RDIF invests in Neurochat and Neurotrend companies developing solutions based on neurotechnologies and AI
Moscow, May 30, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has agreed the key terms of investments in Neurochat and Neurotrend companies developing innovative products and solutions in the fields of neurotechnology and artificial intelligence (AI).
RDIF will invest up to RUB300 mn as part of the Investment Lift program, aimed at stimulating the growth of middle-sized non-resource companies with export potential. These funds will be spent on the development of new products, as well as expansion of Russian business and entry into international markets.
NeuroChat has patented a brain-to-computer multimodal interface system that enables the user to type on a computer screen without moving or speaking. By concentrating on the desired letter or symbol on a virtual keyboard, users of this system, are able to select the desired object with just their mind.
Over 200 patients are already using the NeuroChat product in rehabilitation centers and in their homes, with further potential use for the 25 mn people worldwide with speech and movement disorders.
Neutrotrend uses neuromarketing technologies and artificial intelligence capabilities to study consumer preferences and adjust product parameters based on the data obtained. The company's clients include such major players as Yandex, MTS, Cherkizovo.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“RDIF continues to support innovative companies whose technology has the power to improve the quality of life for millions. Thanks to Neurochat’s innovative products that are based on artificial intelligence, people with disabilities have the opportunity to actively socialize. Neurotrend’s products provide businesses with additional tools to better understand consumer preferences, positively supporting the growth of companies and the country's economy as a whole.”
Natalia Galkina, CEO of JSC Neurotrend, said:
“RDIF’s investments will significantly reduce the time required to bring our products to market internationally and will expand the use of artificial intelligence in existing solutions, consolidating our leading positions in the rapidly developing market of neurocommunications”.
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 RUB 1.5tn 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 rdif.ru
JSC Neurotrend was registered in 2015 and is a leading Russian neuromarketing company having implemented more than 150 commercial projects for Russian and foreign customers. The Neurochat project became a separate direction of development and was registered as a LLC in 2016. Both companies are residents of Skolkovo. As part of the NeuroNet Roadmap by National Technology Initiative both Neurochat and Neurotrend are developing high-tech software and hardware solutions at the interface of neuroscience, mathematics and economics. Further information can be found at: neurotrend.ru and www.neurochat.pro
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