Russia’s VEB Innovations to Promote GLONASS Navigation System
VEB Innovations plans to offer financial support for domestic companies to develop projects using the GLONASS navigation system in Russia and abroad. The basic parameters for the project have already been outlined. The fund will include 5 billion rubles from VEB Innovations, together with 3 billion rubles from private investors.
“The main purpose of the GLONASS Fund is to support the development of new technology in the field of navigation, including support for small companies with new, innovative ideas in this field. Its goals will include the creation of an investment model that will ensure that the most promising and viable projects come to life, from conception to the production stage,” the company’s press service pointed out.
According to the information available, the GLONASS Fund will be established within the fourth quarter of this year. The funds will be made available by February-March 2015. The private investors are to be attracted by the end of 2016.