AAA Sony syncs with Daiwa for $185m fund

Sony syncs with Daiwa for $185m fund

Japan-based consumer electronics producer Sony and Daiwa Capital Holdings, a subsidiary of brokerage Daiwa Securities, launched a joint investment vehicle yesterday that is looking to raise up to ¥20bn ($185m) for its initial fund.

The entity in question, Innovation Growth Ventures (IGV), reached the first close of its Innovation Growth Fund last month, and has raised an undisclosed amount from limited partners including Mitsubishi UFJ Lease & Finance Company, a leasing subsidiary of financial services group Mitsubishi UFJ Financial.

Financial services firms Sumitomo Mitsui Banking Corporation (SMBC) and Osaka Shoko Shinkin Bank have also contributed capital to the vehicle, along with an undisclosed university.

IGV was launched to invest in startups operating in key high-growth industries, expanding the activities of Sony Innovation Fund, the corporate venturing unit launched by Sony in 2016.

Sony Innovation Fund invests in technologies such as robotics, drones, artificial intelligence, sensors and machine learning, as well as platform and service offerings across several areas.

Sony Innovation Fund has invested in more than 40 companies to date, including optics display technology producer DigiLens, vision technology developer Brodmann17, document-reading tool provider Cinnamon, digital asset management platform WealthNavi and mobility software developer RideCell. 

Toshimoto Mitomo, executive vice-president at Sony, said: “Through its corporate venture capital activities to date, Sony has incubated the next generation of technologies and startups while promoting open innovation.

“With the establishment of this fund through IGV, we hope to accelerate open innovation while contributing to social development. Sony will support IGV’s efforts to maximise the performance of this fund, based on the experience it has cultivated through its corporate venture capital activities.”

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