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February 14, 2019

Head of Mordovia signed a cooperation agreement with VEB Innovations at the investment forum in Sochi

On February 14, on the first day of the Russian Investment Forum 2019 in Sochi, the Head of Mordovia Vladimir Volkov signed an agreement between the Republic of Mordovia and VEB Innovations on the establishment of a venture fund for technology transfer of the Volga Federal District. Oleg Teplov, General Director of the company, signed the document from VEB Innovations.

The agreement was signed to create a venture fund for technology transfer in the Volga Federal District, the anchor investors of which were VEB Innovations and the Fund for Promotion of Venture Investments in Small Enterprises in Science and Technology of the Republic of Mordovia. The Foundation's activities will be aimed at promoting high-tech projects in Mordovia, as well as in the Volga Federal District, at the federal and international levels.

The Fund is created with the active participation and use of the experience of successful work (more than 12 years) of the Republican Venture Fund, which has implemented more than 20 projects, such as "Mordovian Pipe Company", "New Composite Materials", CJSC "Leader-Compound" and many others.

The Head of the Republic of Mordovia Vladimir Volkov noted: "Recent years have been marked by a number of innovative projects in the scientific and production complex of the republic. The agreement is a logical continuation of the development of the venture fund of the Republic of Mordovia, as well as the entire innovation system of the region.

"The agreement with the Republic of Mordovia is a part of a large-scale program to develop infrastructure to support high-tech projects in Russia. The volume of the fund being created together with the Republic of Mordovia at the initial stage will amount to 500 million rubles. Such solutions make it possible to form a unified system of funds in the federal districts of the Russian Federation. Earlier, we have already reached similar agreements with another subject of the Volga Federal District - the Perm Territory. I am sure that by joint efforts we will be able to create an additional impetus for the transition of Russian startups to a qualitatively new level," commented Oleg Teplov, General Director of VEB Innovations, on the signing of the document.

The investment opportunities of the Fund are Smart City technologies and other innovative technological projects with export potential, which contribute to the development of innovative activities in the regions, increase their innovative activity and investment attractiveness.

Before signing the agreement, the Head of Mordovia held talks with Vyacheslav Shulenin, Deputy Chairman of VEB.RF. The parties discussed the issues of cooperation in the implementation of projects important for the economy of the region, including the development of fiber optic production, construction of the second stage of the plant "Fiber optic systems" in Saransk.

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