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China's Cybernaut partners with Russian firm for $200m fund

  • Holden Mann
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China's Cybernaut Capital has agreed to form a $200 million venture fund, a start-up incubator and a robotics development center with Russia's government-backed Skolkovo Foundation.

The fund will invest in IT and robotics companies resident at Russia's Skolkovo Innovation Center near Moscow, where the incubator will be based. Cybernaut's robotics center will also host a joint acceleration program to help the Skolkovo-backed companies enter the Chinese market.

The Skolkovo Foundation was created in 2010 by the Russian government to foster innovation in the country's IT sector. Its major project so far is the construction of the Skolkovo Innovation Center, which hopes to build a community of Russian tech entrepreneurs to rival Silicon Valley.

In a release, Vasily Belov, Skolkovo's senior vice president for innovations, said that the agreement "opens up totally new possibilities for us in the near future." In addition to robotics and IT, the partnership will also support space and telecommunications developers.

Cybernaut was founded in 2005 by Min Zhu, a former entrepreneur and Venture Partner at US-based New Enterprise Associates. The firm provides early and growth stage capital to companies, along with guidance and motivation.

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