Nomura has partnered Keio University to raise an $84m fund aimed at startups in sectors such as space technology, life sciences and regenerative medicine.
Keio University and Japan-based financial services firm Nomura have launched a ¥10bn ($84m) fund that will invest in 15 to 20 startups over the next five years, Bloomberg reported on Wednesday.
The joint venture, named Keio Innovation Initiative, will focus on sectors including life science, regenerative medicine and space technology.
The initiative was formed last month but only began raising money a week ago. It is seeking a $25m first close and plans to approach domestic banks, regional lenders and IT companies for capital.
Keio University, Nomura and the fund’s chief executive Kotaro Yamagishi may also choose to contribute cash. Yamagishi is a co-founder and director of mobile gaming developer Gree.
Nomura will assist with the selection of investees and will set out exit strategies, including initial public offerings and mergers.
Japan’s universities are increasingly producing new companies. Research by the country’s trade ministry has revealed that academic institutions accounted for at least 1,749 new startups during the financial year ending March 2015, marking a 45% boost from 2005.
