University of Tokyo Innovation Platform (UTokyo IPC), the venture capital arm of University of Tokyo, announced the final close of its second fund today at ¥25.6bn ($221m) with backing from several corporate limited partners.
LPs for Accelerating Open Innovation Fund 1 (AOI Fund 1) include air conditioning product manufacturer Daikin Industries, public relations firm Hakuhodo, synthetic rubber producer Zeon, leasing services provider Fuyo General Lease and real estate developer Mitsubishi Estate.
Financial services providers MUFG Bank, Sumitomo Mitsui Banking Corporation, SBI Group and Norinchukin Bank also backed the fund together with development bank DBJ Group and an unnamed institutional investor.
UTokyo IPC was established in 2016 as a wholly-owned subsidiary of the university, following the introduction of the Japanese government’s Kammin Innovation Programme, in 2013, which enabled the universities of Tokyo, Tohoku, Kyoto and Osaka to set up VC vehicles.
The four have raised a total of ¥125bn in capital and invested in more than 140 companies to date. UTokyo IPC’s first fund also closed at ¥25bn, and it additionally operates an incubator programme called 1stRound.
AOI Fund will focus on companies created through collaboration between industry and academia and is expected to be operational until 2035. It has already backed 14 startups, investing from seed stage through to rounds sized at about $20m.
The original version of this article appeared on our sister site, Global University Venturing. Photo courtesy of University of Tokyo.
