RDIF invests in leading Russian developer of high-tech prosthetic appliances Motorica
Moscow, May 30, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, is investing up to RUB200 mn in Motorica, Russia’s leading developer and producer of high-tech prosthetic appliances, which employs artificial intelligence (AI).
The transaction is part of the Investment Lift mechanism aimed at stimulating the growth of middle-sized non-resource companies with export potential. It will support Motorica’s business development including the growth of its export potential by increasing the supply of high-tech prostheses to international markets. The investment in Motorica also contributes to achieving the goals set in the annual Presidential Address to the Federal Assembly of February 20, 2019, including facilitating the growth of investment in projects using AI, the Internet of Things, robotics and big data.
By 2021, Motorica plans to develop artificial muscles for fine motor skills of fingers with AI-based control function, and by 2025 it plans to launch a prosthesis that will completely simulate the mobility of the hand.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“Investing in Motorica will enable the company to conduct large-scale research in bionic prosthetics and the use of AI and virtual reality in rehabilitative medicine. Innovative technologies and developments in prosthetics will help many people return to an active daily life regardless of age.”
Andrey Davidyuk, Chairman of Motorica LLC, said:
"Today, Motorica has more than 1,000 customers in Russia and 11 other countries. Our products are highly competitive to the ones produced by global leaders. The new investment will enable us to conduct research, develop new products and increase our product range, as well as support 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 70 projects with foreign partners totaling more than RUB1.5tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people and generate revenues which equate to more than 5% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40bn. Further information can be found at www.rdif.ru
Motoriсa is a high-tech company that has been working in medicine and robotics since 2015. It develops and manufactures customized robotic functional hand prostheses. Motorica has more than 1000 customers from 12 countries. The company's vision is to design modern prosthetic hands that help people with limb amputations to lead a normal life. Furthermore, the company aims to change societal attitudes towards, facilitate socialization of, and develop confidence in people with disabilities. Further information can be found at https://motorica.org
The Investment Lift mechanism aimed at stimulating the growth of middle-sized non-resource companies with export potential was launched in April 2016. It envisages the involvement of leading development institutions (the Russian Small and Medium Business Corporation, RDIF, the Industrial Development Fund and the Russian Export Center Group (REC, EXIAR and Roseximbank)) in activities to provide financial support to SME during various stages of their life cycles. As part of the Investment Lift mechanism, SME can count both on financial (equity and debt financing, provision of guarantees, export lending and insurance) as well as administrative and consulting support for projects, including when promoting companies and their products on targeted international markets.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133