Sony Announces $185 Million Funding in Startups

Sony is all in on the universe of startup venture. The Japanese tech gaint reported another fund that is meaning to raise 20 billion JPY (around $185 million) to put resources into organizations inside “key high-development industries.”

While Sony launched a fund in 2016, this new vehicle — which is called Innovation Growth Fund — has been set up with others. firstly, it is being run mutually with Daiwa Capital Holdings — the VC arm of investment bank Daiwa Securities — and early LPs affirmed include Sumitomo Mitsui Banking Corporation, Osaka Shoko Shinkin Bank and Mitsubishi UFJ Lease and Finance Company Limited. Sony isn’t stating what amount has been raised up until this point, however it isn’t the full target yet.

The past fund made in excess of 40 investment, Sony stated, and now IGF is taking over with the objective of composing greater checks than Sony normally oversees independent from anyone else, giving nearer consideration to tech new businesses.

One longer-term objective is to help its portfolio organizations form into open firms, which is the place Daiwa’s skill of open postings becomes possibly the most important factor. The reserve, in the interim, said it intends to open connections with “prestigious research foundations” and other tech organizations to help its new businesses on their way — the last surely seems like a SoftBank Vision Fund-style approach, though significantly not as much as its $100 billion ammo.

“We believe that the integration of Sony’s insight of cutting-edge technologies and Daiwa Securities Group’s expertise in finance will lead to the creation of a new kind of venture capital business while providing the spark for new trends in the venture capital ecosystem,” said Yoshihisa Kaneko, official overseeing chief of Daiwa Securities, in an announcement.