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Japan's INCJ invests $102.6m in domestic VC funds

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Innovation Network Corporation of Japan (INCJ) has committed up to JPY10.4 billion ($102.6 million) to funds managed by domestic VC firms MedVenture Partners and Universal Materials Incubator.

It will allocate JPY4.4 billion to MedVenture and JPY6 billion to Universal, according to a statement. The aim is to promote a local venture ecosystem to create new businesses that combine the fields of materials and medical devices.

The plan includes the launch of a new fund as well as the creation of a committee that will match the needs and capacities of these two areas of research. INCJ will facilitate communication between MedVenture and Universal in an incubation process targeting ideas from corporations, academia and venture businesses.

MedVenture was set up by INCJ with Mizuho Bank in 2012 when it closed its MPI-1 fund at JPY6 billion. Last year, the fund contributed to a $1.4 million round for Japanese surgical appliances provider Biomedical Solutions.

INCJ is a state-backed investor with a remit to provide financial, technical and management support for the creation of Japanese businesses. It has capacity to invest up to JPY2 trillion.

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