UTEC closes Japan venture fund on $80m

University of Tokyo Edge Capital, which is focused on seeding businesses in cleantech, healthcare and IT, has finished raising capital for its second fund.

University of Tokyo Edge Capital (UTEC), a technology-focused seed and early stage venture firm, has raised about $80 million for the final close of UTEC Investment Limited Partnership No. 2, its second fund.

The firm was targeting commitments of $100 million.

UTEC has begun investing from UTEC II, mainly through the formation of new ventures utilising Japanese academic and corporate scientific and technological seeds in fields such as cleantech, healthcare and information technology, Tomotaka Goji, managing partner of the firm, told PEI Asia.
Limited partners in the fund include only domestic institutional investors including banks, insurance companies, real estate companies and investment companies, Goji told PEI Asia at the time of the fund’s $40 million first close in July 2009.

“The fund will focus on seed and early stage investing in technology-based, innovative companies coming out of universities and research institutes,” Goji said then, adding that the firm has partnerships with Japanese universities including the University of Tokyo, providing the firm with proprietary and first access to research emanating from these universities.

UTEC was established in 2004. Its first fund closed on $83 million in December of the same year.