PRESS: Rostelecom, Typhoon Digital invest $2.5 mln in software firm
MOSCOW, Aug 14 (PRIME) -- Russian state-controlled telecom operator Rostelecom and local venture fund Typhoon Digital Development have invested U.S. $2.5 million in software-defined networking (SDN) developer Brain4Net, which has launched no projects yet but hopes to reach break-even point in 2019, business daily Kommersant reported on Tuesday.
Rostelecom acquired additionally-issued shares of Cyprus-domiciled B4N Group Ltd Ц owner of Russian firm Programmed Networks, working as Brain4Net, which designs solutions for connection operators Ц for 95 million rubles. As a result, the operatorТs interest in B4N Group rose to 26.08% from 18.04%, which values the whole asset at 1.18 billion rubles.
The shares were purchased at a $2.5 million investment round, which attracted RostelecomТs venture fund Commit Capital and Typhoon Digital Development, Brain4Net co-founder and General Director Maxim Kaminsky said.
Commit Capital earlier injected about $1.5 million into the development of Brain4Net. УRostelecom is interested in implementation of successful technological solutions into the companyТs ecosystem. Investments in such projects is one of the ways to support innovative businesses that are complementary to our strategic tasks,Ф the operatorТs spokesperson Andrei Polyakov said.
Kaminsky said that investments are still the main source of funding for Brain4Net so far.
(68.2234 rubles Ц U.S. $1)