Sony, Daiwa Sec. to Set Up 20 B.-Yen Fund for Startups

Economy

Tokyo, July 3 (Jiji Press)--Sony Corp. <6758> and Daiwa Securities Group Inc. <8601> will establish a fund worth over 20 billion yen for investment in startups, according to informed sources.

Through the fund, the two companies will aim to find promising companies in artificial intelligence, fintech and other fields and utilize such firms' expertise for their own businesses.

The fund's investment period is expected to be about 10 years, the sources said Tuesday.

The fund will target not only Japanese companies but also foreign firms selected by Sony's units in the United States and Europe.

While Sony will make assessments of target companies from technological aspects, Daiwa Securities will offer financial services, including support for initial public offerings.

[Copyright The Jiji Press, Ltd.]

Jiji Press