October 8, 2018

Severstal invests in the Chrysalix RoboValley fund, specializing in innovations for energy-intensive industries

PAO Severstal - one of the world's leading vertically integrated steel and mining companies, announces that Severstal Ventures, which was set up by Severstal to support venture projects developing new production technologies and materials, has invested in Chrysalix RBV GP Ltd. (Chrysalix RoboValley).

Chrysalix RoboValley was set up to invest in intelligent systems and automation platforms, including areas such as artificial intelligence (AI), robotics, machine learning, Internet of things (IoT), as well as the development of new materials and special technologies that will enable the digital transformation of large industrial companies. According to Chrysalix RoboValley, the fund's main investments will be in projects developed in Europe, North America and Asia.

Chrysalix RoboValley is managed by Chrysalix Venture Capital, which since 2001 has been investing in innovative projects for energy-intensive industries such as metallurgy, oil and gas, transportation and chemical.

Andrey Laptev, Director for Business Development and Corporate Venture Projects, AO Severstal Management said:

“We are pleased to be participating in the new Chrysalix Venture Capital fund’s first round along with other corporations. These kinds of initiatives are important for the sustainable growth of our businesses as they give us priority access to the best new technologies in the world. At Severstal, we are constantly working to identify and introduce breakthrough technologies that will ensure we maintain our position as the lowest cost metal producer, by further optimizing our production processes. We are also focused on developing unique products that will help us to grow our market share in certain sectors.”

Fred van Beuningen, Managing Partner at Chrysalix Venture Capital announced:

"Many of today’s industries face challenges that demand innovative solutions that can simultaneously lower costs while increasing productivity and sustainability. Machine intelligence enabled by AI leads us into the Fourth Industrial Revolution characterised by cyber physical systems. Sensor driven connectivity, IoT and virtualisation have an immense impact on what we produce and buy, but also on how these products and services are designed and the nature of work itself. Building on Chrysalix’s legacy of working with resource intensive industries, intelligent systems provide an opportunity for step change innovation."