DVFT sold stake in bionic hand prosthetics manufacturer “Motorika”

Motorika explained that DFVT’s exit from the LLC is related to the planned restructuring and represents a necessary technical step to transfer the asset to the holding level.

On October 4, the combined closed-end mutual fund “First – Direct Investment” bought 10.16% of Homo Auktus.

Timur Nigmatullin, senior investment consultant at the Finam financial group, estimates that Motorika’s assets amount to 1.3 billion rubles in book value, with an upper limit for profit dynamics of up to 3.5 billion rubles. Dsight founder Arseniy Dabbakh suggests that the cost of selling 17.5% of the company could amount to 850 million rubles, and the acquisition of 10% – about 500 million rubles.

DFVT is a fund with a complex portfolio, so its problems are dealt with by the distressed assets work unit of VEB of the Russian Federation, explained Evgeny Borisov, partner at the Kama Flow investment company. The managers focus on maximizing the return on investment for shareholders, which encourages them to sell the most liquid assets, such as Motorika. The fund is known for supporting early-stage high-tech projects, and the deal could serve as a successful exit from the asset, adds ASB Consulting Group M&A lawyer Danil Gogolev.

According to the founder of MaxBionic, Timur Sayfutdinov, the State is now tasked with providing citizens with means of rehabilitation, which leads to an increase in demand through public procurement. However, without government support, the industry faces problems due to the high cost of production. According to him, the deal is purely risk-taking and does not correspond to the company’s overall ecosystem.

Motorika was founded in 2014 by Ilya Chekh and Vasily Khlebnikov. Czech stepped down as CEO of the company in 2022 and Andrey Davidyuk took his place. In 2019 and 2020, the company received 400 million rubles of investment from RDIF and DFVT. In June 2024, Motorika announced that it would attract investments worth 900 million rubles.

Motorika also planned to locate production in Moscow’s Technopolis special technological zone. This will allow production capacity to quadruple by the end of this year. An initial public offering is planned for 2026.