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Business

Daiwa, Digital Garage plan fund targeting AI, blockchain

TOKYO -- Daiwa Securities Group and Japanese venture capital firm Digital Garage will create a fund to invest in start-ups developing artificial intelligence and blockchain technology.

A 50-50 joint venture will be set up to manage the fund, which will begin investing as early as autumn. The aim is to spend a total of 10 billion yen to 20 billion yen ($94.4 million to $188 million).

The fund will also support companies involved in virtual and augmented reality, data security, and biotechnology. The duo will seek to apply the startups' expertise in the securities business and elsewhere.

Each startup, including non-Japanese ventures, will receive several hundred million yen. The fund will raise capital from 30 to 50 companies.

Digital Garage is the top shareholder in Kakaku.com. The plan is to combine Digital Garage's expert judgement on tech companies with Daiwa's knowledge and experience in fund management.

(Nikkei)

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