Russia backs IT solutions for builders | Volga, Finance, business

North West | Finance, business | Real estate

Russia backs IT solutions for builders

26 Dec '17
Sinteka, a St. Petersburg based developer of a cloud solution for construction companies, has recently raised $254,000 from one of Russia’s most active government VC funds, the Internet Initiatives Development Fund (IIDF, aka FRII in Russian). The company is expected to use the investment to tweak the technology and put together an aggressive marketing campaign.

The Sinteka service is working to automate operations for suppliers and contractors in real estate development projects. The company’s innovative platform provides means of doing transparent deals. All timeframes, volumes, terms of delivery and prices for each item to be purchased are made visible; commercial propositions by competing suppliers are also aggregated there.

The Sinteka team earlier participated in IIDF’s acceleration program; the government fund invested $24,000 in the St. Pete company last year.