russian Federation, chaired by Sergei Stepashin, a number of systemic problems were identified that directly affect the effectiveness of RVC OJSC in the field of innovative economy and the formation of the venture environment.

As stated in the message on the official website of the Accounts Chamber of the Russian Federation, planned control and indicative indicators of RVC activity for 2009-2010 are not balanced with the goals and corresponding targets of socio-economic development of Russia, defined in the Concept of long-term socio-economic development of the Russian Federation until 2020 and other strategic planning documents, including in the Strategy for the Development of Science and Innovation in the Russian Federation for the Period until 2015

In particular, there is no system of indicators characterizing the effectiveness of using property contributions of the Russian Federation to the authorized capital of innovative companies. As established by the audit, the bulk of the financial funds RVC not invested in venture projects or innovative enterprises, but placed on deposits in banks. As a result, the College decided to send the submission of the Accounts Chamber of the Russian Federation to the Ministry of Economic Development of Russia, as well as a report on the results of the audit to the chambers of the Federal Assembly of the Russian Federation.

Investments in BrightSource Energy

The British RVC Fund - Russian Venture Capital I LP - invested $10 million in BrightSource Energy, a solar energy company.

Joining the IVP XIII Venture Fund

In September 2010, RVC announced the closure of the transaction to join the late stage venture fund Institutional Venture Partners XIII (IVP XIII). IVP formed a new fund of $750 million with a focus on late stage technology innovation companies in August 2010. RVC investments in the IVP XIII fund amounted to $10 million. The transaction was made through the Russian Venture Capital II LP fund, which was registered on June 25, 2010 in the UK.

"Joining the RVC to an international late-stage fund will achieve several strategically important goals at once," said Jan Ryazantsev, director of the RVC investment and expertise department. - Obtaining information on methods and methods of formation of late stage venture funds; access to extensive information on the most up-to-date ("hot") venture market transactions; developing a partnership network by building relationships with other investors in an emerging venture fund; attracting fund partners to the Russian technology market as strategic co-investors and much more. "

Joining an international venture fund is a popular way to improve investment skills, said Yuri Ammosov, scientific director of the Innovation Institute at MIPT. Singapore, he said, has invested venture capital money in this way for 15 years and "it helped him." "IVP is one of the largest venture funds and getting there is quite difficult, so for RVC it is a great achievement," the expert adds.

Biofund and Infrafonda concepts approved

In June 2010, the RVC approved the concepts of the Biopharmaceutical Cluster Fund ("RVC BioFund") and the Infrastructure Investment Fund ("RVC InfraFund").

2009: CEO Alexey Korobov leaves the company

In March 2009, RVC CEO Alexei Korobov resigned. Together with him, financial director Olga Golikova and executive director Oksana Artyukhova left the company. Alexey Vladimirovich Kuzmin, who stayed in this position for several days, was appointed the new general director of the RVC.

See also

Notes