Nippon Steel's IT service unit invests in Indonesian venture fund
JAKARTA, NNA - Japanese information technology service company NS Solutions Corp. has invested in a venture capital fund in Indonesia in search of promising Southeast Asian technology startups.
The company, a subsidiary of major steelmaker Nippon Steel Corp., said Wednesday it has joined the latest round of fundraising by Alpha JWC Ventures to establish a new $100 million fund.
It is the Tokyo-based company's first venture capital investment in the region. It did not reveal the size of its investment.
“We are impressed with Alpha JWC's performance so far. It is one of the region's most active VCs, investing in 23 startups through its first fund alone,” Toshiyuki Kajiwara, director of the Global Business Development & Management Department at NS Solutions, said in a joint statement.
The Japanese company is looking for local startups in such fields as fintech, e-commerce and IT media in the region, Kei Kobayashi, president of PT. Nssol Systems Indonesia, a local unit of NS Solutions, told NNA.
For example, the local arm will provide an Indonesian client currently using NS Solutions' tax calculation system with an online tax payment system developed by OnlinePajak, a local tech venture, he said.
Through the two investment funds, including the $50 million first fund, Alpha JWC has sponsored 28 firms in Indonesia, Malaysia, Singapore and Vietnam, according to NS Solutions' statement.
Since 2011, NS Solutions has set up local units in Indonesia, Singapore and Thailand. In 2015, it acquired a 51 percent stake in PT. Sakura Systems Solutions, an Indonesian firm providing IT solutions like payroll and production management systems, it said. (NNA/Kyodo)