RVC is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.
RVC OJSC was established in accordance with the directive of the Government of the Russian Federation No. 838-p dated June 7, 2006. The main purpose of RVC OJSC is to promote creation of Russia's own venture investment industry and significantly increase financial resources of venture capital funds. The company's role is to be a state fund of venture capital funds and a vehicle for state promotion of venture investing and financial support to the high-tech sector as a whole. It is also a state institution for development of the venture investment industry in the Russian Federation.
Since 2015, RVC OJSC has been defined as a project office for implementation of the National Technology Initiative (NTI) - the long-term strategy of the country's technological development, aimed at formation of new global markets by 2035.
Bearing in mind the priorities of the state, increase the volume, accelerate the growth, and adjust the areas of development of the venture capital market of the Russian Federation with the aim of improving the competitiveness of the innovative sector of the country's economy globally.
RVC’s authorized capital — RUB 30 011 320 700 (about US$ 548 mln.) — is 100% owned by the Federal Agency for State Property Management (Rosimuschestvo).
Board of Directors
Chairman of the Board of Directors:
- Oleg V. Fomichev — Deputy Minister of Economic Development of the Russian Federation
Members of the Board of Directors:
- Igor R. Agamirzian — Chief Executive Officer;
- Alexander A. Auzan — Dean of the Faculty of Economics of Lomonosov Moscow State University, Head of the Department of Applied Institutional Economics of the Faculty of Economics at Lomonosov Moscow State University, Doctor of Science (Economics), Professor;
- Gleb S. Nikitin — First Deputy Minister of Industry and Trade of the Russian Federation;
- Boris G. Nuraliev — Head of 1C Company;
- Dmitry N. Peskov — Director of Young Professionals Division of the Agency for Strategic Initiatives;
- Aleksandr B. Povalko — Deputy Minister of Education and Science of the Russian Federation;
- Sergey G. Polyakov — General Director of Foundation for Assistance to Small Innovative Enterprises (FASIE);
- Yuri A. Udaltsov — Deputy Chairman of the Management Board, RUSNANO MC LLC.
- Igor Agamirzian — CEO of RVC;
- Egor Beketov — Director and Chairman of the Board of RVC Biopharmaceutical Investments (RVC Biofund);
- Andrey Vvedensky — Director of Investment Programs;
- Gulnara Bikkulova — Director, Technology Capital and Markets Access Department;
- Roman Kosyachkov — Deputy CEO, Vice Chairman of Management Board;
- Eugeny Kuznetsov — Director, Strategic Communications Department;
- Aleksandr Loktev — Director and the Chairman of the Board of RVC Infrastructure Investment Fund (RVC InfraFund);
- Alexander Potapov — Deputy CEO, Managing Director;
- Aleksey Teleshev — Director and the Chairman of the Board of RVC Seed Fund, Ltd. (FPI RVC).
Investment activity of RVC is aimed at involving private Russian and foreign players in innovative segments of the Russian economy and development of new investment instruments of the national venture capital market. This activity is carried out through establishment of funds based on public-private partnership. RVC is focused on knowledge-intensive high-risk industrial sectors with low presence of private capital, which are essential for the country's balanced innovative development and for promising interdisciplinary segments. Another priority of RVC's investment activity is creation of RVC seed and pre-seed funds.
Priority areas for investment
The priority areas for investment by RVC-funded venture capital funds have been determined in accordance with the Essential Technology List approved by the President of the Russian Federation, which includes the following:
- Security and counter-terrorism actions;
- Living systems (understood as biotechnology, medical technology, and medical equipment);
- Industry of nanosystems and materials;
- Information and telecommunications systems;
- Sustainable environmental management;
- Transport, aviation, and space systems;
- Power engineering and energy efficiency.
RVC invests through venture capital funds created in conjunction with private investors.
The total number of RVC funds has reached twenty one (including two funds in foreign jurisdictions), with their total size of RUB 32.2 bn. The share of RVC is RUB 19.55 bn.
The number of innovative companies approved for investment by RVC funds reached 175 in 2015. The total volume of approved investments is RUB 16.2 bn.
- RVC Seed Fund (RUB 1,982 mn)
- Civil Technology(RUB 1,000 mn)
- RVC Infrafund (RUB 2,000 mn)
- RVC Biofund (RUB 1,500 mn)
Funds in foreign jurisdictions
Funds in the form of closed-end mutual funds (CEMF – Closed-End Mutual Fund of High-Risk (Venture) Investments)
- Bioprocess Capital Ventures (CEMF HR(V)I) (RUB 3,000 mn)
- Maxwell Biotech CEMF HR(V)I (RUB 1,224,4 mn)
- Leader-Innovations CEMF HR(V)I (RUB 3,000 mn)
- Innovative Solutions CEMF HR(V)I (RUB 1,800 mn)
- S-Group Ventures CEMF HR(V)I (RUB 1,800 mn)
- New Technologies CEMF HR(V)I (RUB 612,2 mn)
- VTB - Venture Fund CEMF HR(V)I (RUB 3,061 mn)
Funds in the form of investment partnerships (IP)
- Industry funds
- RusBio Ventures IP (RUB 2,070 mn)
- Finematika Aerospace Fund IP (RUB 1,515 mn)
- Da Vinci Pre-IPO Fund (RUB 3,788 mn)
The amounts shown are the target sizes of the funds.
Regional venture capital funds
In early 2013, Russia has 22 regional venture capital funds investing money in small businesses operating in the science and technical sector and set up in 2006-2013 by the Ministry of Economic Development and Trade of the Russian Federation together with the regional administration with the total funding of RUR 8.9 billion. RVC is part of supervisory board of such funds.
From January 2010, all projects seeking investments from regional venture capital funds in small businesses operating in the science and technical sector must undergo an expert examination in RVC. The decision to engage RVC in such additional expert examination of projects proposed by regional venture capital funds was made by the Ministry of Economic Development and Trade in late 2009 for the purposes of increasing professional control over procedures applied by the management companies of the regional funds to select investment projects.
Development of the innovative ecosystem is one of the main objectives of RVC. Major landmarks in this framework include an increase of competence and efficiency of interaction between venture capital market participants, promotion of technological entrepreneurship, support to regional infrastructure, and facilitation of globalization of the Russian innovative industry.
A new element of RVC's work in 2014 was the creation of a project office to support facilities of the innovation infrastructure and coordinate regional innovative clusters, technology platforms, engineering centers, and state-owned companies implementing innovative development program.
Investor Development Program
The program is focused on development of venture investors and business angels, as well as on promoting the emergence and further activities of corporate venture funds in Russia.
Purpose of the program:
- Involvement of new market participants and development of their professional competencies;
- Improvement of effective tools and introduction of new forms of interaction between venture investors;
- Increase in the number of sources of analytical information about the market;
- Development of the professional community of venture investors in Russia.
Program for Globalisation of Russian Innovation Industry
The program is aimed at collecting and studying relevant information about the most promising international innovation markets, development of partnerships with their key players, and integration of products and services of Russian technology companies into global added value chains. Both these measures and a strategic project to support exports of innovative products and services are aimed at strengthening foreign economic activities of Russian innovative companies and – above all – building up high-tech exports.
Purpose of the program:
- Study of international experience in innovative development; adaptation and introduction of the best business practices in Russia;
- Facilitation of entry of high-tech Russian companies in foreign markets and their integration into the global technology added value chains.
Innovation Promotion Program
The program is aimed at promoting innovation and technological entrepreneurship by using tools such as bringing attention of journalists to the topics of innovation, development of specialized networking events and media, and promoting success stories of technology companies.
Purpose of the program:
- Development of information infrastructure of the innovation and venture capital market - implementation of acceleration programs for thematic media;
- Forming an image of a technology entrepreneur as "a hero of our time" in the public consciousness (especially among youth);
- Involvement of science and education representatives in the orbit of innovative business, and increasing information transparency of the venture capital market.
Innovation Ecosystem Development Program
The program is focused on development of the innovation infrastructure and promotion of creation and implementation of innovative development programs for state-owned companies. The program was reorganised in the autumn of 2014, when RVC established a project office to coordinate implementation of major projects on development of innovation ecosystems.
The key task of the project office is to develop horizontal relations between entities of the innovation ecosystem, and facilitate overcoming fundamental limitations to the growth of the venture capital market, including:
- Shortage of technological solutions suitable for commercialization;
- Lack of willingness of potential buyers, including large Russian corporations and state-owned companies, to procure innovative products and services.
Purpose of the project office:
- Support to innovation infrastructure facilities (regional clusters, technology platforms, engineering centers, and state-owned companies implementing programs of innovative development), including synchronization of their activities;
- Development of new-idea generation centers (universities, innovation clusters, etc.);
- Creation of demand for the portfolio companies, including development of corporate venture funds.
INTER-PROGRAM INNOVATION ECOSYSTEM DEVELOPMENT PROJECTS
GenerationS – Federal Accelerator Competition for Technology Startups
GenerationS is a federal accelerator for technology start-ups, in which the best projects are selected by the results of a multi-stage examination to receive intensive development and opportunities for investment. GenerationS has been held by RVC since 2013 with the support of Russian corporations, development institutions, and representatives of venture infrastructure.
Since 2015, GenerationS resources have been utilised for creation of corporate and industry accelerators in close cooperation with large Russian corporations. The corporations are directly involved in project selection and assessment, as well as in acceleration of startups participating in GenerationS, based on their needs in innovation. The search for promising innovative project is carried out through the regional partner network of GenerationS. This network combines startup schools, business incubators, universities, and other participants in the innovation ecosystem working with startups.
GenerationS-2015 is held in seven industry sectors (tracks): Power & Energy (modern power generation technologies), Telecom (telecommunications), Robotics (automated and robotic systems), Aerospace (technology for the aerospace industry), SmartCity (technology for life), Oil & Gas (technologies and materials in the oil and gas sector), and BiotechMed (medicine and biotechnology).
Purpose of the project:
- Development of an innovative environment through the growth of high-tech projects of interest to venture capitalists and public sector customers;
- Improvement of the quality of technology projects and their investment attractiveness, and facilitation of entering capital markets.
TechUp – Rating of Fast-Growing Technology Companies
The TechUp rating was first organized by RVC in partnership with the Association of Innovative Regions of Russia (AIRR) in 2012 with the support of Rusnano and the Foundation for Assistance to Development of Small Research and Technology Enterprises. In 2013, PwC joined the rating making team as a Project Partners. In 2014, MSP Bank became another Project Partner of the rating.
The purpose of the rating is promotion of local high-tech companies in both domestic and international markets.
The current rating methodology was developed by PwC in 2013 and modified in 2014. In developing the methodology, PwC used its experience in conducting similar studies and analysis of authoritative international research and ratings of innovative companies.
Leaders of the rating are fast-growing high-tech companies from various regions of the Russian Federation, steadily showing above-average performance in their sector over the last three years.
Open Innovation - Moscow International Forum of Innovative Development
The forum is a global discussion platform where entrepreneurs, representatives of the research community, and innovators share their experience, present achievements, and predict trends in development of the new technology market and prospects of international cooperation in the field of innovation.
The Forum and Technology Show is the new format of Open Innovation, which starts in 2015.
The topic of the Forum is "The man at the junction of technological revolution trends." Five thematic days reveal five spheres of human life, dramatically changing under the influence of technology - performance, environment, education, health, and entertainment. A forum without ties, the cult of entrepreneurship and creativity, the focus on innovative formats of content presentation and discussion - it's a new style of a contemporary international technology congress. Providing a platform for speakers from around the world, Open Innovation pays close attention to presentation of experience of Russian technology companies, both global companies that are leaders in their industries, and innovative young teams that start their projects in international markets.
The purpose is to show Russian and foreign participants the high innovation potential of Russia, and confirm Moscow's status of the leading metropolis in the technology world map.