NEC Corporation of Japan has said that it is setting up a new “NEC Orchestrating Future Fund”, a Corporate Venture Capital (CVC) fund aimed at driving the ecosystems required for creating a social value by collaboration with partners and customers. The fund will also be used to promote new external services, technologies, and knowledge. For the same, the CVC fund will be looking to raise capital to the tune of $150 million by the end of June 2022. Corporate enterprises that share the same goal as the fund would be given an opportunity to participate and contribute to the capital.
NEC Believes Evolution of Network Tech to Drive Creation of New Social Value
In a statement, NEC said that it believes that the transformation of digital services and the evolution of network technology is going to drive the creation of new social value. The new CVC fund will be investing actively in both services and technologies with an aim to maximise the investments by generating synergies. NEC will also be working with corporate enterprises and portfolio startups for accelerating new business development activities. The company said that the fund would have six areas of focus which includes Smart Cities, 5G/6G, Digital Finance/Digital Government, Healthcare and Life Sciences, DX, and Carbon Neutral. The major investment areas of the fund would be Asia, Europe, Israel, and the US. The fund was established on December 16, 2021. Note that the maximum fund size is $150 million. The management company for the fund will be Translink Capital. Again, the purpose of NEC to set up this fund is for creating evolving digital services with the next generation networks (5G and 6G), which will meet the social needs of the future. NEC Corporation is a leading global firm in the integration of IT and network technologies. The company enables the communities and the businesses to adapt to rapid changes taking place both in the market and the society.
