Summit to bring startups from China and BRICS to Russia

A top Russian banker has noted that China is an undeniably attractive market for startups, offering unique opportunities for scaling and developing tech businesses.

Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, said Beijing strongly supports national technologies and venture capital funds, with subsidies on robotics and artificial intelligence (AI) sectors — with expected direct subsidies exceeding $20 billion in 2024 for developers in humanoid robots and AI ventures.

He said in Moscow: "China consistently ranks third globally alongside the United States and the United Kingdom in terms of VC invested. These three countries topped VC deal volume rankings in 2024."

He affirmed that the global venture market has normalized following the anomalous COVID-driven surge, noting that while capital remains available, investors are far more sensitive to risks.

"The global venture capital reached record levels of $643 billion in 2021, but by 2023 it halved due to investors' sharply diminished risk appetite. By 2024, the market stabilized — with total transaction volume hitting $330 billion, showing initial signs of recovery," he said, adding that the first half of 2025 demonstrated a 25 percent year-on-year growth.

The world of technology and venture funding is becoming multipolar, he said, stressing that it matters less how many deals are struck than where capital flows. "Generative AI emerged as the dominant trend — nearly one-third of all VC allocations in 2024 went to AI-focused startups, with sectoral investment growing by over 80 percent. The first six months of 2025 reinforced this trend."

To support tech entrepreneurship, venture investments and innovation, Sber and the Moscow government will host an international summit from Oct 1 to 2, bringing together over 600 investors, including international figures.

"Our agenda includes tangible mechanisms — startups will receive pilot project proposals and investment offers; corporations and investors will connect with promising projects; public officials will discuss international initiatives, possibly including collaborations with Chinese counterparts," he said.

With the event catering to diverse audiences, he said: "Over 150 speakers will participate, and a tech exhibition will showcase startup and corporate solutions. The grand finale will feature the Startup Summit Awards ceremony."

The Moscow Startup Summit will serve as a new platform combining Moscow's innovative ecosystem, infrastructure, and Sber's expertise — especially in AI — with collaboration from BRICS and SCO countries.

He further noted: "Among Sber500 seed accelerator program, 13 percent chose China for their overseas expansion efforts. Last year, China ranked top 10 internationally for founders submitting applications to Sber500."

Please contact the writer at hanjingyan@chinadaily.com.cn