Russian investor and Internet entrepreneur Dmitry Grishin has invested $300,000 in a new company manufacturing innovative research satellites for use by private individuals, the technology news website The Verge said.

California-based NanoSatisfi will launch its first "cube satellite," described as "a small, standardized vessel that can be modified with off-the-shelf parts and improved on by a community of open source builders" August 4.

The satellite will be available to rent for personal research for $250 a week, The Verge reported Thursday.

NanoSatisfi raised an initial $106,330 in capital via the popular crowd funding website "Kickstarter."

The success of the appeal attracted a further $1.2 million in seed funding, with Grishin's $300,000 being the latest investment, according to The Verge.

Grishin, is the co-founder and chairman of the Mail.Ru Group, described on the company website as "the largest Internet company in the Russian-speaking world." He is also the sole investor in Grishin Robotics, a $25 million fund dedicated to supporting personal robotics globally.

Source: RIA Novosti