Miyako Capital

What Miyako Capital does

Miyako Capital Co., Ltd. (みやこキャピタル株式会社) is an independent, private venture capital firm founded in September 2013 and headquartered in Kyoto, Japan. The firm operates as a designated Kyoto University-affiliated fund manager, managing three successive limited partnership vehicles — MIYAKO Kyoto University Innovation L.P. (¥7.33B, November 2015), Innovation II L.P. (¥14.21B, October 2019), and Innovation III L.P. (¥9.36B, August 2023) — with combined committed capital of approximately ¥30.9 billion (~$200M USD). The firm invests primarily in seed and early-stage technology ventures leveraging intellectual property from Kyoto University and other academic/research institutions, spanning life sciences, biotechnology, IT and electronics (including AI and IoT), agriculture and food, environment and energy, and chemicals and materials. Beyond capital, the firm provides hands-on growth support including industry-academia collaboration facilitation and global market expansion assistance.

Miyako Capital's revenue model follows the standard venture capital fund management structure: it earns management fees on committed or invested capital across its three funds, with potential carried interest on successful exits (terms not publicly disclosed). The firm operates a three-office footprint — Kyoto headquarters (located in the Kyoto University International Science Innovation Building), Tokyo (Azabudai Hills), and San Jose, California (Riverpark Tower) — with the Silicon Valley presence explicitly positioned to support portfolio companies' entry into US and global markets. Deal sourcing is conducted primarily through university and academic network referrals, with the firm having a notable lead role in the $150 million Series B round for US-based vertical farming company Oishii in November 2024 alongside Resilience Reserve.

The firm is led by a small senior team with deep venture capital pedigrees. President Hiroyuki Misawa leads life sciences investments and received the Japan Venture Awards (JVA) 2020 Venture Capitalist Encouragement Award. Founder Satoshi Yamaguchi previously served as Investment Director and Head of Investment at JAFCO, overseeing funds totaling over ¥100 billion and more than 100 portfolio investments. Managing Director Tsunesaburo Sugaya is based in Silicon Valley and was formerly CEO of JAFCO USA (now Icon Ventures), which ranked among the top 25 US VC firms; he was the first Japanese national recognized among the Top 100 Venture Partners globally. Partner He Rui joined from JAFCO with cross-border US-China-Japan deal experience. The team also includes senior associates and dedicated fund administration staff, reflecting a focused boutique platform rather than a scaled institutional manager.

Name

Miyako Capital

Legal name

MIYAKO CAPITAL Co., Ltd.

Website

https://miyakocapital.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

akta.pro secondary industries

Regional / Country-Focused Multi-Manager Platforms (FSANAGAI), Thematic / Sector-Focused Multi-Manager Platforms (FSANAGAH)

Keywords

• Venture capital
• University venture funds
• Early-stage investing
• Academic IP commercialization
• Seed-stage financing

Headquarters

HQ city

Kyoto

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Distribution channels1 record

Marketing channels1 record

Core offering

Miyako Capital is an independent private venture capital firm that manages three venture capital funds (MIYAKO Kyoto University Innovation L.P., Innovation II L.P., and Innovation III L.P.) totaling approximately ¥30.9 billion in committed capital. The firm invests in seed and early-stage technology ventures that leverage cutting-edge intellectual property from Kyoto University and other academic/research institutions, spanning life sciences, biotechnology, IT, electronics (including AI and IoT), agriculture, food, environment, energy, chemicals, and materials. Beyond capital, it provides hands-on growth support including industry-academia collaboration assistance and global market entry support through its Silicon Valley office.

Product overview

Miyako Capital is an independent private venture capital firm that operates three named venture capital funds (MIYAKO Kyoto University Innovation L.P., Innovation II L.P., and Innovation III L.P.) with a combined total capital of approximately 30.9 billion yen. The funds focus on investing in seed and early-stage technology ventures across life sciences, biotechnology, IT, electronics (including AI and IoT), agriculture, food, environment, energy, chemicals, and materials. The firm leverages Kyoto University's academic research and provides hands-on growth support including industry-academia collaboration assistance and global market entry support through its Silicon Valley office.

Differentiator

Problem solved

Functional benefit

Products and services

• MIYAKO Kyoto University Innovation L.P. (みやこ京大イノベーション投資事業有限責任組合) The first venture capital fund operated by Miyako Capital, established in November 2015 with ¥7.33 billion in total capital. The fund invests in seed and early-stage technology ventures that leverage Kyoto University intellectual property across multiple technology domains.
• MIYAKO Kyoto University Innovation II L.P. (みやこ京大イノベーション2号投資事業有限責任組合) The second venture capital fund established in October 2019 with ¥14.21 billion in total capital. It continues the firm's strategy of investing in academia-originated startups spanning life sciences, IT, electronics, and other technology domains.
• MIYAKO Kyoto University Innovation III L.P. (みやこ京大イノベーション3号投資事業有限責任組合) The third venture capital fund established in August 2023 with ¥9.36 billion in total capital. It maintains the firm's focus on technology development ventures utilizing cutting-edge intellectual property from Kyoto University and other academic research institutions.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Kyoto UniversitycoreStrategic or Co-development PartnerKyoto University-affiliated fund management company. Leverages cutting-edge IP from Kyoto University and other academic/research institutions. The firm operates as a designated partner of Kyoto University's innovation ecosystem.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Global Brain: One of Japan's largest independent VCs with strong Japan-US-Asia cross-border capability. Comparable to Miyako in early-to-growth stage focus, sector diversification, and global expansion support for portfolio companies.
• Beyond Next Ventures: Japan-based early-stage VC focused on deep tech and academic-originated startups. Closely comparable to Miyako in deal stage, technology focus areas (life sciences, materials, AI), and academic ecosystem relationships.
• UTEC (University of Tokyo Edge Capital): University of Tokyo-affiliated venture capital firm investing in deep tech and academic-originated startups. The most directly comparable peer to Miyako given the parallel university-affiliated thesis, deep-tech focus, and stage profile.
• World Innovation Lab (WiL): Japan-US cross-border venture firm supporting Japanese startups' global expansion and US firms entering Japan. Directly comparable to Miyako's cross-border bridge thesis and Silicon Valley presence.
• Coral Capital: Japan-focused seed and early-stage VC investing in B2B SaaS and emerging tech. Comparable in fund-size profile and early-stage technology focus, though typically earlier stage than Miyako's average.
• ANRI: Japanese seed and early-stage VC with a strong founder network and technology focus. Comparable in stage profile and hands-on support philosophy, though less anchored in academic IP than Miyako.
• Real Tech Holdings: Japan-focused deep-tech VC with strong emphasis on academic and research-originated startups. Comparable to Miyako in deep-tech thesis, academic ecosystem relationships, and sector focus (life sciences, materials, energy).
• Spiral Ventures: Pan-Asia early-stage VC (formerly known as Ideos) with Japan-Southeast Asia focus. Comparable by stage profile and cross-border expansion support for Japanese startups, though geographic emphasis differs.

Broad incumbents

• JAFCO Group: Japan's largest venture capital firm where Miyako's founders (Yamaguchi, Sugaya) built their careers. Highly relevant incumbent comparable by sector breadth and stage coverage, though larger scale and broader LP base.
• Innovation Network Corporation of Japan (INCJ): Government-backed Japanese innovation investor with a broad deep-tech mandate. Comparable by sector and stage coverage, though structurally different as a public-private fund with much larger capital base.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/miyakocapital
• Facebookfacebook.com/miyakocapital
• LinkedInlinkedin.com/company/miyako-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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

M&A

Investments51 records

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

Frequently asked questions about Miyako Capital