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| SPARX Group to Establish "Mirai Creation Fund II." |
Toyota City, Japan, July 31, 2018 - (JCN Newswire) - SPARX Group Co., Ltd. has established the "Mirai Creation Fund II." The two seed LPs for the "Mirai Creation Fund I," Toyota Motor Corporation and Sumitomo Mitsui Banking Corporation (SMBC), are to participate again as initial investors in Fund II. In addition to the three categories of Intelligent Technology (e.g. artificial intelligence), robotics, and technologies for a hydrogen-powered society that Fund I (formed in November 2015) focused on, the Mirai Creation Fund II mandate also includes electrification and new materials.
An outline of the new fund is listed below.
1. Basic principles
- Providing capital to companies with technologies that can shape the society of the future to accelerate innovation.
- Building a portfolio of innovative companies, the strategy aims to generate a "new power" that will shape the future and impact our world.
2. Target functions
- The fund aims to invest in companies and projects to boost innovation within the following five (5) core technology areas: 1) Intelligent Technology (e.g. artificial intelligence), 2) robotics, 3) technologies for a hydrogen-powered society, including companies and projects related to the manufacture, supply, and utilization of hydrogen, 4) electrification, and 5) new materials.
3. Summary
- With SPARX as the fund manager and with an initial contribution from Toyota, SMBC, and SPARX totaling approximately JPY14.3 billion, Mirai Creation Fund II investment activities are scheduled to begin in August.
- The fund will be open to new LPs until around the end of March 2019, targeting a total of JPY50 billion in commitments.
Contact:
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
Tel: +81-3-3817-9926
Topic: Press release summary
Source: Toyota Motor Corporation
Sectors: Automotive
https://www.acnnewswire.com
From the Asia Corporate News Network
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