The Russian Direct Investment Fund (RDIF) has raised $2 billion from foreign investors to support domestic companies in developing artificial intelligence (AI) solutions.
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.
The funds were raised from partners from large sovereign funds and global corporations from the Middle East and Asia, according to RDIF representatives. The RDIF manages $10 billion of its own funds and $40 billion of co-investments. Between five and 10 AI-related investments annually are planned.
Analysts 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.
Source: The Moscow Times