Logycom and national innovation fund created venture fund

/INTERFAX-KAZAKHSTAN, Almaty, April 29, 08/ -National innovation fund JSC (NIF, the part of state fund of sustainable development Kazyna JSC) and Logycom JSC created the new venture fund - Logycom perspective innovations JSC. As it was said in NIF report, spread on Tuesday, authorized capital of venture fund makes KZT2,449.8 bn. ($20 m.). The current - 120.52/$1. At the same time in this venture fund 51% of shares belongs to Logycom company, 49% - to National innovation fund. The managing company of Logycom perspective innovations is Seven Rivers Capital. Logycom perspective innovations will engage in investments providing in the form of deposit in shareholding/share capital of the company, registered in Kazakhstan for innovational, advanced technology and highly remunerative projects financing in informative and telecommunication spheres. Innovational fund period is 7 years. "While investing fund assets, preference will be made to complementary technology and also to companies, being on different stages of one production cycle or realizing identical production" - is pointed out in press release. NIF conducts the work on creation of venture funds since 2004. Before Logycom perspective innovations, the state fund together with domestic investors formed 5 venture funds: Stock investment fund of risk investment JSC, Venture fund Centras (the share of NIF - 49%), High technology fund Areket JSC (33%), Venture fund Advant JSC (49%), Almaty venture capital JSC (49%), Venture fund Glotur Technology Fund JSC (49%). NIF is also the shareholder of 5 foreign venture funds with total volume of capitalization more than $554 m. Besides, the documents about investment by innovation fund in international venture fund Atlas venture, which is financing projects in USA and Europe, are on signing stage. National innovation fund JSC was created by resolution of republic government in May 2003 and is the main operator in program realization on forming and developing of national innovation system of Kazakhstan. The state fund Kazyna, created in March 2006, is the managing company, formed with the aim of diversification of Kazakhstan economic by coordination of activity of national development institutes within the strategy of industrial- innovation development of Kazakhstan, calculated for the period till year 2015. Today, besides innovation fund, another 6 institutes of Kazakhstan development are consisting the fund: the state development bank (BKD), investment funds, the state corporation of export credits and investments insurance, fund of small entrepreneurship development, corporation of export development and advancement, Kazinvest company. Logycom JSC was formed in 1992. The company is on the market of information technology more than 16 years and is one of hugest IT-producer on Central Asia territory. Today, Logycom`s stake on domestic IT-market is more than 5%. [2008-04-30]