In late April, Russian venture capital firms Phystech Ventures and North Energy Ventures announced the creation of a joint $40 million fund. Dubbed ‘Terra Fund II,’ the fund will focus on mature projects in the fields of artificial intelligence, machine learning and robotics projects, VC.ru reported.
Among the 24 investors in the fund are large banks, corporations, RVC, owners of oilfield service companies and international tech entrepreneurs, according to RVC.
Terra Fund II’s portfolio includes 11 Russian tech companies operating in the Middle East, South-East Asia, and North America, in which Phystech Ventures and North Energy invested earlier. Among these companies are Geosteering Technologies, Axel, UVL Robotics and ADL Completions.
“[Together with Phystech Ventures, we will be able] to add maximum value to our portfolio companies. Considering eightfold growth in revenue from our portfolio from 2016 to 2018, we will continue to implement the strategy of bringing Russian technologies in such areas as oil & gas and traditional power generation to the markets of the Middle East, Africa, and South East Asia,” said Danila Shaposhnikov, partner at North Energy Ventures.
“In these regions, there is a steady demand for effective economic solutions and alternative products to solutions offered by global majors,” he added.