01/19/2021 | Press release | Distributed by Public on 01/19/2021 03:26
Moscow, January 19, 2021 - The Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund) and the Far East High Technology Fund (FEHTF) announce the investment of RUB300 million in RDIF's portfolio company Motorica (the 'Company'), the leading Russian developer and manufacturer of high-tech hand prostheses and rehabilitation systems using artificial intelligence (AI), virtual reality (VR) and internet of things (IoT) technologies and a Skolkovo resident.
FEHTF has invested RUB200 million while RDIF has invested RUB100 million as part of the second tranche of investment in Motorica. RDIF is investing in the Company using the Investment Lift mechanism aimed at stimulating the growth of medium-sized, non-resource companies with export potential. The first investment of RUB100 million was completed by RDIF in 2019. Total investment by FEHTF and RDIF in Motorica now amounts to RUB400 million.
The investment in Motorica is in line with RDIF's strategy of supporting Russian hi-tech AI-companies and helping them become global leaders, as well as FEHTF's strategy of implementing socially transformative projects (impact investments) in the key areas of robotics and AI in the Far East. Thanks to the investment by RDIF and FEHTF, Motorica will be able to keep developing both in Russia, particularly in the Far East, and in international markets.
The funds raised will be used by the Company to further develop and improve its prosthetic upper limbs, develop the Attilan tele-rehabilitation platform and invasive technologies, scale-up production, and grow its service network in Russia and in target global markets. In the Far East the Company plans to open an R&D office and a research center in conjunction with the Medical Center of the Far Eastern Federal University.
Motorica's export focus will be aimed at expanding its presence in India, one of the largest international target markets for the Company's products, as well as in the Asia-Pacific region, the Middle East and the European Union. The Company will continue to invest in product certification for sales overseas.
In May 2020, Motorica received a CE mark certificate for sales in Europe, the Middle East, and a number of Asia-Pacific countries.
Anatoly Braverman, First Deputy CEO of the Russian Direct Investment Fund, said:
'RDIF's investments are aimed at transforming a promising Russian company into a global leader in prosthetics using cutting-edge technologies based on artificial intelligence. Motorica will continue its successful development as it enters the largest global markets, promoting the Russian product internationally and helping thousands of people around the world.'
Ruslan Sarkisov, CEO of the Far East High Technology Fund (FEHTF), commented:
'We expect that, with the help of our investment, the Company will be able to make significant progress in developing state-of-the-art solutions in prosthetics and rehabilitation using artificial intelligence and virtual reality technologies. The Company is working to ensure bionic hands have optimum sensitivity and we hope that a product will be brought to market in the foreseeable future that helps the owner receive information about the properties of the object they are touching.'
Andrey Davidyuk, Chairman of Motorica, noted:
'The Company is steadily increasing its market share in Russia and is actively developing its international client base. The investments we are attracting will increase the competitiveness of existing active and bionic prostheses in the global market, multiply the scale of our business and continue our research into promising, breakthrough technologies to facilitate our international expansion.'
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF's management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB2 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia's GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at www.rdif.ru
The Far East High Technology Fund (FEHTF) was established in 2018 by order of Russian President Vladimir Putin and Deputy Prime Minister and Presidential Plenipotentiary in the Far Eastern Federal District, Yuriy Trutnev, with the aim of developing high-tech business in the Far East. The fund has a total of RUB5 bn under management and invests in promising high-tech and localization projects in the Far East. Its investment portfolio includes Far Eastern companies such as LLC 'Vizitek' and LLC 'Hotlid', manufacturers of portable mini-projectors, 'Multikubik' (Cinemood), a manufacturer of supercapacitor and hybrid storage systems for transport and energy, Titan Power Solutions, an operator of technologies for 'smart cities, and 'Promobot', a manufacturer of service and humanoid robots. For more information, visit: vostokventures.ru
Motorica is a high-tech company operating at the intersection of medicine and robotics since 2015. Motorica's team develops and manufactures custom-designed robotic functional hand prostheses. With more than 2,000 clients across 12 countries, the Company's vision is based on the idea that modern hand prostheses transform the features of those with disabilities into their assets. The company's research and development is focused on the application of VR, IoT, AI technologies in prosthetics, as well as invasive technologies. For more information, visit: motorica.org
For additional information contact:
Arseniy Palagin Andrew Leach / Maria Shiryaevskaya
Russian Direct Investment Fund Hudson Sandler
Press Secretary Tel: +44 (0) 20 7796 4133
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