The Skolkovo Foundation has teamed up with China’s Cybernaut Investment Group to create a $200 million venture fund to stimulate high-tech innovations of mutual interest.
Skolkovo's senior VP for innovations Vasily Belov and Russian Deputy Prime Minister Arkady Dvorkovich, third and fourth from left, during their trip to China. Photo: sk.ru
The landmark deal was signed by Skolkovo’s senior vice president for innovations, Vasily Belov, and Du Hao, managing partner of Cybernaut, on the sidelines of the Russian-Chinese investment forum Big Opportunities for Small- and Medium-Sized Enterprises this week.
“The signing of the agreement between the Skolkovo Foundation and Cybernaut Investment Group is an important step in the development of Russian-Chinese cooperation in the area of innovations,” said Russia’s Deputy Prime Minister Arkady Dvorkovich, who as a member of Skolkovo’s board of trustees oversaw the signing.
“In recent years China has made great strides in the development of high technology and has created large tech parks. China has also gained extensive experience of implementing innovative technologies in industry … creating high-tech corporations, a few of which have become world-famous brands,” Dvorkovich added.
“Russia, for its part, always excelled in scientific research. We have serious know-how in the area of nuclear, space and information technologies. I am certain, that by uniting efforts Russia and China can reach substantial success in the development of innovations and thereby make a significant contribution into the economic development of our countries.”
Arkady Dvorkovich. Photo: sk.ru
The agreement foresees the creation of a joint Russian-Chinese business incubator, robotics center and venture fund itself.
The 1,500 sq. m. R&D business incubator will be situated at the Skolkovo Innovation Center and house at least 15 Skolkovo resident companies that are conducting research into IT and robotics, space, energy-efficiency technologies and new materials.
Cybernaut’s robotics center, which will be created in China with the help of Skolkovo’s Robotics Center, will implement a joint acceleration program for Skolkovo resident companies to ease them into the Chinese market.
The Skolkovo-Cybernaut agreement comes into force in the third quarter of 2015.
As Belov noted, “a few of Skolkovo’s resident companies have already sold their technology to Chinese enterprises.”
“Signing this agreement to create a joint business-incubator, a robotics center and a venture fund opens up totally new possibilities for us in the near future. We are providing the conditions for close collaboration between Russian and Chinese scientists, developers and entrepreneurs, which will allow us to develop and market cutting-edge technology together,” Belov added.
Du Hao, managing partner of Cybernaut Investment Group, added: “Cybernaut is very pleased to sign this memorandum of understanding with Skolkovo. Technological innovation is the key to achieve social and economic goals, both in emerging and developed markets, and is a key growth area for the strategic growth of Cybernaut.”
“This strategic alliance between Cybernaut and Skolkovo allows us to combine our complementary capabilities and will enable us to help more and more innovative spirits to be successful.”
As one of the pioneering investment funds in China, Cybernaut Investment Group focuses on consumer and service sectors that serves the biggest consumer market’s fast growing demands. The company invests in early and growth stage companies with strong consolidation platform value. The company has invested in financial service, education, health care, consumer services, high technology, and advanced manufacturing sectors.