Kansai Innovation Network Investment Limited Partnership, an investment vehicle for Japan-based financial services firm Senshu Ikeda Bank, has secured air conditioner manufacturer Daikin and insurer Nippon Life as limited partners (LPs).
Also known as Innovation Fund 25, the fund was formed in September 2019 with ¥1.2bn ($11.1m) of capital. Senshu Ikeda Bank’s venture capital subsidiary, Senshu Ikeda Capital, contributed an undisclosed amount for the vehicle seven months after its launch.
Energy utilities Eneserve and Iwatani, rail operator Hankyu Hanshin and pharmaceutical firms Rohto and Shionogi are among the fund’s LPs, as are financial services providers Japan Post Bank and Credit Guarantee Corporation of Osaka.
Innovation Fund 25 invests in companies that contribute to fulfilling the United Nations’ Sustainable Development Goals and achieving Society 5.0, a concept created by former Japanese prime minister Shinzō Abe in a bid to build a technology-enabled economy by Expo 2025 in Osaka.
Innovation Fund 25 has already backed cloud video platform provider Safie, artificial intelligence-infused image processor developer ArchiTeK and healthcare technology companies Remohab and Luxna Biotech.
