Sony made a huge investment after announcing to raise funds of around $185 million for startup investment.
Sony, the famous Japanese tech company that produces quality smartphones and its accessories announced huge funding news that the company aimed to raise 20 billion JPY – around $185 million – to invest in several companies within “key high-growth industries”.
In 2016, it is notable that Sony launched a fund in a vehicle called Innovation Growth Fund. It is being run jointly with Daiwa Capital Holdings, the VC arm of investment bank Daiwa Securities and early Limited Partnership confirmed it includes Sumitomo Mitsui Banking Corporation, Osaka Shoko Shinkin Bank and Mitsubishi UFJ Lease & Finance Company Limited.
Sony said that it has made over 40 investments from the previous funding. A rumor says IGF is aiming to hit the goal of having bigger checks taking over Sony.
A permanent or at least a long-term objective is to raise its portfolio for companies develop into public firms, which Daiwa is expert with. On the other hand, the said fund is for the opening of links with “renowned research institutions” and other tech companies to foster help with its startups.
“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,” the executive managing director of Daiwa Securities, Yoshihisa Kaneko said in a statement.