Russian steelmaker PAO Severstal has announced that Severstal Ventures – set up to support 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 like artificial intelligence, robotics, machine learning and Industry 4.0-related technologies like the Internet of Things. The company was also set up to invest in the development of new materials and special technologies that will enable the 'digital transformation of large industrial companies'.

The funds main investments will be in projects developed in Europe, North America and Asia.

Andrey Laptev, director for business development and corporate venture projects at AO Severstal Management, commented: "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."

Laptev said that Severstal is constantly working to identify and introduce breakthrough technologies that will ensure the company maintains its position 'as the lowest cost metal producer' by further optimising its production processes. "We are also focused on developing unique products that will help us to grow our market share in certain sectors," he said.