Keio University and Nomura Holdings Inc. increased the fundraising goal for their venture-capital partnership by 50 percent to ¥15 billion after demand from Japanese financial firms during the first phase of financing exceeded expectations.
Keio Innovation Initiative Inc., founded by Japan's oldest university and biggest brokerage, closed the first round last month with almost ¥5 billion, about 50 percent more than it anticipated, Chief Executive Officer Kotaro Yamagishi said in an interview. The fund operator aims to raise another ¥10 billion for the second and third phases over 10 years, he added.
The plan reflects growing investor interest in high-technology ventures in Japan in areas such as robotics, as well as increasing profitability of startups emerging from academia. The first tie-up of its kind between a Japanese university and global investment bank comes as the government seeks to promote more new businesses and investors facing shrinking interest rates contemplate taking more risks in search of returns.