Taiwan ITRI, Japan’s Mitsubishi UFJ launch VC fund
Taiwan’s Industrial Technology Research Institute (ITRI) and Japan’s Mitsubishi UFJ Financial Group have jointly set up a second venture capital fund with a target of NT$2.5 billion ($75 million).
The fund, which is three times the size of its predecessor, has received NT$1.5 billion in the initial funding. Apart from ITRI and Mitsubishi UFJ, corporations investing in the new vehicle include The Akita Bank, Chang Chun Group, Superrite Electronics, Superior Plating Technology and Maxfund Investment Group.
The fund will invest in Taiwanese and Japanese companies with high growth potential in high-end materials, precision machinery, healthcare and cloud-based technology.
Fund I has invested in seven companies in Taiwan and seven in Japan. Among them, four Taiwanese firms have gone public, including Singtex, F-JPP Holding, Savior Lifetec and Chelic Corporation. Another - Alfot Technologies - is expected to list this year. Of the Japanese portfolio, one company has been acquired and another is preparting for a public listing, according to an announcement.
An official from Mitsubishi UFJ said the firm has more than 40 years of experience in venture capital investing in Japan. This experience is expected to complement ITRI's strong technical R&D capabilities.
Founded in 1973, ITRI is a non-profit R&D organization focused on applied research and technical services. Its aim is to help Taiwan companies be competitive globally.
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