NLMK Group (Lipetsk Smelter), a global steel company, and venture capital firm Fort Ross Ventures, have penned an agreement to cooperate to support innovations, NLMK site reported.
Under the agreement, Fort Ross Ventures will provide NLMK Group with information on projects related to the Internet of Things, artificial intelligence technologies, cyber-security, cloud technologies, etc., that will enable the company to improve its production and business processes. NLMK Group, in turn, plans to test and implement the most successful innovative solutions and technologies at its companies in Russia, Europe and the USA.
“In our search for new ideas, we are developing an open innovations format, building partnerships with universities, venture funds and development institutes, gaining access to projects that can boost our performance. We are convinced that NLMK Group’s expertise will help maximize the potential of new products and solutions,” Sergey Chebotarev, NLMK Group Management Board member, said.
In view of Victor Orlovsky, Fort Ross Ventures Managing Partner, “NLMK Group is one of the most technologically advanced companies in Russia committed to improving its processes, and our venture fund supports startups which can help with this. I am convinced that our cooperation will be beneficial for startups that will gain a reliable partner and a platform for growth, and for NLMK Group that will gain the tools required to tackle complex production challenges.”
Fort Ross Ventures is a venture capital firm specializing in early stage startups in the US, Israel and Russia. The firm invests in the technology sector with a focus on fintech, cloud technologies, AI, IoT, cyber-security and marketplaces, and manages resources of over $300 mio.