Japan-headquartered IT services firm NEC Corporation has launched an investment vehicle called Orchestrating Future Fund and plans to raise $150m for the fund from external limited partners.
NEC provides software and computing, networking and data storage technology for use across a wide range of industries.
The additional capital is set to come from additional corporates and the goal of the fund is to strengthen innovative external services, knowledge and technologies as well as the creation of ecosystems capable of enhancing social value through customers and partners.
Named after NEC’s ‘Orchestrating a brighter world’ brand slogan, Orchestrating Future Fund has six main technology target areas: 5G/6G technology, digital government and fintech, smart cities, digital experiences, carbon neutrality, and healthcare and life sciences.
The corporate already maintains a corporate venturing unit, NEC Capital Solutions, which oversees Innovative Venture Fund and CSV Venture Fund.
NEC Capital Solutions’ portfolio companies include digital fabrication technology provider Pixie Dust and molecular sensor technology developer Atonarp. It exited robo-adviser developer WealthNavi in a $173m initial public offering in December 2020.
Companies in which NEC itself has invested include medical analytics software producer BostonGene, which secured $50m from the corporate in April 2019, and AI processor developer Hailo, which raised $136m in series C funding in October this year.
Image courtesy of NEC Corporation.
