Rusnano, the Russian state-controlled nanotechnology corporation, has created a 4 billion fund (around $53 million) to invest in digital technologies. Half of this amount came from state coffers as part of a national program to develop Russia’s digital economy, reported industry publication CNews.ru.

Starting from the end of this year, under plans, the fund will invest in at least five projects at the later or growth stages, expecting them to generate 1.5 billion rubles in revenues ($20 million) by 2024.

The fund will target, in particular, companies operating in the fields of industry digitalization, quantum technologies, wireless communications, blockchain, artificial intelligence, robot and sensor components, computer vision, and IoT.

Rusnano may seek to increase the size of the fund in the future, a company representative told CNews, without providing further details.