Utech 3's investors for the 10-year fund included government-backed Innovation Network Corporation of Japan (INCJ) and financial services providers Sumitomo Mitsui Banking Corporation and Seibu Shinkin Bank.
The University of Tokyo Edge Capital (UTech), a venture capital firm affiliated with Japan-based University of Tokyo, has made the initial closing of its third fund at Y13bn ($130m) from institutional investors.
Utech 3’s investors for the 10-year fund included government-backed Innovation Network Corporation of Japan (INCJ) and financial services providers Sumitomo Mitsui Banking Corporation and Seibu Shinkin Bank.
UTech said it would make a final close of the fund Y15bn to Y20bn and invest in healthcare, life sciences, information and communication technology, clean technology, physical science and manufacturing technology associated with the university where it has sole access to research about to be patented or licensed.
UTech said it expected to help build its seed and early-stage investments into global markets through “closer collaboration with the industry,” such as by rolling up different technologies to form stronger companies.
UTech was founded in 2004 with a change in the regulations that meant universities in Japan were effectively incorporated and separated from the Ministry of Education.
Its first fund closed that year at $83m has seen flotations on the Mothers stock exchange for biotech Tella, imaging technology provider Morpho and bio-pharma PeptiDream. UTech 2, founded in July 2009, raised $70m and has seen the trade sale of portfolio company Naked Technology to Mixi.
