Mirai Creation Fund II, a venture capital fund backed by carmaker Toyota and financial services firm Sumitomo Mitsui Banking Corporation (SMBC), today contributed an undisclosed sum to the second fund of UK-based VC firm AP Ventures.
AP Ventures II reached its $90m initial close in 2018 with contributions from mining firm Anglo American Platinum and South African government-owned Public Investment Corporation, before adding manufacturing conglomerate Mitsubishi as an investor in December 2018.
The fund targets applications that exploit platinum group metals of the kind Anglo American produces, including hydrogen-based technologies such as hydrogen storage systems and fuel cell vehicles.
Mirai Creation Fund II launched in the second half of 2018 with a focus on supporting hydrogen economy applications as well as intelligent technologies and robotics. It is managed by asset management firm Sparx Group, which is also an investor.
The two Mirai funds had $1bn of assets under management by May 2019. Mirai Creation Fund I has amassed a total of 23 investors and has so far backed some 50 companies, based in the US, UK, Israel, Singapore and Japan.
Sparx said AP Ventures II had added several hydrogen-related startups in the West to its portfolio, however none have been identified. It expects Mirai to benefit from increased exposure to hydrogen-related technologies, while also earning investment returns.
The AP website names seven active investments which could either relate to its first or second fund. These include food preservation process developer It’s Fresh, fuel processing system creator GreyRock Energy and fuel cell supplier Altergy.
The others are hydrogen transport company Hydrogenious, hydrogen compressor producer Hyet, hydrogen producer United Hydrogen and clean hydrogen technology startup Ergosup. AP Ventures’ sole exit to date came in 2014, from protein exchange membrane manufacturer Ballard Power Systems, according to its website.