Microwave Chemical Co., Ltd. (henceforth, MWCC) (headquarters: Suita, Osaka, CEO: Iwao Yoshino) will secure series C funding of \1.2 billion from the Innovative Network Corporation of Japan (henceforth, INCJ) (headquarters: Chiyoda, Tokyo, President & CEO: Koichi Yoshimi), a public/private fund.
As a necessary investment for future business activities, MWCC will receive an investment of \800 million from INCJ, and a total of \400 million in funds will be procured from existing stockholders including University of Tokyo Edge Capital Co., Ltd. (UTEC) (headquarters: Bunkyo, Tokyo, President & CEO: Tomotaka Koji), JAFCO Co., Ltd. (headquarters: Chiyoda, Tokyo, President: Shinichi Hoki), and Nippon Venture Capital Co., Ltd. (headquarters: Minato, Tokyo, President & CEO: Shuichi Okuhara).
MWCC has focused on applying a chemical product manufacturing process using microwaves to the field of food chemistry and has agreed to start discussions with Taiyo Kagaku Co., Ltd. (henceforth, Taiyo Kagaku) (headquarters: Yokkaichi, Mie, President & CEO: Nagahiro Yamazaki), which has strong sales power in the food industry, about the possibility of a future joint business operation. Taiyo Kagaku, which is already applying the microwave process to preparation/drying/sterilization processes, possesses ample knowledge regarding microwave technology. The collaboration of Taiyo Kagaku and MWCC is expected to produce innovative food chemical products.
In addition to technological licensing, MWCC is also planning co-operative business management with strategic partners through joint ventures for each application product/field. Their goal is the realization of process innovation in the chemical industry through a model that benefits both venture firms and major companies. This model will materialize the innovative ideas of venture firms while utilizing the resources, such as technology and sales networks, of major companies. MWCC will not be limited to just this model and plans to partner with other chemical manufacturers to work on joint developments.