Net Element International (NASDAQ: NETE), a global technology and publishing company that operates in mobile commerce and payment processing, and also publishes popular entertainment portals and destinations, today announced it has been selected to move its 3D technology research and development facility to the Skolkovo Innovation Center, also known as the “Russia Silicon Valley.”
Having successfully completed the stringent application and review process of the Skolkovo Foundation, the nonprofit administrative body responsible for choosing startups and overseeing construction of the 1,000-acre “city,” Net Element now plans to relocate its team of 3D engineers, programmers and staff members from its current home at Ural University. For several years, Net Element, which currently has six technology patents pending in US, has been developing a first-of-its-kind technology platform to stream 3-D virtual reality simulations that enable users to engage and interact in real time with 3D videos of live events and other engaging content. Net Element’s new facility will enable the company to take the necessary next steps, including expanding its 3D development team and its capabilities, to bring these technologies to market.
Skolkovo, a multi-billion dollar global technology and innovation hub, is Russia’s premier scientific and technological center for development and commercialization of technologies. Skolkovo is designed to turn leading-edge research into world-class products. As corporations and individuals become “residents” of the “inno-city,” their new technologies receive the financial assistance they need to enter the marketplace. At Skolkovo, Net Element will join Microsoft Corp. (MSFT), Intel, Siemens, Cisco, Nokia Oyj, and the 300 other companies that have been granted Skolkovo resident status.
The move follows a record wave of foreign venture capital investment into Russian-based companies, particularly Internet and other technology startups. Skolkovo, headed by billionaire Viktor Vekselberg, was started in 2010 to nurture tech innovation while also helping Russia retain the scientists, engineers and other top talent who had fled the country after the Soviet Union’s collapse. Skolkovo is gearing up for a series of IPOs this year from technology companies, including Net Element, which is the second Skolkovo company to complete an IPO and get listed on the U.S. stock exchange, NASDAQ.
“We are excited to welcome Net Element to our growing roster of leading technology companies as part of our mission to become a global epicenter of innovation,” said Shubin Sergey, director of development of Skolkovo’s IT cluster. “Net Element is a rapidly growing company in an enviable position to capture unique opportunities in 3D technology development and commercialization.”
Added Dmitry Kozko, president of Net Element International: “We are honored to have been accepted to open an R&D facility at the prestigious Skolkovo Innovation Center, an important milestone in Net Element’s history that further validates its technology leadership position and also supports our initiative to seize unique opportunities in 3D innovation and redefine online user experiences.”
Started by Prime Minister Dmitry Medvedev, Skolkovo is being built with guidance from an elite list of advisors including Google Executive Chairman Eric Schmidt, Cisco Systems Inc. (CSCO) CEO John Chambers, Siemens AG (SIE) CEO Peter Loescher, former Intel Corp. CEO Craig Barrett and several Nobel Prize winners. The campus, which will house more than 30,000 scientists, researchers, students and entrepreneurs, is expected to cost up to $10 billion, according to reports.
Skolkovo Foundation, the principal agency responsible for the Skolkovo Innovation Center, is a Russian non-profit organization founded in 2010 and charged by Russian Prime Minister Dmitry Medvedev with creating a new science and technology development center in the Moscow suburb of Skolkovo. The Skolkovo innovation ecosystem comprises the Skolkovo Institute of Science and Technology (SkTech) established in partnership with Massachusetts Institute of Technology (MIT), corporate R&D centers, business incubators, private seed and venture funds, and start-up companies, as well as residential space and social infrastructure. It is a full-fledged city with more than 30,000 residents and employees. More than 300 companies have received the status of Skolkovo resident.
Skolkovo Foundation aims to turn cutting-edge research into world-class products by creating a multibillion-dollar unique global hub and innovation center. As corporations and individuals become “residents” of the city, innovative technologies receive the financial assistance they need for commercialization. But Skolkovo is more than a science or technology park: it is a full-fledged “inno-city” that aspires to become an open-source blueprint for urban development. Skolkovo is applying the latest cutting-edge solutions in eco-efficiency and urban planning to ensure optimal conditions for research, business, work and relaxation in an aesthetically appealing environment. The complex is headed by Russian oligarch Viktor Vekselberg and co-chaired by former Intel CEO Craig Barrett. More information is available at http://www.sk.ru/en/.
Net Element International (NASDAQ:NETE) is a global technology and publishing company that operates in mobile commerce and payment processing, as well as publishes popular Internet portals and destinations. Its international development centers and influential relationships in Russia and Commonwealth Independent States strategically position the company for growth in Russia and other emerging markets. Net Element owns and operates a mobile-commerce company, TOT Money, as well as several Internet properties that create social and business communities in the entertainment, music, motorsports and film industries. Net Element’s portfolio includes: www.TOTmoney.ru; www.Motorsport.com; www.Openfilm.com; and www.Music1.ru; www.ARLive.com and www.Yapik.com. For more information, visit www.NetElement.com.