November 29, 2022
Evonik Venture Capital invests in Japan for first time
Evonik Venture Capital has invested in Fund VIII of Global Brain Corporation, a Japanese venture capital company.
The move marks Evonik's first investment in the country. The fund focuses on startups with disruptive technologies in the fields of biotechnology, food and agricultural technology, clean technologies, innovative materials and DeepTech. Through the investment, Evonik is expanding its innovation network in the Japanese market. Both parties have agreed not to disclose the amount of the investment.
"Japan is a highly innovative country with a well-developed chemical industry, an interesting research landscape and a flourishing startup scene," said Dr. Bernhard Mohr, head of Evonik Venture Capital. "We want to be part of that. Early access to new technologies and commercial opportunities is important to identify synergies with our existing activities at Evonik."
By investing in the fund, Evonik will benefit from Global Brain's local as well as global network. The venture capital company was founded in 1998 in Tokyo, Japan. Today, it has offices in Singapore, Indonesia, South Korea, the United Kingdom, Germany, the United States, China and India.
Yasuhiko Yurimoto, president and chief executive officer of Global Brain, said: "We sincerely welcome the participation in our flagship fund by a globally esteemed company like Evonik and appreciate the recognition of Global Brain as a partner to promote innovations in the world."
Fund investments are part of Evonik Venture Capital's investment strategy, along with direct investments in startups.
"The fund managers are our additional eyes and ears into the innovation world: they are well connected with the startups, know the innovation ecosystem, and give us a broad overview of ideas and solutions of the future," Yurimoto said.
Evonik has been active in Japan since 1969 and has 15 sites in the country.
In addition to five production facilities, they also include four research and development centers and four joint ventures with Japanese partner companies.
In research, Evonik works closely with the Tokyo Institute of Technology and the RIKEN Institute of Natural Sciences.