UntroD Capital Research
Overview
UntroD Capital (formerly Real Tech Holdings, rebranded June 2024; "UntroD" means uncharted) is Japan's largest deep tech focused venture firm. It operates through UntroD Capital Japan (Tokyo), UntroD Capital Asia (Singapore) and an office in Cyberjaya, Malaysia. The Real Tech Fund franchise launched in 2015 and has launched more than 100 deep tech startups with researchers and entrepreneurs. Total assets under management exceed 40 billion yen (roughly $270M).
Investment Thesis
The firm calls its approach "UntroD Capitalism": put capital into areas society needs but where capital has not flowed, prove the economics first, and let other capital follow. It targets two kinds of uncharted territory, those that are scientifically or physically hard to reach and those that are socially or culturally hard to reach. Focus areas are energy and environment, new materials, space, ocean, agriculture and marine, biotechnology and medical devices, robotics, electronics and semiconductors. About 70% of its Japan portfolio comes from universities and research institutions.
Stage Focus
Seed and early stage, with some middle-stage investing. The firm often backs researchers before incorporation and has started its own company-creation initiative (Tokyo Nucleic Acid Synthesis). Later-stage capital comes from the Real Tech Growth Fund, the Crossover Impact Fund (pre-IPO and IPO-adjacent) and the UntroD Real Tech Debt Fund.
Check Size
No check size is published. Fund sizes (RTF4 about 12.5B yen) suggest seed and early checks in the low single-digit millions of dollars, with follow-ons. This is an inference, held at low confidence.
Lead Tendency
Describes its stance as lead investor with hands-on support. A dedicated Value-up team covers HR, strategy, capital raising, IP and overseas expansion for portfolio companies.
Funds
- Real Tech Funds 1 to 4 (Japan). RTF4 final close about 12.5B yen, the largest to date, with Japan Investment Corporation and MCP Asset Management's decarbonization fund of funds joining; about 10-year term from October 2023.
- Real Tech Global Funds 1 and 2 (Singapore and Southeast Asia). Fund 2 is active (Teragen Energy, August 2026).
- Real Tech Growth Fund 1.
- Crossover Impact Fund 1, and Fund 2 first close announced September 2026.
- UntroD Real Tech Debt Fund (venture debt, for example Spectronix, August 2026).
LPs include Honda, Mizuho Bank, Fuji Electric, Sumitomo Mitsui Trust Bank, Okasan Securities, several regional banks and the SMRJ.
Recent Activity
- October 2026: partner and director titles reorganized across the Tokyo team.
- September 2026: first close of Crossover Impact Fund 2; joint research with RIKEN on artificial hibernation.
- August 2026: venture debt to Spectronix; Global Fund 2 investment in Teragen Energy (solid oxide fuel cells for data centers and industry).
- The Japan fund has invested in roughly 85 companies across more than 25 prefectures, with regional bases in Hokkaido, Chubu, Kansai, Shikoku and Kyushu.
Portfolio Highlights
Listed exits include ispace, QD Laser, Axelspace, Institute for Q-shu Pioneers of Space (QPS), J-Pharma, Innovacell, SEIWA Holdings and i GRID Solutions. Other notable companies: KYULUX, WOTA, IntegriCulture, ArkEdge Space, THINKCYTE, Farmnote (exited), MELTIN MMI (exited), Sentient.io, Aerodyne and Umami Bioworks in Southeast Asia.
Team
- Akihiko Nagata, CEO and Managing Partner, UntroD Capital Japan. Founded Real Tech Fund in 2015; former CEO of Euglena.
- Yukihiro Maru, Managing Director, UntroD Inc. and UntroD Capital Asia. Co-founder of Real Tech Fund, founder of Leave a Nest.
- Shinji Oshige, Partner, Real Tech Fund. Former INCJ Managing Director; ranked No. 1 in Forbes Japan's 2025 venture capitalist ranking.
- Sou Yanbe, Partner, Real Tech Fund.
- Naoki Higashizono, Partner, Growth Capital.
- Satoshi Uejima, Partner, Value-up.
- Akitaka Wilhelm Fujii, Partner, Corporate.
- Daiki Kumamoto and Henry Tao, Executive Directors, UntroD Capital Asia.
Decision Process
Partnership model with fund-specific investment teams (Real Tech, Global, Growth and Debt). No published decision timeline. Introductions through universities, research institutes, corporate LPs and regional managers appear to be the main sourcing path; warm intro need is not stated.
Founder Preferences
Scientist and researcher founders commercializing university or institute technology, and teams solving hard physical, energy, health or space problems. The firm will help build the founding team.
Geographic Focus
Japan (nationwide, regional emphasis), Singapore, Malaysia and Southeast Asia, plus selective global funds-of-funds style exposure (Transition 1st in the US, Deep Science Ventures in the UK).
Gaps
Check sizes, per-company stage and investment dates are not published. Portfolio company domains were not verified and are left null.