DNX Ventures
DNX Ventures is a privately held, cross-border early-stage venture capital firm founded in 2011, with dual headquarters in Tokyo and San Mateo and approximately ¥99 billion (~$990M USD) in AUM. It invests Seed and Series A capital into B2B startups across the US and Japan, supported by a 30+ corporate-LP partnership program, an Executive Advisory Board, and the SPROUND seed-incubation community.
- Company typePrivate
- Founded2011
- HeadquartersSan Mateo, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What DNX Ventures does
DNX Ventures is a privately held, cross-border early-stage venture capital firm founded in 2011 with dual headquarters in Tokyo and San Mateo (Silicon Valley). The firm invests Seed and Series A capital into B2B startups across SaaS/Cloud, Cybersecurity, Deeptech/Sustainability, Fintech, Retail Tech, and Enterprise AI, with stated combined AUM of approximately ¥99 billion (~$990M USD). DNX operates a multi-vehicle fund platform comprising the DNX Japan Fund, the DNX US Fund, the SPROUND seed fund and incubation community, and a series of Annex/follow-on vehicles, alongside legacy vehicles under the 'Draper Nexus' name. The firm is a Qualified Institutional Investor business registered under Japan's Financial Instruments and Exchange Act.
The firm's core revenue model follows standard venture economics: recurring management fees (typically ~2% on committed capital) and performance-based carried interest from a multi-fund platform. The differentiator is a value-add service layer layered on top of the funds: a Corporate Partnership Program connecting 30+ Japanese conglomerates (Hitachi, Fujitsu, NEC, Canon, Panasonic, Mizuho, MUFG, Tokio Marine, Komatsu, Kuraray, Sansan, Secom, JCB, JR, Mitsui Fudosan, Mitsubishi Estate, and others) as LPs and co-development partners; an Executive Advisory Board of 30+ industry operators from Snowflake, Oracle, Google, Bank of America, Nissan, and Cloudera; and a Customer Development Platform credited with 200+ corporate-startup introductions since inception. A SPROUND seed-incubation office and a DNX Studio venture studio sub-brand provide additional deal-sourcing channels.
The firm is led by Managing Partners Akira Kurabayashi (Head of Japan, former Japan Head of Salesforce Ventures and Globespan Capital Partners, KKR Industry Advisor, 60+ B2B-software deals), Mitch Kitamura (COO), Hiro Rio Maeda, and Q Motiwala, supported by Partners, Principals, VPs, and platform/finance staff in both geographies (26+ named team members). Notable portfolio outcomes include IPOs of Sansan, Money Forward, TeamSpirit, ABEJA, and Circlace, alongside active US deals in Anthropic, ICEYE, Cylance, Nauto, Movandi, Cofactr, Mitiga, Crisp, Neurophos, Radiant Nuclear, Albedo, and Li Industries, and Japan deals in Andpad, Kakehashi, Hubble, SOC Prime, XBOW, Asterminds, InsightX, FLUX, INEDIT, and others.
DNX Ventures firmographics
Firmographics- Name
- DNX Ventures
- Legal name
- DNX Ventures
- Website
- https://dnx.vc
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- DNX Ventures is a privately held, cross-border early-stage venture capital firm founded in 2011, with dual headquarters in Tokyo and San Mateo and approximately ¥99 billion (~$990M USD) in AUM. It invests Seed and Series A capital into B2B startups across the US and Japan, supported by a 30+ corporate-LP partnership program, an Executive Advisory Board, and the SPROUND seed-incubation community.
- Ownership category
- akta.pro rank
Where DNX Ventures is headquartered
LocationHeadquarters
- HQ city
- San Mateo
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
DNX Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D
Revenue model
- Venture Fund Management Fees and Carried Interest: Earns recurring management fees (typically ~2% annually on committed capital) and performance-based carried interest from multiple venture funds with combined AUM of approximately ¥99 billion (about $990M USD equivalent). Funds include Japan funds, US funds, SPROUND seed fund, and Annex/follow-on vehicles. Revenue is contractually recurring over each fund's 10-year life.
- AI Software Investment Returns (concentrated book): Concentrated investment focus on B2B AI Software (60+ investments to date via Akira Kurabayashi track record) generating differentiated return profile through sector specialization in Japan SaaS/AI transformation. Returns flow through carried interest.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | SPROUND seed ticket size ¥10–50M per company |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels7 records
DNX Ventures product offering
Product offeringCore offering
DNX Ventures is a US-Japan cross-border early-stage venture capital firm that invests Seed and Series A capital in B2B startups across SaaS/Cloud, Cybersecurity, Deeptech, Sustainability, Hardware, Retail, and Finance sectors. The firm manages the DNX US Fund (Silicon Valley) and DNX Japan Fund (Tokyo) with combined AUM of approximately ¥99 billion (~$990M USD), and operates supporting programs including the SPROUND seed incubation community, Corporate Partnership Program with 30+ Japanese conglomerates, and an Executive Advisory Board of 30+ industry operators who provide customer introductions, GTM feedback, and strategic guidance to portfolio founders.
Product overview
DNX Ventures is an early-stage venture capital firm — not a traditional software product company — that delivers a platform-plus-modules architecture of investment and support services. Its two core funds (the DNX Japan Fund in Tokyo and the DNX US Fund in Silicon Valley) form the central offering, both targeting Seed and Series A B2B startups. Layered on top of these core funds are several supporting modules: SPROUND (a seed-stage incubation community with on-site collaborative offices), the Corporate Partner Program (open-innovation support for Japanese enterprises), the DNX Network/Executive Advisory Board (industry advisors and customer-development matchmaking), the DNX Platform (portfolio support services spanning workshops, talent/HR, media/PR, and entrepreneur growth coaching), and DNX Studio (a venture studio sub-brand). Together these named offerings connect founders in the US and Japan with capital, corporate customers, talent, and operational know-how.
Differentiator
Problem solved
Functional benefit
Brands
- SPROUND: A collaborative incubation office and community of enterprising companies and individuals dedicated to learning through sharing; accompanies a dedicated seed fund for seed-stage B2B startups in Japan.
- DNX Studio
Products and services
- DNX US Fund
- DNX Japan Fund
- SPROUND Seed Incubation Program A seed-stage startup incubation program and collaborative office community operated by DNX Ventures, providing seed investments of approximately ¥10–50 million per company, twice-monthly learning workshops, and community support for B2B startups primarily in Japan. The SPROUND program is accompanied by a dedicated seed fund.
- Corporate Partner Program A program that supports Japanese corporate partners in open innovation by fostering innovation culture and facilitating startup collaboration, leveraging DNX's network of 30+ corporate partners (Hitachi, Fujitsu, NEC, Canon, Mizuho, MUFG, Tokio Marine, Komatsu, etc.) to help partner companies build entrepreneurial organizational capabilities and access startup ecosystems in the US and Japan.
- DNX Network / Executive Advisory Board An extended group of 30+ industry advisors and senior operators from companies including Snowflake, Capital One, CrowdStrike, Oracle, Google, Bank of America, Cloudera, Nissan, and Unity who support portfolio company founders through GTM feedback, customer introductions, and strategic guidance.
- DNX Platform (Portfolio Support Services) A suite of portfolio support services including Customer Development (200+ corporate partnerships facilitated), Workshops (e.g., BMANTR sales framework coaching), Talent & HR support, Media/PR readiness, and Entrepreneur Growth coaching for portfolio companies. Available as part of DNX's value-add to portfolio founders.
Quantifiable outcome
- 200+ corporate-startup partnerships facilitated since inception
- +4 more outcomes
Companies that use DNX Ventures
Customer profileNamed customers30 records
Segments3 records
Ideal customer profiles3 records
DNX Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
DNX Ventures partnerships and signals
Strategic signalScale indicators7 records
Recent moves6 records
Expansion highlights6 records
DNX Ventures competitors and assessment
Company assessmentDirect peers
- WiL (World Innovation Lab): WiL is a US-Japan cross-border venture capital firm investing in early- to growth-stage enterprise and consumer tech, with offices in Silicon Valley and Tokyo. It is the closest direct comparable to DNX given the shared dual-headquarters, US-Japan bridge thesis, and B2B enterprise focus.
- B Capital Group: B Capital is a global early- to growth-stage venture firm founded by Eduardo Saverin with strong Asia-Pacific exposure and B2B/enterprise focus. Comparable to DNX in stage focus, sector orientation, and geographic cross-border positioning (US-Asia bridge).
- Global Brain Corporation: Global Brain is one of Japan's largest independent venture capital firms with ~$2B+ AUM, investing across Seed to Series B in deeptech, SaaS, and digital transformation. Closely comparable to DNX given the Japan-domiciled base, B2B/enterprise focus, and broad sector coverage.
- Eight Roads Ventures: Eight Roads is a global venture capital firm with a deep Asia presence (Japan, China, India) backed by Fidelity, investing in early- to growth-stage enterprise technology, fintech, and healthcare. Comparable to DNX through its cross-border mandate, Japan focus, and enterprise/B2B investment themes.
- DCM Ventures: DCM is a US-Asia cross-border early-stage venture capital firm with offices in Silicon Valley, Tokyo, Beijing, and Singapore, investing in Seed through Series B in consumer, enterprise, and frontier tech. Highly comparable to DNX due to similar US-Japan cross-border presence, early-stage B2B focus, and seed/Series A orientation.
Emerging players
- Antler: Antler is a global early-stage venture firm that identifies and incubates founders across 30+ cities including Tokyo and Singapore, deploying pre-seed and seed capital into B2B and deeptech startups. Comparable to DNX through its seed-stage orientation, APAC presence, and founder-incubation model similar to SPROUND.
- Cervin Ventures: Cervin Ventures is an early-stage VC firm focused exclusively on B2B SaaS, AI, and enterprise infrastructure, with a partner network drawn from senior operators. Comparable to DNX through its concentrated B2B/AI SaaS thesis, although smaller and US-centric.
Broad incumbents
- JAFCO Group: JAFCO is Japan's largest publicly listed venture capital and private equity firm with multi-billion-dollar AUM spanning Seed to buyout. Comparable to DNX as a Japan-focused VC, but materially larger and broader in mandate, serving as the incumbent benchmark for fund size and exit outcomes.
- MUFG Innovation Partners: MUFG Innovation Partners is the strategic venture arm of Mitsubishi UFJ Financial Group, deploying capital from Japan's largest bank into fintech and enterprise software startups. Comparable to DNX as a Japan-based institutional investor but operates with strategic-corporate LP capital rather than independent fund mandates.
- Salesforce Ventures: Salesforce Ventures is the strategic venture arm of Salesforce, investing globally in enterprise SaaS, AI, and cloud infrastructure startups. Akira Kurabayashi previously led Salesforce Ventures Japan, making this a relevant peer for the AI/B2B-SaaS thesis and the corporate LP model DNX emulates.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
DNX Ventures social profiles
Digital presenceDNX Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
DNX Ventures leadership team
Management profileNumber of profiles
Profiles14 records
DNX Ventures subsidiaries and ownership
Company hierarchySubsidiaries15 records
DNX Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
DNX Ventures M&A and investment
M&A and investmentM&A
Investments362 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about DNX Ventures
What does DNX Ventures do?
DNX Ventures is a US-Japan cross-border early-stage venture capital firm that invests Seed and Series A capital in B2B startups across SaaS/Cloud, Cybersecurity, Deeptech, Sustainability, Hardware, Retail, and Finance sectors. The firm manages the DNX US Fund (Silicon Valley) and DNX Japan Fund (Tokyo) with combined AUM of approximately ¥99 billion (~$990M USD), and operates supporting programs including the SPROUND seed incubation community, Corporate Partnership Program with 30+ Japanese conglomerates, and an Executive Advisory Board of 30+ industry operators who provide customer introductions, GTM feedback, and strategic guidance to portfolio founders.
Is DNX Ventures a public or private company?
DNX Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was DNX Ventures founded?
DNX Ventures was founded in 2011. It employs 11 to 50 people.
Where is DNX Ventures based?
DNX Ventures is headquartered in San Mateo, United States, in the North America region.
How does DNX Ventures make money?
Two revenue lines are on record. Venture Fund Management Fees and Carried Interest is the primary driver. The others are AI Software Investment Returns (concentrated book).
Who are DNX Ventures's main competitors?
Direct peers on record are WiL (World Innovation Lab), B Capital Group, Global Brain Corporation, Eight Roads Ventures and DCM Ventures. Emerging players are Antler and Cervin Ventures. Broad incumbents are JAFCO Group, MUFG Innovation Partners and Salesforce Ventures.
Does DNX Ventures have an API?
No public API is recorded for DNX Ventures.