University of Tokyo’s venture arm has reached a final close for its second fund thanks to commitments from 11 institutional investors including the institution itself.
University of Tokyo Innovation Platform (UTokyo IPC), the venture arm of University of Tokyo, today announced the final close of its second fund with ¥25.6bn ($221m) in commitments from backers including the institution as anchor investor.
Limited partners in the Accelerating Open Innovation Fund 1 (AOI Fund 1) also include air conditioning manufacturer Daikin Industries, public relations company Hakuhodo, synthetic rubber producer Zeon, leasing services provider Fuyo General Lease and real estate developer Mitsubishi Estate.
They were joined by financial services providers MUFG Bank, Sumitomo Mitsui Banking Corporation, SBI Group, Norinchukin Bank and development bank DBJ Group, as well as one unnamed institutional investor.
UTokyo IPC was established in 2016 as a wholly-owned subsidiary of the university, following the government’s Kammin Innovation Programme in 2013 that enabled the universities of Tokyo, Tohoku, Kyoto and Osaka to set up venture capital vehicles. Together, they have raised ¥125bn and invested in more than 140 companies to date.
UTokyo IPC’s first fund raised a similar ¥25bn, and it also operates incubator programme 1stRound.
AOI Fund will focus on companies created through industry-academia collaboration and is expected to be operational until 2035. It has already backed 14 startups, investing from seed stage through to rounds worth around $20m.
– Photograph of Tokyo courtesy of Takashi Miyazaki on Unsplash
