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Wednesday, 30 November 2022, 14:15 HKT/SGT
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Source: NEC Corporation
NEC Orchestrating Future Fund, an Ecosystem-type CVC Fund, Completes Final Close for US$140 Million

TOKYO, Nov 30, 2022 - (JCN Newswire) - NEC Corporation (TSE: 6701) has completed the final close of the "NEC Orchestrating Future Fund"(1), an ecosystem-type corporate venture capital (CVC) fund established in December 2021 for US$140 million (approximately 20 billion yen). This CVC fund was made possible through investments from NTT FINANCE CORPORATION, Mitsui Sumitomo Insurance Company, Limited, Sumitomo Mitsui Trust Bank, Limited, Fund Corporation for the Overseas Development of Japan's ICT and Postal Services Inc., and Japan Industrial Partners, Inc., which share NEC's vision of the future.

NEC will accelerate the creation of new social value through co-creation with international and domestic startups that pioneer new markets with cutting-edge technologies and innovative business models.

This CVC fund has been scouting startups for co-creation in the global market with the aim of realizing five social visions: "City" as a place for people's activities, "Communication" to connect people and goods, "Business" to support industry and society and fulfill one's purpose for being, "Environment" and "Life" as a way of life. As of November 2022, the fund has invested in two startup companies and has launched initiatives to create new social value, including a collaboration with SINAI Technologies Inc. in the decarbonization business.

Everestlabs.AI provides high value-added solutions for increasing recovery and use of recyclable resources through AI and automation that support the realization of the circular economy

SINAI Technologies Inc. provides end-to-end CO2 calculation and decarbonization intelligence solutions, from reporting to reduction of greenhouse gas emissions

"NEC aims to create social value under the motto 'Let's bring amazing ideas to life, together', and through this CVC Fund, NEC is seeking to realize "insight into the future". The Fund bundles investments by various investors and invests in startups with promising growth based on the judgement of the General Partner. Going forward, we will continue to accelerate initiatives in support of the 'NEC 2030VISION'(2), our vision for the future of society, through the collaboration among well-established companies, institutions, and startups," said Masamitsu Kitase, Senior Vice President, NEC Corporation.

(1) Registered as: NEC AND TRANSLINK ORCHESTRATING FUTURE FUND, L.P.
(2) About the NEC 2030VISION
www.nec.com/en/global/about/vision/index.html

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of "Orchestrating a brighter world." NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.


Topic: Press release summary
Source: NEC Corporation

Sectors: Cloud & Enterprise, PE, VC & Alternatives
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