New fund for pioneering technologies a focus for SMBC
(29 July 2015 – Japan) Sumitomo Mitsui Banking Corporation (SMBC), Toyota Motor Corp (TMC) and Sparx Group co Ltd have signed a Memorandum of Understanding (MoU) to consider the establishment of a new investment fund.
The fund will be aimed at innovation and support towards the spread of advanced technologies for future generations.
The companies said in a statement the fund will use flexible, well-timed investments to focus on supporting pioneering projects.
These projects will centre upon the fields of intelligent technology, robotics and hydrogen-related technologies.
SMBC said it hopes to play a leading role in facilitating economic growth through the establishment of a socially meaningful fund for developing next-generation technologies.
The fund should also help boost its efforts to uncover and nurture promising future enterprises.
TMC wants to gain broad and timely access to valuable information about future technologies and market trends, which can then be incorporated into its business strategy.
All three companies are considering the details of the fund, including the scale of capital investment, other potential investors and investment targets.
The aim is to formally establish the fund in the next half of the year.
Subscribe