TMC, SMBC, and SPARX Group Co., Ltd. Agree to Work toward Establishing New Fund for Pioneering Technologies(1/1)
Toyota Motor Corporation
Sumitomo Mitsui Banking Corporation
SPARX Group Co., Ltd.
July 22, 2015
TMC, SMBC, and SPARX Group Co., Ltd. Agree to Work toward Establishing New Fund for Pioneering Technologies
Toyota Motor Corporation (TMC), Sumitomo Mitsui Banking Corporation (SMBC), and SPARX Group Co., Ltd. (SPARX Group) have signed a memorandum of understanding to consider the establishment of a new investment fund aiming to encourage innovation and support the spread of advanced technologies for future generations.
The companies will work to outline specific details of the fund which, through flexible, well-timed investments, will focus on supporting pioneering projects. These projects will center upon the fields of intelligent technology, robotics, and hydrogen-related technologies.
By establishing this fund, TMC hopes to gain broad and timely access to valuable information about future technologies and market trends, which can then be incorporated into its business strategy. In addition, TMC intends to use the fund to facilitate the spread of new values in the marketplace by supporting the establishment and the growth of enterprises that possess innovative technology. SMBC 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 to boost its efforts to uncover and nurture promising future enterprises. SPARX Group wants to further emphasize a long-term approach to investment in future growth, and hopes to open up new fields as an investment company to help build the society of the future.
All three companies will now consider the details of the fund, including the scale of capital investment, other potential investors, and investment targets. Their aim will be to formally establish the fund around the autumn of 2015.