NEC Corporation, a Tokyo-based IT firm, has launched a corporate VC (CVC) fund to invest up to US$150 million in tech startups across Asia, Israel, the US, and Europe.
Photo credit: NEC Corporation
The fund will focus on investing in areas like 5G and 6G communication, digital government, digital finance, smart cities, healthcare and life sciences, and carbon neutrality.
“NEC believes that the evolution of network technology and the transformation of digital services will drive the creation of new social value,” the company said in a statement. “The CVC fund will invest in both technology and services, and aim to maximize the investment by generating synergies.”
The IT firm said it will build ecosystems with corporate enterprises and its portfolio startups to accelerate new business development activities.
See also: These are the most active investors in Japan’s startups
The new fund plans to raise capital by the end of June 2022 from corporate enterprises that share its goals.
In 2016, Lenovo Group bought out most of NEC’s stake in the two firm’s PC-focused joint venture for nearly US$195 million.
Editing by Collin Furtado and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
