Japan-headquartered consumer electronics manufacturer Panasonic will invest $100m in a California-based corporate venturing unit called Panasonic Ventures next month, it announced yesterday.
Panasonic Ventures will provide funding mainly for US-based startups, and is targeting unique business models, products and services which do not have to directly relate to its parent’s current focus. The $100m was described in a statement as an initial investment.
Masahiro Kinoshita, Panasonic’s head of business development and corporate planning, will head the unit as president.
The decision to launch Panasonic Ventures was made as part of a wide-ranging reorganisation within the company that will also involve the formation of a US-based sports and entertainment-focused sales division called Panasonic Media Entertainment Company.
Panasonic Media Entertainment will be one of six industry-specific divisions that will be overseen by a new branch of the group known as Panasonic Connected Solutions Company.
Panasonic has not been particularly active in the venture capital space but is an occasional investor, taking part in rounds for laundry-folding robot developer Seven Dreamers and waveguide optics technology company DigiLens in the past year.
The corporate also launched a Japan-based accelerator in July 2016 in partnership with startup services provider Creww.