VisionLabs began developing solutions in the field of computer vision, data analysis in 2013 / VisionLabs

The Russian Direct Investment Fund (RDIF) has approved investments in VisionLabs, a company that develops facial recognition solutions, the fund's head Kirill Dmitriev said at a meeting with Prime Minister Dmitry Medvedev, according to the government's website. RDIF intends to help VisionLabs enter Middle Eastern markets, Dmitriev said.

Negotiations with the Russian Direct Investment Fund and a pool of other investors, including international ones, are still ongoing, says VisionLabs founder and CEO Alexander Khanin. The potential investment opportunity from the Russian Direct Investment Fund and other investors is being discussed with the company's current investors and shareholders, he said.

The Russian Direct Investment Fund plans to invest in VisionLabs, a source close to the company's investors confirms. The deal will value VisionLabs at over $100 million, he says.

VisionLabs began developing solutions in the field of computer vision and data analysis in 2013. Several years later, the company acquired major shareholders. In 2016, the venture fund of AFK Sistema Sistema VC invested 350 million rubles in the company, receiving a 25% stake in VisionLabs for this. In 2017, Sberbank acquired 25.07% of VisionLabs, without disclosing the amount of investment.

Sberbank is pleased that VisionLabs is developing successfully and attracting the interest of a large number of investors, including foreign ones, a bank representative said. Negotiations with some investors are indeed underway, but a final decision on this matter has not yet been made, he specified.

The company's main product is a platform that allows real-time analysis of large volumes of photo and video data and the detection of specific people's faces.

The head of the RDIF said that technologies, including artificial intelligence, are “extremely important” for the fund. For the same reason, the RDIF also approved investments in Motorika, a company that makes artificial intelligence-powered prosthetics for children.

Vedomosti is awaiting comments from the Russian Direct Investment Fund.

RDIF approves investment in facial recognition system developer VisionLabs