NTT DOCOMO Ventures Research
Investment Thesis
NTT DOCOMO Ventures is the corporate venture arm of the NTT Group. It describes itself as uniting the execution power of startups with the NTT Group's ability to deliver at scale. Its stated emphasis is "strategic returns" rather than financial returns alone: it invests to build new markets with startups, generate synergies across NTT Group companies, and co-create businesses using NTT's real-world deployment assets. The investment policy says the firm backs B2C and B2B startups with high growth potential and medium- to long-term collaboration potential, in segments where the NTT Group can do business with them.
Stage Focus
The firm invests across all stages, with a focus on early and growth stages. Recent deals show the range: Series A (New Space Intelligence), Series B (ElevationSpace) and Series D (Pixie Dust Technologies), per third-party deal trackers. Stage evidence for individual portfolio companies is not taken from the firm's own site, so stage is not recorded per company.
Check Size
The website states only that amounts vary "by stage and potential of strategic partnership." No range is published. Fund sizes of JPY 15 to 20 billion per vehicle (roughly USD 96M to 143M) suggest checks well below fund size, but no range is inferred here.
Lead Tendency
Not stated. Press releases use "Invests in" phrasing without saying lead or follow, so lead tendency is recorded as unknown.
Recent Activity
The firm is actively deploying. Announced investments on its news page in 2026:
- October 2026: Loop Smart AI (AI commerce platform)
- September 2026: KG Motors (single-seater compact EV "mibot")
- August 2026: Higgsfield (video generation AI) and Knowledge Work (AI sales productivity)
- June 2026: ElevationSpace (space-to-Earth logistics)
- May 2026: Pixie Dust Technologies (wave control for healthcare) and a Malaysia foodservice and hospitality digital transformation collaboration
- April 2026: New Space Intelligence (satellite data platforms)
- March 2026: Paradigm AI (the PLAYTUNE idol agency)
- February 2026: MiRESSO (beryllium supply for fusion energy)
DOCOMO Innovation Fund IV, a JPY 15 billion, 10-year fund, was established in January 2026 for startups that create new businesses and transform society through open innovation with the NTT DOCOMO Group.
Funds
The firm manages a series of vehicles: NTT Investment Partners Fund (2008) through Fund IV (April 2023, JPY 20 billion, aimed at IOWN, data-driven value and a recycling-oriented society), and DOCOMO Innovation Fund I (2013, JPY 10 billion), II (2017, JPY 15 billion), III (April 2022, JPY 15 billion) and IV (January 2026, JPY 15 billion). The firm was established in February 2008 as NTT Investment Partners and took its current name in July 2013 after NTT DOCOMO acquired it. NTT DOCOMO owns 100% of the company.
Portfolio Highlights
The portfolio page lists about 173 companies. Well-known names include ElevenLabs, Skydio, Auth0, Commonwealth Fusion Systems, Astranis Space Technologies, Sakana AI, Higgsfield, Otter.ai (AISense), Wasabi Technologies, JumpCloud, Mist Systems, Riskified, Ayar Labs, Doppel, HappyRobot, Alation, EnterpriseDB, Trifacta, SORACOM and gumi. Crunchbase notes exits including Knightscope, SORACOM and Pixie Dust Technologies.
Team
The firm is run from Tokyo and Silicon Valley. The English-language leadership listing includes:
- Yuko Sasahara, CEO and CCO
- Jun Yasumoto, COO
- Ko Matsushita, Director
- Christopher Hermanowicz, Managing Director (Silicon Valley)
- Neil Sadaranganey, Managing Director (Silicon Valley)
The Japanese team page lists roughly 20 further directors and managers across Tokyo and Silicon Valley, most of whom come from NTT Group companies. Many were seconded from NTT DOCOMO, NTT Data and similar group firms.
Decision Process
As a corporate venture arm, decisions sit within a firm owned by NTT DOCOMO and aligned to NTT Group business needs. The exact approval process is not published. The firm also runs the NTT STARTUP BRIDGE program and co-creation case studies to link startups to NTT business units, which makes a business-unit fit central to any approach.
Founder Preferences
Founders whose products can be deployed with NTT Group companies, in telecommunications, data and AI, security, space, healthcare, mobility, fusion energy and sustainability. The firm values long-term collaboration and a willingness to co-create with NTT.
Geographic Focus
Global sourcing from Japan, the US, Europe, Israel and Southeast Asia, based in Tokyo (headquarters, Azabudai Hills) and Sunnyvale, California. Portfolio spans Japan and the US plus Israel (Riskified, Wiliot, VDOO), Europe (Crosser, Senseye) and Southeast Asia (aCommerce, Matchmove, KPISOFT).