Sojitz to join Indian venture fund Continuum I to invest in AI and IoT startups
TOKYO, NNA – Japanese trading house Sojitz Corp. is investing in an Indian venture capital fund to look for new business opportunities with the growing number of startups engaged in artificial intelligence and the Internet of Things.
The company said Tuesday it has injected an undisclosed sum of capital into Continuum I, a fund run by venture capital firm 3one4 Capital Advisors LLP in Bangalore, India’s IT industry capital in the southern state of Karnataka.
In April, Sojitz plans to open an office in the city, where many firms have set up global strategic bases and research and development facilities.
Sojitz said in a statement that it aims to glean information about new technology and the latest trends among local startups, as well as those in North America that use AI, IoT and other state-of-the-art technologies.
“In future, we would like to invest in firms that could contribute to resolving social problems in India,” a Sojitz official in Tokyo told NNA.
The trading house has established offices in New Delhi, Kolkata, West Bengal, Chennai in Tamil Nadu, Pune in Maharashtra and Gandhidham in Gujarat.