UntroD Capital

What UntroD Capital does

UntroD Capital is a privately held Japanese deep tech venture capital firm founded in 2015 (originally as Real Tech Funds; rebranded to UntroD in June 2024) and headquartered in Tokyo with regional headquarters in Singapore and a Malaysia office. The firm operates a multi-fund platform comprising Real Tech Fund 1-4 (Japan seed/early-stage), Real Tech Global Fund 1-2 (Southeast Asia), Real Tech Growth Fund 1 (Japan growth stage), and the UntroD Nomura Crossover Impact Fund (late-stage/pre-IPO, co-managed with Nomura Asset Management). Total assets under management exceed ¥400 billion (per Japanese sources) across these vehicles, with over 100 deep tech portfolio companies spanning environment, energy, biotech, healthcare, robotics, electronics, materials, space, and maritime sectors. Approximately 60% of Japanese portfolio companies are based outside Tokyo, addressing a regional funding imbalance where 80% of VC capital historically concentrates in the capital.

The firm's core technology and differentiator is its proprietary ecosystem for deep tech deal sourcing and commercialization support, anchored by its founding partnership with Leave a Nest (founded 2002, TECHPLANTER program with 1,500+ researchers/startups supported), 51 university/research institution partnerships across Japan, and over 50 corporate limited partners spanning automotive, infrastructure, aviation, and chemical industries. UntroD provides hands-on 'value-up' services across IP strategy (Patent Booster), recruitment/HR, PR/branding, and manufacturing scale-up — capabilities uncommon at VC firms of its size. Geographic expansion into Southeast Asia is facilitated through UntroD Capital Asia Pte. Ltd. (Singapore, est. Feb 2022), co-investment structures with government-linked funds in Singapore, Malaysia, and the Philippines, and the TSE Asia Startup Hub partnership (June 2025) enabling portfolio companies to access Japanese public markets.

UntroD's business model is standard institutional VC: it charges management fees on assets under management and earns carried interest on successful exits and IPOs across its managed funds. Its limited partner base comprises major Japanese financial institutions (Nomura Asset Management, SMBC Nikko Securities, Sumitomo Mitsui Trust, Resona Bank, Mitsubishi UFJ Trust), strategic corporations, and government-linked co-investors. Strategic partnerships announced in 2025-2026 with QB Capital (Japan's first comprehensive deep-tech VC alliance, ¥52B combined AUM), Nomura Asset Management (crossover impact fund), and SMBC Nikko Securities (first securities-firm LP in Global Fund 2) indicate continued institutionalization. Leadership comprises CEO Akihiko Nagata (formerly Director/CEO of Euglena Co., Ltd.) and Managing Director Yukihiro Maru (Leave a Nest founder, PhD Agriculture, University of Tokyo).

Name

UntroD Capital

Legal name

UntroD Capital Japan株式会社

Website

https://untrod.inc

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

UntroD Capital is a Japan-based deep tech venture capital firm managing a multi-fund platform across seed, early, growth, and crossover stages in Japan and Southeast Asia, investing in 100+ R&D-intensive startups with hands-on IP, HR, and manufacturing support.

Ownership category

akta.pro rank

Product category

Venture Capital / Deep Tech Investment Management

NAICS

Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399), Miscellaneous Financial Investment Activities (523999)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Emerging Manager / Seeding Platforms (Multi-Manager) (FSANAGAF)

akta.pro secondary industry

Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Venture capital services
• Deep tech investments
• Early stage funding
• Startup growth support
• Impact investing funds

Headquarters

HQ city

Sumida

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. VC Management Fees: Management fees charged on assets under management across Real Tech Fund 1-4 (Japan), Real Tech Global Fund 1-2 (Global), Real Tech Growth Fund 1 (Japan), and UntroD Nomura Crossover Impact Fund.
2. Carried Interest (Performance Fees): Performance-based carried interest earned on successful exits and IPOs of portfolio companies across all managed funds.

Pricing tiers

Distribution channels3 records

Marketing channels4 records

Core offering

UntroD Capital is a venture capital firm that invests in R&D-based deep tech startups across Japan and Southeast Asia through a multi-fund platform (Real Tech Fund 1-4 Japan, Real Tech Global Fund 1-2, Real Tech Growth Fund 1, and the UntroD Nomura Crossover Impact Fund). The firm provides catalytic lead capital alongside hands-on value-up services including IP strategy, recruitment, PR, and manufacturing support to seed, early-stage, and late-stage deep tech companies. Total assets under management exceed ¥400 billion across the multi-fund platform.

Product overview

UntroD Capital operates as a multi-fund deep tech venture capital platform managing Real Tech Fund 1-4 (Japan Fund), Real Tech Global Fund 1-2 (Global Fund), Real Tech Growth Fund 1 (Japan Fund), and the UntroD Nomura Crossover Impact Fund. Total assets under management exceed 400 billion yen (30+ billion yen). The funds invest in seed to late-stage deep tech startups across Japan and Southeast Asia, providing hands-on support including IP strategy, manufacturing, recruitment, PR, and exit support. The firm also maintains strategic partnerships with Leave a Nest for startup discovery, and collaborations with Nomura Asset Management for crossover investments.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Tech Fund Japan Seed and early-stage deep tech venture capital fund investing in Japanese startups across sectors including healthcare, biotech, space, robotics, sensing, agriculture, marine, environment, energy, electronics, and new materials. Provides comprehensive business growth support including IP, manufacturing, recruitment, and PR assistance.
• Real Tech Fund Global (Southeast Asia) Southeast Asia-focused deep tech venture capital fund investing in startups addressing environmental and social issues while leveraging Japan's manufacturing expertise and Southeast Asia's growth potential. Targets decarbonization, food issues, transport, infrastructure, and medical/healthcare sectors.
• Crossover Impact Fund (UntroD Nomura Crossover Impact Fund) Impact-oriented crossover investment fund providing long-term capital to promising late-stage startups aiming for impact-oriented IPOs. Supports corporate value enhancement with emphasis on sustainable growth post-listing, in collaboration with Nomura Asset Management.
• Real Tech Growth Fund 1 Growth-stage fund supporting Japanese deep tech startups in their expansion phase.
• Real Tech Fund 4 Fourth Japanese deep tech fund completing final close at approximately ¥12.5 billion, the largest fund to date, accelerating social implementation of deep tech innovations across Japan.

Quantifiable outcome

• ¥400 billion+ AUM managed across multiple specialized VC funds
• +4 more outcomes

Segments2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core, flagship and minor.

• QBキャピタル (QB Capital)coreStrategic or Co-development Partner · 12 June 2026Japan's first comprehensive deep-tech VC partnership between UntroD Capital Japan and QB Capital. QB Capital's capitalists join Real Tech Fund 4 and UntroD Nomura Crossover Impact Fund investment activities. Focuses on pre-founding university/research institution-originated technology seeds across Japan, gap fund activities (JST startup ecosystem co-creation program), joint growth support for portfolio companies, and Kyushu-based regional deep tech ecosystem strengthening. Combined AUM reaches approximately ¥520 billion. Represents a first-of-its-kind VC-to-VC comprehensive alliance in Japan.
• Tokyo Stock Exchange (TSE Asia Startup Hub)flagshipStrategic or Co-development Partner · 2 June 2025UntroD Capital Asia is an official partner of the TSE Asia Startup Hub, an initiative by the Tokyo Stock Exchange to encourage high-potential Asian startups to list on the TSE. UntroD supports portfolio companies with market entry strategy, regulatory compliance, and investor relations within Japan. Two UntroD portfolio companies (Aerodyne Group and Sentient.io) have already been selected as beneficiaries. As of June 2025, the initiative has 56 partners and 4 observers.
• Leave a Nest Co., Ltd.coreStrategic or Co-development PartnerLeave a Nest is UntroD's founding partner and ecosystem enabler. Founded in 2002, it operates Asia's largest deep tech seed acceleration program TECHPLANTER (1,500+ researchers/startups supported), HYPER INTERDISCIPLINARY CONFERENCE, and Knowledge Manufacturing Conference. Comprehensive partnership agreement established June 2024. UntroD's founding partner Yukihiro Maru is also Leave a Nest's CEO. The partnership enables seamless deal sourcing from pre-founding research seeds through seed investment.
• Leave a Nest Singapore / Enterprise Singapore (Enter to Japan Market Discovery Program)minorChannel Partner/ Reseller/ DistributorLeave a Nest Singapore and Enterprise Singapore jointly run the 'Enter to Japan Market Discovery Program' (since 2019, supporting 40+ companies) helping Singaporean startups expand into Japan. UntroD participates to identify investment opportunities among program graduates (e.g., Accelerated Materials joined in 2024).

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• ANRI: Japan-focused seed-stage VC investing in technology startups with strong founder network. Comparable to UntroD's early-stage Real Tech Fund Japan strategy and approach to early-engagement seed investing.
• Wavemaker Partners: Los Angeles/Singapore-based VC with strong Southeast Asia presence and focus on deep tech and enterprise startups. Direct peer for UntroD Capital Asia's SEA portfolio and cross-border deal sourcing.
• East Ventures: Japanese-origin multi-fund VC with the strongest Southeast Asia presence and proven cross-border Japan-SEA deal flow. Direct comparable for UntroD Capital Asia's geographic strategy and SEA deep-tech investment thesis.
• Global Brain: Japan-based deep-tech VC firm with multiple funds, corporate LP relationships, and focus on technology-driven startups across Japan and overseas. Closest Japanese deep-tech comparable to UntroD in fund structure, sector focus, and corporate LP model.
• Spiral Ventures: Japanese early-stage VC with active corporate LP relationships and hands-on approach to portfolio support. Comparable structure and stage focus to UntroD's Japan seed/early funds.

Broad incumbents

• JAFCO: Japan's largest VC firm with broad sector coverage and listed parent. Comparable in scale and longevity but less concentrated in deep tech — appropriate broad incumbent comparable for benchmarking platform scale.

Regional players

• Golden Gate Ventures: Singapore-based VC focused on Southeast Asian tech startups. Comparable for SEA-stage deals and corporate LP relationships; regional peer for benchmarking SEA deal volume.
• Monk's Hill Ventures: Singapore-headquartered early-stage VC investing in tech startups across Southeast Asia. Comparable for SEA early-stage deal pattern and Singapore ecosystem positioning.
• Openspace Ventures: Singapore-based VC investing in tech-enabled startups across Southeast Asia. Comparable for SEA growth-stage deals and regional corporate partnerships.
• 500 Global: Global early-stage VC with active Southeast Asia presence and accelerator programs. Comparable for SEA seed-stage deployment and ecosystem-builder positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/RealTechHD

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments141 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UntroD Capital