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January 24, 2020
Daiwa Securities Group Inc.
TOKYO, January 24, 2020 — Sony Corporation (Sony) and Daiwa Capital Holdings, Co., Ltd. a subsidiary of Daiwa Securities Group Inc. (Daiwa Securities Group) today announced that Innovation Growth Ventures Co., Ltd. (IGV), a joint venture established by the two companies in March 2019 for the purpose of establishing a joint investment fund, has held a subsequent closing to raise additional funding for its Innovation Growth Fund I L.P. (hereinafter "the Fund") which was established for the purpose of investing in startup companies in key high-growth industries.
Sony established a corporate venture fund called the Sony Innovation Fund in July 2016. With offices in Japan, North America, and Europe, the Sony Innovation Fund has been investing in startups in business domains such as AI and robotics. Approximately 60 investments have been made so far. The establishment of the Fund has added to and expanded Sony's commitment to investment activities targeting startups.
As of the first closing in June 2019, financial institutions such as Sumitomo Mitsui Banking Corporation and Osaka Shoko Shinkin Bank, as well as entities such as Mitsubishi UFJ Lease & Finance Company Limited and an educational institution which operates a university signed on to the Fund as limited partners. In the recent subsequent closing, with participation by The Osaka Kosei Shinkin Bank, the Bank of Yokohama, Ltd., the Shiga Bank, Ltd., Iwasaki Gakuen, SMBC Nikko Securities Inc., and Sumitomo Mitsui Trust Bank, Limited, the partner investment reached 16 billion yen as of the end of December 2019.
IGV aims to maximize the Fund's performance by leveraging the platform of the Sony and Daiwa Securities Group companies to support the companies in the Fund's portfolio.