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Russia launches virtual reality startups investment fund

The Fund intends to finance 3-5 teams specializing in virtual reality projects throughout 2016

MOSCOW, June 15. /TASS/. VRTech Fund for investments into virtual reality (VR) startups was organized by Digital October Center founder Georgy Tushinsky and BBDO Moscow ex-chief Igor Luts. Investments during first years of operations will be over 300 mln rubles ($4.6 mln), the Fund said on Wednesday.

The Fund intends to finance 3-5 teams specializing in virtual reality projects throughout 2016. Investments into the first project of VRTech to be implemented in construction and real estate sphere [virtual tours for apartment and office buyers] will total 25 mln rubles ($382,400).

VRTech intends to invest in cooperation with foreign investors into long-term development projects. The Fund is interested in two key areas: business efficiency improvement solutions and entertainment technologies.

"Virtual reality technologies are gradually ceasing to be a gaming space programming tool only. The future of VR technologies is in solution of business tasks. Smart attraction of consumers and optimization of real product or service costs will make possible for the business to boost profit up to 30%," Tushinsky said.

Wanton growth of investors’ interest in virtual reality technologies is observed, Luts said in his turn. "Innovations make possible to create a product of fundamentally different level in such areas as presentation of products and information, simulation of process situations and interaction with employees and customers, with the new user experience formed in such case," he added.

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