Russia’s market for AI solutions for independent players could exceed ₽561 billion by 2030

KAMA FLOW analysts conducted a study of Russia’s AI industry and identified the most promising areas for independent companies and private investors. Developing an independent AI market will require approximately ₽84 billion in additional private venture capital annually.

Potential of individual segments by 2030:

• Industrial AI – ~₽88 billion
• AI agents and business process automation – ~₽78 billion
• MedTech – ~₽70 billion
• Financial solutions – ~₽40 billion
• AI for sales and customer support – ~₽40 billion
• Implementation and training – ~₽35 billion

Capital in Russia’s AI sector is still concentrated among large corporations. In 2025, AI startups raised around $51 million in venture funding, while publicly announced investments by the largest technology corporations amounted to approximately $2.65 billion — about 52 times more. Globally, the gap is significantly smaller: for every $1 of venture investment, hyperscalers invest around $2 in infrastructure.

How can this balance be changed? Karina Ruchkina, Investment Analyst at KAMA FLOW: “Venture capital cannot be activated through directives — investors go where the economics of the deal make sense. The market needs more companies with proven demand and scalability potential, while investors need a clear exit scenario. Corporations play a particularly important role here: they can simultaneously act as customers, co-investors, and potential acquirers of AI companies.”

Independent AI startups face shortages of three key resources — capital, computing capacity, and access to industry-specific data. In Russia, it is difficult for private investors to compete with Big Tech in foundation models, computing infrastructure, and hardware — these areas require significant CapEx and a long investment horizon. Opportunities are shifting toward applied AI — industry-specific products, process automation, data-driven solutions, agentic systems, and implementation.

But even here, investor interest remains selective. Pavel Okhonin, Partner at KAMA FLOW: “Generative AI has made it easier and cheaper to launch an IT product, so the ability to build a solution quickly is no longer a competitive advantage. Today, any investor will ask: why will a customer buy the product instead of developing it in-house, and how difficult will it be for competitors to replicate it?”

The full study is available in the document be.