Sakhalin-based Visitech — a developer of industrial IoT solutions and industrial safety software — will receive RUB 100 mln from the Far East High Technology Fund (FEHTF). This information has been reported by Kommersant.

The print medium was told by Ruslan Sarkisov, CEO of the FEHTF, that the transaction will be closed within a month. The Fund has acquired an interest in the company’s capital, but no information about its size has been disclosed. This is the second investment of the Fund established in August 2018.

“This is a viable solution enjoying demand in the market that is already valued at RUB 10 bln and is supposed to double within three years,” Sarkisov said.

The Fund representatives clarified that this referred to the Environmental, Health and Safety (EHS) market as a whole comprising occupational, environmental and industrial safety. 

According to SAP CIS, the total size of the Russian market of industrial IoT may reach RUB 270 bln by 2020.

Visitech was established in Yuzhno-Sakhalinsk in 2015 and is currently a Skolkovo resident. The list of co-owners includes former CEO of Euroset Eldar Razroyev (2% in Visitech LLC). The company develops software to control manufacturing processes in terms of safety, predictive incident analytics and incident investigation. 

The FEHTF was established by Rusnano, the Far East and Baikal Region Development Fund, and Russian Venture Company. The FEHTF announced its first investment in May when the Fund chose to invest RUB 75 mln in a cloud telephony service (Hotlead).