Russian Internet CEO launches robotics fund in NYC

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Associated Press

Posted on June 15, 2012 at 7:00 AM

Updated Friday, Jun 15 at 7:00 AM

NEW YORK (AP) — The co-founder of a large Russian Internet company is launching a venture fund to invest in robotics aimed at daily life. Think "The Jetsons," now.

Dmitry Grishin, the co-founder and chief executive of Mail.ru, is putting up $25 million to start the fund. Grishin Robotics will be based in New York, a city trying to establish itself as a technology hub to rival Silicon Valley.

Grishin plans to announce the fund at the f.ounders technology conference in New York on Friday. The fund will focus on companies in the early, but not the earliest stages of development.

The robots Grishin is looking for are aimed at the mass market. Beyond vacuum-cleaning robots, this could include robotics technologies used in transportation, entertainment or health care.

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