Home MTS Set Up $100M Venture Fund to Invest in AI-Startups across Asia, Europe, and North America

MTS Set Up $100M Venture Fund to Invest in AI-Startups across Asia, Europe, and North America

by sol-admin
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MTS AI Center is an international AI subsidiary of Russia’s largest mobile phone carrier MTS, which is listed on the New York Stock Exchange. Recently, it was announced MTS AI Center has launched a $100 million AI fund and accelerator to “spearhead the development and commercialization of AI solutions and promising AI startups across Asia, Europe, and North America”. Over the next three years, the MTS AI Center will invest more than $100 million in AI startups via a venture fund that will invest up to $20 million in individual projects and companies, and a startup accelerator that will invest up to $100,000 per project.

The MTS AI Center venture fund will focus on startups at the late seed stage, as well as series A and B, offering a maximum investment of $20 million. In turn, the accelerator will welcome aspiring founders and early-stage entrepreneurs. Successful participants will gain access to the computing power necessary for the high-quality training of neural networks and the opportunity to conduct a pilot project jointly with the Center, as well as investments of up to $100,000 to drive growth. Prospective candidates are invited to apply for a three-month acceleration program which is scheduled to start in October 2021, through the MTS AI Center accelerator website.

The accelerator will also provide the support of technical experts from the MTS AI Center and other world-renowned mentors comprising successful entrepreneurs, and executives from leading tech organizations such as Google, Samsung, Shazam, Apple, Intel, Nvidia, and others who will deliver one-on-one mentor sessions and give tailored guidance to improve the core AI of the business and finesse their products for the market.

“We are delighted that the MTS AI VC fund and accelerator will support promising teams around the world and help developers of AI-based solutions to bring their products to a new level. The guiding vision for MTS Artificial Intelligence Center is to establish itself as an AI institute, with deep technical expertise, boosting the capabilities of its investee firms to bring new products to the market. The field of AI services has huge, transformative potential and our full-cycle platform will enhance our position in this dynamic global market by fostering innovation and seeding a diverse network of cutting-edge AI businesses. We are ready to support the rapid growth of promising teams and invest in both early-stage projects and more mature start-ups.”

Alexey Posternak, Chief Financial and Investment Officer, Member of the BoD MTS AI Center