Untitled Ventures, a California-based VC firm of Russian origin, is raising ˆ50m for a fund that will invest in early growth stage tech companies from Eastern Europe, EU-Startups reported.

The future fund will reportedly focus on B2B AI, robotics, agritech, medtech, and data management. The backing of European institutions is expected.

“We target Eastern Europe talents for a reason. Given that Silicon Valley is filled with them, we are looking in the right place. Education system still has a strong focus on STEM [science, technology, engineering, mathematics—editor’s note] and it is not a coincidence that Belarusian, Russian, Ukrainian university teams consistently win global programming competitions. Additionally to companies that are still located in Russia, Belarus, and Ukraine, we target those companies that came to the West, but have not yet developed a true presence in the market. We suspect the number of companies under this description is large,” says Oskar Stachowiak, the Untitled Ventures co-founder.

Untitled Ventures is an early growth stage VC company founded by Konstantin Sinyushin and Igor Lutz. It also operates from London, Moscow and Riga. To date, the firm has invested into 26 companies and successfully exited three.