Business Priority project helps Russian technology start-ups to raise over RUB 1 billion at SPIEF
On 7 June, the second day of the St. Petersburg International Economic Forum, the Business Priority project held a competition between innovative start-ups called “Pitch Session for a Billion” on the Roscongress Foundation Innovation Space as part of Building Trust.
The Competition’s expert council included representatives of the Roscongress Foundation, the International Foundation of Technology and Investment, the Digital Economy Development Fund and the RK-Investments Foundation.
A total of about 200 applications were submitted for the Competition. The jury selected 13 of these, giving them the opportunity to present themselves to the investment community at SPIEF 2019.
The Pitch Session’s aim to raise RUB 1 billion was even topped: the Competition participants collected a total of RUB 1.129 billion. The average investment in a company was RUB 100 million, the investors receiving a 10 to 20% stake in return.
“The advantage of the Business Priority project is that we use the ecosystem of the Roscongress Foundation and leading investment funds for working with carefully selected start-ups. That way, we can offer young teams a unique set of instruments: expertise, help in deciding regulatory issues, connections at any level – with the authorities, state-owned and private companies. This is crucial for both the start-ups and the country”, stressed Marianna Skragan, Director of the Business Priority project.
“The Business Priority project, which is presented for the first time at SPIEF, showed how highly investors and young businessmen value our expertise. The Roscongress infrastructure is like fertile soil. I am sure that, given proper governance and strategic consulting, multi-billion companies will grow there”, noted Yuri Cherches, member of the Roscongress Foundation Board of Directors and Chairman of the Council of the International Foundation of Technology and Investment.
In agreement with him is Alexander Chachava, Managing Director of the LETA Capital venture fund, which took part in the Business Priority project as one of the investors. “The majority of the selected start-ups were successful in raising investment. These are companies working in the b2b segment, so, in order to develop their business, it is vital for them to find corporate clients. In this, the possibilities of the Business Priority project cannot be exaggerated”, he commented.
“I often visit various investment events and I can say that the Pitch Session for a Billion organized by the Business Priority project at SPIEF was of an exceptional standard. The projects for the final were really well chosen: they have a product, they have a team, and all they need is money for further growth. I would like to express my gratitude for the invitation and hope that the Business Priority project develops and holds new competitions”, noted Alexey Malikov, co-founder of the A&A Capital investment fund.
Winners of the competition organized by the Business Priority project:
BIMLIB – a unique information platform for estimating construction costs;
SPEAKUS – a cloud platform to simultaneous interpretation;
VRT – a training system using virtual simulators, primarily in industry, the military and industrial complex and the Ministry of Emergency Situations;
Total Vision – a Horizon system resolving human sight problems;
NTC Rus – Wi-fi technology for the industrial Internet of Thing that increases the through capacity of high-voltage networks by 30%;
GREENDATA – is developing an evaporation cooling system allowing the air temperature to be reduced through evaporation of micron water droplets;
Kalancha – a new gas-powder fire-extinguishing technology for use at oil reservoirs without water, foam or fire personnel;
MOTIVITY – a solution using artificial intelligence to develop, train and motivate personnel;
Ecosleep – an anti-insomnia technology;
BMPower – a new hydrogen energy source product;
Third Opinion – an artificial intelligence platform for patient diagnosis;
AETI – a Russian electric car;
Cerevrum – a machine system for training retail personnel using digital virtual technology.
