A spate of Russian startups descended on the Southeast Asian tech hub of Singapore this week in a quest to raise capital and form local partnerships to build a foothold in the region.
"It's not so easy to find investments from European or U.S. companies, perhaps because of the political situation, so we'd like to find investors here in Singapore," Alina Chunaeva, deputy director of financial technology venture Artquant, told CNBC on the sidelines of the tech business conference Echelon on Wednesday.
Moscow-based Artquant, which has developed a stock market analytics tool incorporating artificial intelligence, is currently operating off the $600,000 of funding put up by its Russian founders, according to tech website e27.
Equally high on Chunaeva's agenda during her maiden visit to the city-state is finding a local strategic partner that can help her fledgling company crack the lucrative Asian market.
"Our potential clients are traders, investment banks and different financial institutions so Singapore and Southeast Asia are very interesting for us," she said.
Artquant is one of 10 Russian startups taking part in the Singapore roadshow, organized by the Skolkovo Foundation, a Russian government-backed organization founded in 2010 with the aim of fostering technology innovation and entrepreneurship in the country.
The startups – which are showcasing products ranging from ultra-compact electric vehicles to video surveillance technology - are meeting local venture funds, accelerators and state agencies to explore expanding into the region.