Chemical giant Denka dives into VC with $100M fund managed by Pegasus Tech Ventures • TechCrunch

Pegasus Tech Ventures, a Silicon Valley-headquartered venture capital firm that helps corporations invest in startups, said it has set up a $100 million fund in Japanese chemical and life science company Denka.

Denka, a 107-year-old company, is the sole limited partner of the newly established corporate venture capital fund and in line with its 2030 mission, is interested in investing in startups that address key global issues, including sustainability and population growth.

Pegasus Tech Ventures currently manages more than 30 strategic funds, or CVC funds, through partnerships with large global corporations in Japan, Taiwan, Indonesia, Europe and the US, said Pegasus Tech Ventures founder and chief executive Anis Uzzaman. . These corporate partners — mostly in the manufacturing sector, such as industrials, chemicals and pharma — want to invest in startups to integrate advanced technologies into their core business, Uzzaman told TechCrunch.

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Pegasus Tech Ventures will help Denka more specifically find early to late stage startups in renewable energy, EV batteries, chips and health tech. According to Uzzaman, check sizes range from $500,000 to $1 million for early-stage startups and $2 million to $10 million for later-stage companies.

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After targeting a candidate for investment, Denka plans to have team work with Pegasus in proving the startup’s thesis. However, Pegasus will make the final decision on investments, Uzzaman said. In fact, a group of Pegasus Tech Ventures partners, including Uzzaman, Bill Reichert, Steve Payne, John Lim and Justin Jackson and Pegasus investment managers are heavily involved in the operations of this fund, Uzzaman added .

Pegasus Tech Ventures has focused on connecting corporations and startups to leverage its “VC as a service” model since its inception in 2011 and has invested in more than 250 startups to date with more than $2 billion in funding. assets under management.

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Other partners the VC firm has worked with are Sega, the video game and entertainment company; Japanet, a television shopping company; NGK Spark plugs, a Japan-based maker of automotive spark plugs; Asus, a Taiwan-headquartered computer hardware company; Aisin, an automotive company based in Japan; Bandai Namco, an entertainment company; Kalbe, a pharmaceutical firm based in Indonesia; and Sinar Mas, an Indonesian conglomerate.

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