Potanin Expands AI Influence with Selectel Stake Acquisition

Russian billionaire Vladimir Potanin's joint venture, Catalytic People, acquired a 25% stake in IT infrastructure provider Selectel for 16 billion roubles. The move aims to bolster home-grown AI development, aligning with President Putin's vision for Russian technological sovereignty. The investment is part of Potanin's broader tech sector foray.

In a significant move towards boosting Russia's artificial intelligence capabilities, a joint venture headed by billionaire Vladimir Potanin has acquired a 25% stake in IT infrastructure provider Selectel. This acquisition forms part of a strategic effort to develop Russian AI models, which President Vladimir Putin has prioritized to ensure technological sovereignty.

The firm Catalytic People, in which Potanin's holding company Interros partners with T-Technologies, acquired the stake at an estimated value of 16 billion roubles. T-Technologies stated that this purchase enhances their capacity to utilize Selectel's robust cloud infrastructure for advancing AI products.

Potanin, who has also invested extensively in Russia's tech sector, including a notable stake in internet giant Yandex, views these developments as pivotal for the future. The investment coincides with Selectel's reported 42% revenue increase over the past year, indicating growing momentum in the sector.

(With inputs from agencies.)