VEB Innovations, a subsidiary of Vnesheconombank, and Promobot, a Russian manufacturer of service robots, have entered into an agreement of intent for VEB Innovations to invest RUB450m in Promobot. Promobot is expected to use this money to expand its production and upgrade its product lineup.
“Promobot took part in the first season of the Million-Rouble Idea TV project undertaken by VEB to promote small-size enterprises, including in innovation,” notes Deputy Chairman and Member of the Management Board at Vnesheconombank, Alexey Ivanchenko, who is responsible for the innovative agenda at the Bank for Development and VEB Innovations. The project didn’t make it to the finals, but managed to raise a substantial amount from the TV audience during the crowd-funding campaign, and drew the attention of our investment subsidiary. A due diligence run by the Company has resulted in this agreement with Promobot. We consider potential equity participation or a bridge loan for specific activities within the project. We also keep negotiating potential support by the Perm Territory, e.g. through providing a test site or tax benefits. These efforts are part of the new regional operation model of VEB relying on a network of regional managers, who focus on proactively searching for and supporting investment projects.”
Promobot is engaged in robotics development, including speech recognition and communication systems. The company’s solution will help designing robots that can function as consultants, guides, concierges, or bank employees. Russian robots are in high demand both in Russia, and internationally. Promobot has previously signed a USD56.7m contract to supply 2,800 of its robots to the US market.
“In future, we can also assist Promobot in expanding to new markets as part of the operation of the joint Russian-Indian private equity fund of VEB Innovations and Srei Infrastructure Finance Limited (SREI),” added Alexey Ivanchenko.
“The investment will help the company gain a substantial share in the global market while cementing its position in a highly competitive segment such as robotics. We are planning to continue investing in high-tech startups with strong outlooks for international expansion, and we are already considering over ten projects across a number of industries,” noted CEO at VEB Innovations, Oleg Teplov.
Already this autumn, NTV, with the support by Vnesheconombank, will launch the second season of the Million-Rouble Idea TV show, which will involve dozens of new startups and inventors short-listed during a large-scale casting tour across Russia.
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