RDIF invests in Russia’s leading developer of high-tech prostheses
Moscow, August 30, 2019 - The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) has completed the investment of up to RUB200 mn in Motorica, Russia’s leading developer and producer of prostheses which incorporate artificial intelligence (AI).
The transaction is part of the Investment Lift scheme to stimulate the growth of mid-sized, non-resource companies which have export potential. RDIF’s investment will support the development of Motorica’s product line, including innovative bioelectric multi-functional prostheses, as well as fulfilling the company’s export potential.
By 2021, Motorica plans to develop artificial muscles to achieve fine motor skills in fingers with AI-based control functions, and by 2025 it aims to launch a robotic prosthesis with mobility identical to an arm’s natural movement and ability.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“It is hard to imagine the development of new technologies and equipment using the latest innovative prosthetics methods without adequate financial support. We are pleased to support Motorica’s development and expect the company will not only strengthen its position in the Russian Federation, but also establish new foreign markets for its products.”
Andrey Davidyuk, Chairman of Motorica LLC, said:
“Motorica was the first prosthetics company to provide users with benefits such as bespoke design, digitalization, advanced features and other advantages. Investment from RDIF will become a catalyst for the company’s development globally, and will positively impact the lives of millions of people who need prostheses incorporating modern technology. For us, this is an opportunity to further accelerate R&D for new products, expand our product line and ensure expansion into foreign markets.”
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 over RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF’s portfolio of companies employs over 800,000 people and generates revenues that equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at 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 1,000 customers in 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 SMEs during various stages of their life cycles. As part of the Investment Lift mechanism, SMEs 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