Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia Raises $2Bln for Investment in Artificial Intelligence

A state fund has tapped foreign investors to support domestic tech companies.

Russia is already a global force in fintech. Sergei Kiselyov / Moskva News Agency

The Russian Direct Investment Fund (RDIF) has raised $2 billion from foreign investors to support domestic companies developing Artificial Intelligence (AI) solutions, the Vedomosti business daily reported, citing a report the RDIF has prepared for a meeting with President Vladimir Putin on AI advancement in Russia.

Russia is seeking to boost a start-up ecosystem, and the country's traditional education emphasis on the hard sciences has helped many companies embrace technology. Russia is, for example, already a global force in fintech, and actively supports nano-technology.

The funds for AI development were raised from "partners from large sovereign funds and global corporations from the Middle East and Asia," RDIF representatives told Vedomosti. The RDIF manages $10 billion of its own funds and $40 billion of co-investments. Between five and 10 AI-related investments annually are now planned.

Analysts surveyed by Vedomosti believe that $2 billion is a large amount for the nascent Russian AI market, but noted that investment initially overshooting the market size is normal practice. The RDIF said it has screened 100 Russian AI projects and narrowed them down to 20 that are now being negotiated.

Among those are Oncobox, a start up that diagnoses and selects oncology treatments, and Motorica, which develops functional prosthetics. Previous reports said that the RDIF will also invest in VisionLabs face recognition technology, a company Russia's largest bank Sberbank has previously invested in.

The RDIF will meet with Vladimir Putin in Sberbank's coding school, School 21, and the bank's CEO German Gref will be the keynote speaker, along with Deputy Prime Minister Maksim Akimov. Sberbank is at the forefront of Russian digital development, having adopted an ambitious digitally-driven strategy.

The RBC news website has reported that the agenda of the meeting will include introducing AI technologies into the Russian economy, systems of state governance, industry and agriculture.

This article first appeared in bne IntelliNews.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more