Japan-based construction and civil engineering firm Toda Corporation has formed a ¥3bn ($28.5m) corporate venture capital fund.
The innovation promotion centre, which Toda set up in March this year, will manage the unit’s activities, including deal sourcing, due diligence and deal execution. The fund will back middle and later-stage companies based in Japan and other countries, especially the United States.
Toda aims to strengthen its businesses, diversify its activities and incubate startups through the vehicle. Its target areas include technologies and products related to construction management, geographical data, virtual reality, behavioural and sensorial data as well as sustainable city development.
The company’s corporate venturing deals so far include investing an undisclosed amount in water desalination system producer Y’s Global Vision in early 2019 and a commitment to Healthcare New Frontier Fund, a vehicle run by Capital Medica Ventures, the CVC arm of healthcare provider Capital Medica, the year before.
