The UTokyo IPC 1st Round accelerator is being supported by six corporates, providing 10 startups each year with the chance to receive up to $900,000 in funding.
University of Tokyo’s Innovation Platform (UTokyo IPC), has launched a twice-yearly accelerator allowing five startups in each cohort to secure up to ¥10m ($900,000) in funding, TechCrunch Japan reported yesterday.
Entries are now being accepted for the intiative, dubbed UTokyo IPC 1st Round, which, will offer participants access to development resources, office space and IT services in addition to funding.
Six corporates will participate in the scheme as partners, including railway operator JR East’s startup subsidiary, insurance firm Mitsui Sumitomo and real estate developer Mitsui Fudosan.
Engineering and electrical equipment company Mitsubishi Heavy Industries will also support the initiative, as will diversified conglomerate Sakai General Leasing.
UTokyo IPC already provides entrepreneurial support to University of Tokyo students and graduates as well as entrepreneurs at University of Tokyo-linked businesses.
A total of 10 companies have accessed those services to date, seven of which have since raised equity funding. They include University of Tokyo-founded robotic prosthetic leg maker Bionic M, which recently received funding from the university’s venture capital arm, University of Tokyo Edge Capital.
