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

Economy

Tokyo, July 3 (Jiji Press)--Sony Corp. <6758> and Daiwa Securities Group Inc. <8601> said Wednesday they have established a fund for investment in startups.

The Innovation Growth Fund will aim to be 15 billion yen to over 20 billion yen in size, the two companies said.

Through the fund, Sony and Daiwa will aim to find promising companies in the fields of artificial intelligence, fintech, robotics and others and utilize such firms' expertise for their own businesses.

The fund will target not only Japanese companies but also foreign firms selected by Sony's overseas units.

Sumitomo Mitsui Banking Corp., Osaka Shoko Shinkin Bank and Mitsubishi UFJ Lease & Finance Co. are also contributing to the fund.

[Copyright The Jiji Press, Ltd.]

Jiji Press