Miyako Capital Research
Investment Thesis
Miyako Capital is an independent, private venture capital firm based in Kyoto, founded in September 2013. It invests in technology-development startups that draw on the research and intellectual property of Kyoto University and other academic and research institutions. The firm is a Kyoto University-affiliated fund manager and aims to create next-generation industries by pairing capital with industry-academia collaboration that moves technology into real use. Even when a company did not start from university research, Miyako commits to arranging practical academic partnerships after investing.
Stage Focus
The firm centers on seed and early-stage companies, but states that it invests at all stages, including middle and later stage. Its portfolio mixes deep-tech and biotech seed companies with later names such as Sakana AI and Oishii, plus an IPO exit (Liberaware, flagged IPO on the portfolio page).
Check Size
Check sizes are not published. Fund sizes are: Fund I (Nov 2015) 7.33 billion yen, Fund II (Oct 2019) 14.21 billion yen, Fund III (Aug 2023) 9.36 billion yen. Combined commitments across the three funds are about 30.9 billion yen. A per-deal range cannot be stated from public sources.
Lead Tendency
Not stated. Marked unknown.
Recent Activity
Miyako Kyoto University Innovation III L.P. was established in August 2023 with 9.36 billion yen, and the second fund finished fundraising in May 2021. The firm appears to be actively deploying Fund III. The news feed shows no deal announcements; the latest notice is a March 2025 harassment-policy statement. The site also warns of scam TikTok and LINE accounts impersonating Miyako staff and offering subsidy application services, which the firm says it does not provide.
Portfolio Highlights
The portfolio page lists about 56 companies. Notable names include Sakana AI (generative AI), Oishii (vertical-farm strawberries), Pocketalk (translation devices), Ginco (crypto custody), Liberaware (drones, IPO), StemRIM and Megakaryon (regenerative medicine), VLP Therapeutics, Viage Therapeutics, Flosfia (power semiconductors), Hacarus (AI), Drivemode, EX-Fusion (laser fusion) and Innovative Space Carrier (space transport). The captioned portfolio read timed out twice, so names come from the page's logo links and a screenshot; a few names (Kaltec, Farmship, MT3, ORTF, IGS Group, AFI, QON) are inferred from domains.
Team
- Hiroyuki Misawa, Partner and President: leads life science and biotech. Former JAIC fund manager, PhD in science from Saitama University, JVA 2020 Venture Capitalist Encouragement Award.
- Satoshi Yamaguchi, Partner and Founder: over 30 years in VC, joined JAFCO in 1988 and rose to Head of Investment; oversaw funds above 100 billion yen.
- Tsunesaburo Sugaya, Partner: Silicon Valley base; former CEO of JAFCO USA (now Icon Ventures); named a Top 100 Venture Partner by AlwaysOn in 2013.
- He Rui, Partner: runs deal sourcing through exit since Fund II; ex-JAFCO; IPO and trade sale record.
- Takayuki Otani, Senior Associate: life sciences, since 2020.
- Taiga Tamiya, Senior Associate: life sciences, since October 2023.
- Ayako Tani, Head of Administration and Yuri Sato, Administration.
Decision Process
Not published. The firm has several partners and a board with outside directors, which suggests a partnership process.
Founder Preferences
Ambitious teams from Japan with the potential to succeed in the global market, often academic spin-outs and research-driven founders. The firm backs teams with global ambition and supports their entry to US markets through its San Jose office.
Geographic Focus
Japan-origin startups going global. Offices are in Kyoto (headquarters at Kyoto University), Tokyo (Azabudai Hills) and San Jose, California.
Sector Focus
Life science and biotech (drug discovery, regenerative medicine, medical devices), IT and electronics including AI and IoT, agriculture and food, environment and energy, and chemicals and materials. Hands-on support includes industry-academia partnerships, a Silicon Valley go-to-market effort, and operational help from a team with startup and VC experience in Japan and the US.