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SoftBank's Japanese AI incubator targets $55m fund

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Deepcore, a Japanese incubator focused on artificial intelligence (AI) that was set up last year by Softbank Corp, has launched a fund targeting JPY6 billion ($55 million) for seed to early-stage companies.

The fund, known as Deepcore Tokyo, is expected to close by December this year, according to a release. It will source investments from Deepcore’s local co-working space, Kernel, with a view to introducing disruptive AI applications into global markets.

Value-add support will include technical input and access to consulting services from US-based AI technology specialist Nvidia Corporation via its Deep Learning Institute and Inception programs. The fund also aims to offer back office support and make later-stage follow-on investments.

Deepcore made its maiden investment last month in Vaak, an AI company focused on crime prevention and image analysis that is developing AI systems for security cameras. Vaak received JPY50 million from Deepcore and is currently partnering with the Inception program.

VC interest in AI has accelerated with increased commercialization of the technology in a number of enterprise and consumer-facing verticals. Recent fundraising activity focused specifically on the segment includes a $318 million first close for Baidu Ventures’ AI fund and the launch of a $395 million AI fund vehicle by Sinovation Ventures.

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