Russia’s Internet Initiatives Development Fund (IIDF, aka FRII in Russian) is investing $265,000 in InSize, a Russian company that has developed and is offering a special industrial scanner that enables the measuring of the key parameters of goods (height, length, width, weight, etc.) of any shape, Firrma.ru reported.
FRII is reported to be supporting the company in two investment tranches, increasing its shareholding from today’s 7% to 17%. The InSize team is expected to use the money to strengthen its R&D and sales departments, scale up existing solutions, and introduce new ones to the market.
InSize’s key competitive advantages are said to include the high speed of equipment maintenance and a very competitive price among systems used to gauge irregularly shaped items. With the Russian system, additional parameters can be taken into account when gauging goods, such as the type of material, storage conditions, allowance for one item being put inside another, etc.
“InSize will be focused on the Russian market over the following 12 months, covering an estimated market volume of $98m. If it succeeds in scaling up, we can see the opportunity for the team to enter the UK, German and U.S. markets, competing for a share of an aggregate $12bn,” FRII investment manager Nikita Yuryev said in a comment on the deal.