Manufacturing conglomerate Mitsubishi has contributed to the second fund being raised by UK-based venture capital firm AP Ventures.
AP Ventures II reached a $90m first close earlier this year, with commitments from mining company Anglo American Platinum and the South African government-owned Public Investment Corporation (PIC).
The vehicle invests in businesses that employ platinum group metals of the kind produced by Anglo American, for use in sectors such as energy storage, water purification and durable electronics.
AP Ventures II expects to disclose its inaugural investment in the coming weeks. The first AP Ventures vehicle officially launched in July 2018 with $100m each from Anglo American Platinum and PIC.
The first fund’s portfolio currently consists of six investments in the US and Europe that include food preservation technology developer It’s Fresh and fuel processing system creator GreyRock.
Yusaku Yukita, general manager of Mitsubishi’s precious metals and mineral resources trading arm, said: “What AP Ventures has achieved so far, and sets out to achieve in future, is unique and very valuable to the industry.
“We believe that precious metals will play an instrumental role in providing solutions to the challenges our global society faces. To realise the full potential of these metals in addressing these challenges, efforts have to be orchestrated amongst the various industry players.
“Working closely together with AP Ventures and the limited partners, and by bringing the diverse capabilities of Mitsubishi Corporation, we hope to nurture the growth of innovative precious metals technologies that will help improve lives and the society we live in.”