Chubu Electric Power Company (CEPCO) announced today that it signed an agreement today with Pitango Venture Capital, one of Israel’s leading VC firms, to invest in its fund Pitango HealthTech Fund.
CEPCO (Chubu Electric Power Co., Inc.) is one of Japan's largest electric utilities in terms of power generation capacity, electric energy sold, and annual revenue. CEPCO’s partnership with Pitango is based on CEPCO’s decision to bet on Israeli innovation and seek opportunities to expand their business by leveraging cutting edge technologies. Pitango will assist CEPCO in identifying startups and creating products and services to realize new business opportunities. It is also great news to Israeli-Japanese strategic relations.
With profound insight and intelligence into the Israeli startup ecosystem, Pitango has successfully invested in more than 200 companies. Pitango’s HealthTech Fund will focus on Israeli startup companies in the intersection of Technology and Healthcare.
Healthcare and how it is administered and managed is undergoing a revolution driven by the merge of medical know-how and technology. In this intersection a ten-Trillion-Dollar Healthcare industry is positioned to be greatly impacted by full access to seamless data, intelligent use of AI, Predictive Analytics, Robotics, Enterprise Software, Telemedicine and Mobile Computing.
The investment will be made from Chubu Electric Community Support Fund, the corporate venture capital that CEPCO set up in April 2019 to speed up the process of making investment in venture companies or venture investment funds with advanced technologies and innovative business models.
CEPCO will continue to pursue strategic relationships with Israeli companies that have a competitive edge in AI and IoT and adopt cutting edge technologies to realize the mission of “Creating the Community Support Infrastructure”.