Mar 23, 2018 09:27 JST

Source: Hitachi, Ltd.

Hitachi Invests in Geodesic Capital Venture Capital Fund, Aiming to Accelerate Open Innovation with Silicon Valley Startups

TOKYO, Mar 23, 2018 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501) announced today that it has agreed to invest in a fund managed by Geodesic Capital, a venture capital company active mainly in Silicon Valley. By investing in this fund, Hitachi will help to accelerate open innovation with startup companies in Silicon Valley using Geodesic Capital's extensive network.

In recent years, with advances in digitalization as IoT and digital technologies continue to be used in a wide range of fields, startup companies with cutting-edge technologies have become a driving force behind global innovations. Hitachi is also promoting the effective use of advanced technologies such as AI and robotics through its Social Innovation Business, which combines the OT (Operational Technology) and IT that it has accumulated up to now.

Geodesic Capital is a venture capital company established in 2015 by John Roos, former United States Ambassador to Japan, Ashvin Bachireddy, previously a growth stage partner at Andreessen Horowitz, and Mitsubishi Corporation. Geodesic Capital invests in rapidly growing technology companies in Silicon Valley and the broader U.S. using capital gathered from Japanese companies, supports their entry into Japan, and connects Japanese companies with Silicon Valley companies to support the creation of new business. Hitachi will invest as a limited partner in Geodesic Capital Fund I-S, a supplemental fund of the company's first fund which was established in 2015.

In addition to the investment, Hitachi America, Ltd.(1) will establish its new Global Open Innovation Division on April 1 as an organization dedicated to open innovations. By utilizing Geodesic Capital's extensive network, the division will promote open innovations with startup companies. At the same time, in Japan, Hitachi will establish its Open Innovation Division in the Future Investment Division, which was established in April 2017 to create new business and oversee strategic investments in its Social Innovation Business. The establishment of these two divisions will accelerate business rollout and collaborations with startup companies and other outside entities.

Comments from John Roos, Partner and Co-Founder, Geodesic Capital
"Geodesic is proud to add an iconic company like Hitachi as a Limited Partner, and we are excited about the opportunity for our portfolio companies to partner with Hitachi as they build their businesses in Japan. We also look forward to working with Hitachi's team in Silicon Valley to support their strategic objectives and focus on open innovation."

Comments from Toshiaki Higashihara, President and CEO, Hitachi, Ltd.
"I am extremely pleased to have this opportunity to invest in Geodesic Capital, which has an extensive network of ties with startup companies in Silicon Valley that act as the driving force behind the world's innovations. Through this investment, we will accelerate open innovations with companies in Silicon Valley focused on AI and robotics, and further evolve the Social Innovation Business using Hitachi's Lumada IoT platform and other cutting-edge technologies."

(1) Hitachi America, Ltd.: The Hitachi Group's regional headquarters for North America
Hitachi will continue to make aggressive investments aimed at accelerating open innovations, promote collaborative creation with startup companies and a variety of other partners, and roll out its Social Innovation Business using state-of-the-art technologies, in an effort to resolve the issues being faced by society.

About Geodesic Capital

Geodesic Capital supports U.S.-based entrepreneurs building transformative growth stage technology companies. It was founded by former U.S. Ambassador to Japan and former CEO of Wilson Sonsini Goodrich & Rosati, John V. Roos, Ashvin Bachireddy, previously a growth stage partner at Andreessen Horowitz and Mitsubishi Corporation. Geodesic Capital helps its portfolio companies expand globally into key markets in Asia, starting with Japan, by assisting them in finding employees, customers, partners and developing go-to-market strategies. For more information, please visit www.geodesiccap.com.

Contact:
Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111
Source: Hitachi, Ltd.
Sectors: Electronics, Cloud & Enterprise

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


Hitachi Energy and SP Energy Networks to boost renewable energy flow
April 05 2024 16:15 JST
 
Hitachi Selected as "Excellent TCFD Disclosure" by GPIF's External Asset Managers for the Third Consecutive Year
April 05 2024 16:00 JST
 
JFE Steel and Hitachi Jointly Started Providing Solutions for the Steel Industry
March 26 2024 18:04 JST
 
Hitachi Selected as CDP Supplier Engagement Leader for the Third Consecutive Year
March 22 2024 15:04 JST
 
Hitachi Collaborates with NVIDIA to Accelerate Digital Transformation with Generative AI
March 19 2024 18:11 JST
 
Hitachi Vantara Announces Collaboration with NVIDIA to Create New Portfolio of Industrial AI Solutions
March 19 2024 11:35 JST
 
Hitachi High-Tech Launches High-sensitivity and High-throughput Wafer Surface Inspection System LS9300AD for Wafer Manufacturers
March 15 2024 10:21 JST
 
Hitachi Forges a Three Year Strategic Alliance with AWS to Advance Hybrid Cloud Solutions
March 11 2024 15:44 JST
 
Hitachi Energy and TransnetBW make German grid fit for future
February 15 2024 10:22 JST
 
Contributing to Efficient Development of Metal Thin Film Materials by Using Chemicals Informatics and Materials Informatics
February 09 2024 12:41 JST
 
More Press release >>

Latest Press Release


More Latest Release >>