Central regions | Finance, business | Technology & innovation

Russian cyber security start-ups to get their own accelerator program

3 Nov '15
RT-Inform, an asset of Rostec, a major Russian state-owned tech corporation, has partnered with Russias Internet Initiatives Development Fund and I-Teco, a private business, to launch a tech accelerator program for cyber security start-ups, the Rostec website announced.

The partners have unveiled plans to ante up a total of about $16m over the next two years to support start-ups in this field.

The effort is backed by the Russian Ministry of Telecom and Mass Communications. Experts from RT-Inform, the Ministry, the Fund and I-Teco expect to get actively involved both at the stage of selection and later on when acceleration begins. This will give young entrepreneurs a clue as to where and how their products or technologies could be used.

Projects that will show good growth dynamics may expect seed-stage investment and support in further funding rounds, Rostec said.

I-Teco, a provider of services and solutions for high-end customers, is ready to extend its product line by incorporating advanced technologies to be developed by the start-ups participating in the acceleration program, I-Teco president Shamil Shakirov said.

The global market for cyber security solutions has been on the rise lately, growing at a CAGR of in excess of 15%, according to Rostec data. By 2017, it is expected to be worth a tangible $9.9bn. In Russia alone, businesses post a total of more than $2.5bn a year in damages tied to cyber crimes.

Cyber security tech solutions are in demand across sectors, including big banks, financial organizations and government agencies. Business Insider estimates that in 2016, more than 60% of the worlds most renowned brands will face problems tied to data leaks, and are expected to double their cyber security budgets.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
Find Related Content


Tags: cyber security (4) / Rostec (31) / Internet Initiatives Development Fund (15) / tech accelerator (0) / I Teco (0) /

Latest News: Central regions
24 Jun '22 | Technology & innovation
24 Jun '22 | Technology & innovation
23 Jun '22 | Technology & innovation
21 Jun '22 | Industry, manufacturing | Technology & innovation

Feature stories

25 May '22
From enhancing the properties of existing materials...
29 Apr '22
Scientists in St. Petersburg have come up with a new...
2 Mar '22
Scientists in Dubna have developed what they refer to...
Search (News archive - 22987)
Technology Scouting Solutions For Industry
Marchmont News

Latest News

24 Jun '22
A new device, developed by a Russian start-up and...
22 Jun '22
Russian researchers have come up with a new Si...
21 Jun '22
Engineers at Moscow-based MPEI University have...

Most read stories from last week

24 Jun '22
A new device, developed by a Russian start-up and...