Silicon Valley’s Fort Ross invests in Kryon to promote business automation in Russia

By Andrei Skvarsky.

Silicon Valley-based Russia-focused company Fort Ross Ventures has made an investment in multinational technology firm Kryon that is expected to boost the use of its automation solutions by Russian businesses.

Kryon has developed a platform that comprises process discovery and robotic process automation (RPA) tools. The platform is used by companies including AIG, EY, Deutsche Telecom, Microsoft, Spanish bank Santander, Russia’s biggest lender Sberbank and U.S. telecoms comglomerate Verizon.

Fort Ross’s investment in Kryon, which operates from offices in New York, Atlanta, Frankfurt, Amsterdam and Tel Aviv, is expected to promote the adoption of the platform in Russia’s banking sector, financial services, insurance and manufacturing, according to a statement from Sberbank.

Sberbank deputy CEO Lev Khasis is a member of Fort Ross’s advisory board.

Fort Ross, which is mainly staffed with Russians, specialises in helping companies, mainly technology start-ups, to gain access to the Russian market.

Companies that have been helped by Fort Ross to launch business in Russia include ride-hailing company Uber, mobile financial service provider Moven and information technology firm GridGain, all three being based in the United States.

Fort Ross has a new $235m fund whose main purpose is investment in financial technology, artificial intelligence, machine learning, cloud computing, cyber security and online marketplaces.

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