University of Tokyo’s Innovation Platform (UTokyoIPC) has raised an initial ¥2.8bn ($26.1m) for a new carveout-focused venture fund in partnership with patent information platform Astamuse and business development firm Dream Incubator.
University of Tokyo invested in the first close, as did financial services firms Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ Bank.
The fund, dubbed AOI I, is intended to generate high-quality spinouts by instilling a strong management ethos with sound market research, marrying UTokyoIPC’s tech transfer professionalism with resources from Astamuse and Dream Incubator.
AOI I has already invested $1.9m in Fimecs, a UTokyo spinout carved out of pharmaceutical firm Takeda, and $4.6m in Onedot, a children’s media carveout from household product maker Unicharm.
UTokyo IPC has previously sought industry backing with its 1st Round accelerator, securing partners including automotive manufacturer Toyota and insurance providers Nippon Life Insurance and Mitsui Sumitomo Insurance.
The accelerator also works alongside property developer Mitsui Fudosan, IT equipment and real estate leasing company Fuyo General Lease and rail operator JR East’s Startup scheme.
The original version of this article appeared on our sister site, Global University Venturing.