Tokyo-based Euglena Investment, the investment arm of Japanese biotech company Euglena (TSE:2931), announced on Friday that it has established a new fund in association with SMBC Nikko Securities and Japanese science venture company Leave A Nest.
The fund is intended to nourish the next-gen cutting-edge technologies in Japan, raised 2 billion yen ($17 million) from the aforementioned three companies with participation of Japan Tobacco (TSE:2914), real estate developer Mitsui Fudosan (TSE:8801), beef bowl restaurant chain Yoshinoya Holdings (TSE:9861), Rohto Pharmaceutical (TSE:4527), and electronic components trading company Kanetsu. These companies are expected to involve more companies and increase the funding to over 5 billion yen ($42 million).
It is focused on investing in the so-called ‘real tech’ sector, which comprises robotics, biotechnologies, IoT (Internet of Things), agriculture, energy, and other R&D-based industries beyond Internet technologies.
According to Euglena Investment, the participating investors in the fund are expected to support startups, financially and in other tangible ways such as collaborative research, matchmaking with other companies, offering R&D assets, and help to nourish scientists and cultivate sales channels.
Edited by Kurt Hanson
Proofread by “Tex” Pomeroy