Deepcore, the artificial intelligence-focused fund owned by Japan-based telecommunications conglomerate SoftBank, is looking to raise more than ¥6bn ($55m) for its second fund, Bloomberg reported on Monday.
The firm plans to launch the fund in the next three years, with investments to be targeted at seed and early-stage AI startups in Japan, chief executive Katsumasa Niki told Bloomberg.
Deecpore was formed as an incubator in February 2018, before setting up a $55m AI fund in May the same year. That fund featured limited partner commitments from internet company Yahoo Japan, marketing group Dentsu and footballer Keisuke Honda.
Niki told Bloomberg the second fund will be larger than the Deepcore’s inaugural vehicle, though he did not disclose a specific target for its close.
The debut fund has backed 18 startups to date including AI security camera technology developer Vaak and Engineer.ai, the US-based creator of an artificial intelligence-equipped software development platform.
SoftBank recently increased its focus on natural language, network processing and AI by appointing Yutaka Matsuo, a professor at the University of Japan, to its board of directors.