From left to right: Mr. Iori from The Hokuriku Bank, Mr. Saito from the University of Toyama, Relic's Kitajima, and Kaneko.

We are pleased to announce that the "Toyama Co-Accel Investment Limited Partnership" (Toyama Co-Accel Fund / commonly known as "T-CAF"), for which Relic serves as the General Partner (GP), has completed its first close and commenced operations today. This fund is a joint initiative by the National University Corporation University of Toyama (Location: Toyama City, Toyama Prefecture, President: Shigeru Saito), The Hokuriku Bank, Ltd. (Head Office: Toyama City, Toyama Prefecture, President: Hiroshi Nakazawa), and Relic Inc. (Head Office: Shibuya-ku, Tokyo, CEO: Takahiro Kitajima / CTO: Ryo Oba).

T-CAF has two major structural features. First, it is "specialized in deep tech." This is the first attempt in the Hokuriku area to establish a deep tech-focused fund targeting all national, public, and private universities (*1), aligning with the government's focus on supporting deep tech startups.

The second feature is its "co-creation" operational structure. Relic, the leading co-creation company in Japan with the No. 1 domestic share in new business development support (*2), serves as the GP. Instead of simply investing and concluding, the fund provides ongoing support to portfolio companies, co-creating businesses with them to drive social implementation.

This fund has been certified as a "Specified Research Outcome Utilization Support Business" under the Industrial Competitiveness Enhancement Act by the Minister of Education, Culture, Sports, Science and Technology and the Minister of Economy, Trade and Industry on March 27, 2026. It was established with The Hokuriku Bank as the lead LP, and investors including the National University Corporation University of Toyama (which also provides research seeds), Kanamori Sangyo Co., Ltd., KEC Corporation, 3rdEconomy Inc., Sakura Pax Co., Ltd., The Toyama Daiichi Bank, Ltd., Nihonkai Lab Co., Ltd., HARITA Co., Ltd., Mr. Makoto Harita, and Mr. Hideto Fujino.

This initiative aims to invest in approximately 25 companies over the next five years from the start of operations. To achieve this goal, we will engage in dialogue with over 100 startup companies, primarily in the Hokuriku region, to support the commercialization and social implementation of research seeds originating from universities. We aim to foster innovation that will spread from the Hokuriku region to the world.

Features of T-CAF: A New Fund for National University Startups Combining "Deep Tech Specialization x Co-creation"

Amidst the government's emphasis on supporting deep tech startups and creating regional startups, the creation of university-originated startups is an area of growing policy interest. Among these, this fund is a national university-originated fund with two structural features: (1) "Deep Tech Specialization," focusing on the social implementation of deep tech research seeds from universities, and (2) a "Co-creation" operational structure leveraging the assets of Relic (GP), whose core business is co-creation.

Furthermore, as a fund invested in by a national university, it adopts a "wide-area" design that targets not only research seeds from the University of Toyama but also crosses over to national, public, and private universities in the Hokuriku region, a rare initiative in Japan.

Feature 1: "Deep Tech Specialization" Investment to Grow Hokuriku Research Seeds into Businesses

This fund is a "Deep Tech Specialization" fund focused on the social implementation of deep tech. It will provide focused support for research seeds from universities such as the University of Toyama, Japan Advanced Institute of Science and Technology (JAIST), Kanazawa University, and the University of Fukui in four fields: life sciences, environmental chemistry, material science, and solutions for regional social issues. This is the first attempt in the Hokuriku area to establish a deep tech-focused fund targeting all national, public, and private universities (*1), aligning with the government's focus on supporting deep tech startups.

Feature 2: "Co-creation" Operation to Build Businesses Together with Expertise and Execution Capability

Relic, the GP of this fund, is a co-creation company whose core business is new business development support. With Japan's largest BTC (Business, Technology, Creative) organization, it has established a system capable of executing everything from strategy planning to business implementation and growth, and has been involved in the development of over 5,000 new businesses and joint ventures. It boasts a team of experts covering a wide range of deep tech fields, including AI and hardware, and is also an entrepreneurial group that has generated diverse businesses and startups, surpassing 10 billion yen in sales. Furthermore, its strength lies in its ability to handle the financial aspects of businesses, including direct investment in over 40 startups, CVC establishment/operation support, M&A of startups focused on new business creation, and secondary transactions of unlisted shares. This organizational capability will be continuously applied to portfolio companies even after investment, consistently driving the commercialization and social implementation of research seeds.

Fund Overview

Name

Toyama Co-Accel Investment Limited Partnership

GP (General Partner)

Relic Inc.

Lead LP (Limited Partner)

The Hokuriku Bank, Ltd.

LP (Limited Partner)

National University Corporation University of Toyama

*Based on the "Specified Research Outcome Utilization Support Business Plan" under the Industrial Competitiveness Enhancement Act (certified on March 27, 2026)

LPs (in Japanese syllabary order)

Kanamori Sangyo Co., Ltd., KEC Corporation, 3rdEconomy Inc., Sakura Pax Co., Ltd., The Toyama Daiichi Bank, Ltd.,

Nihonkai Lab Co., Ltd., HARITA Co., Ltd., Makoto Harita, Hideto Fujino

First Close

June 30, 2026

Investment Target

Startups and other entities that utilize research outcomes held by national, public, and private universities in the Hokuriku region, starting with the University of Toyama.

Roles of the Three Parties

National University Corporation University of Toyama

The University of Toyama is a comprehensive university with nine faculties and multiple educational and research organizations, including its affiliated hospital and the Toyama Prefectural University's Institute of Natural Medicine. The university emphasizes the inheritance and development of academic disciplines and basic research, while actively addressing contemporary societal issues and promoting research in interdisciplinary fields. It aims to become a "comprehensive university that disseminates cutting-edge research information to the region and the world" while strengthening its basic research.

In T-CAF, the University of Toyama leads the smooth provision of research outcomes and technological seeds originating from the university and the development of internal seed discovery processes. Furthermore, it plays a pivotal role in fostering a broad-based startup ecosystem by serving as a starting point for collaboration with other universities in the Hokuriku region. Having received approval from the Minister of Education, Culture, Sports, Science and Technology for investment, it participates as an LP.

The Hokuriku Bank, Ltd.

Since its establishment in 1877, The Hokuriku Bank has operated for 149 years under the management philosophy of "Regional Co-Prosperity," with the Hokuriku region as its primary operating base. The bank has long supported the region's research infrastructure, including its ongoing sponsorship of young researchers with the University of Toyama for over a decade. In fostering the startup ecosystem, it established the "Hokuhoku Innovation Co-creation Fund" in 2022, investing in 19 companies to date, and established its second fund in February 2026, taking a leading role as a regional financial institution.

In T-CAF, as the lead LP, The Hokuriku Bank provides the fund with the functions of a regional financial institution deeply rooted in the Hokuriku region and its local business network, as well as offering support to portfolio startups.

Relic Inc.

Established in 2015, Relic Inc. is a co-creation company and a leading company boasting the No. 1 domestic share in new business development support (*2). It has supported the development of new businesses for over 5,000 companies, primarily major Japanese corporations, and operates with a group of over 350 employees across 27 companies and bases in 18 prefectures nationwide. It has a track record of comprehensively covering the financial aspects of new businesses, including direct investment in over 40 startups, CVC support services, M&A services for startups focused on new business creation, and secondary transactions of unlisted shares. Relic established a base in Toyama Prefecture in 2022 and has accumulated collaborative experience with the region, including being selected for Toyama Prefecture's open innovation projects for four consecutive years in a joint venture with The Hokuriku Bank.

In T-CAF, Relic serves as the GP under the Industrial Competitiveness Enhancement Act. Centered around Relic's Deep Tech Innovation Center (DTIC), it will provide end-to-end support, from investment strategy planning, investment decisions, and operations to the discovery of research seeds, commercialization, and growth support.

Comments from Representatives of the Three Joint Announcing Parties

Shigeru Saito, President, National University Corporation University of Toyama

The University of Toyama has long positioned the broad return of research outcomes to society, based on collaboration with the local community, as one of its important missions. However, challenges such as funding, human resources, and market access still exist in connecting excellent research outcomes to social implementation.

The "University of Toyama Startup Fund (T-CAF)" was established to overcome these challenges and barriers through the organic collaboration of industry, government, academia, and finance. Furthermore, T-CAF's essential significance lies in its scope, extending beyond the framework of a single university to broadly target diverse research seeds from national, public, and private universities in the Hokuriku region.

The University of Toyama will serve as a hub for bridging the accumulated knowledge of the entire Hokuriku region to society, and in close cooperation with related organizations, we will vigorously create a flow of new value creation where research outcomes steadily reach society.

Hiroshi Nakazawa, President, The Hokuriku Bank, Ltd. (Lead LP)

The Hokuriku Bank has been engaged in fostering regional innovation through the establishment of startup support funds and industry-academia collaboration with universities. To truly create a regional ecosystem, it is essential for diverse players, including universities, companies, and financial institutions, to participate with their respective strengths. The broad-reaching fund "T-CAF (Toyama Co-Accel Fund)," which broadly targets university research across the entire Hokuriku region, is precisely such a mechanism. As an LP, we will fully support innovations that spread from Hokuriku to the world.

Takahiro Kitajima, CEO / Founder, Relic Inc. (GP)

Relic has been involved in co-creating businesses with many companies, including leading Japanese corporations and startups, and has consistently provided financial support surrounding business creation. In addition to co-creation centered around Japan's largest BTC organization, we have built a unique system that comprehensively supports startups from entry to exit, including direct investment in over 40 startups, support for spin-offs from large corporations, industry-first CVC support services starting from a fund size of 100 million yen, M&A of startups focused on new business creation, secondary transactions of unlisted shares, and acquisitions and business succession by the Relic group. This is an "Innovation Capital Fund®" that integrally invests management capital that contributes to innovation, including but not limited to funding.

T-CAF is the culmination of this accumulated experience, and it is the first fund for which Relic itself serves as GP, extending from the long-standing relationships built on the ground in Toyama and Hokuriku. We are deeply honored to co-create this ambitious challenge with everyone to build a system for social implementation of university research in the Hokuriku region, and our entire team is committed to dedicating our full efforts with unwavering resolve.

Excerpts from LP Investor Comments

Makoto Harita, Representative Director, HARITA Co., Ltd.

We decided to invest because we were attracted to the creation of innovation through the fusion of outstanding technological seeds from Hokuriku, centered around the University of Toyama, and the strengths of regional industries.

We expect that the supply of risk money will revitalize the Hokuriku ecosystem and lead to the continuous emergence of startups that will spread from this region to the world.

Hideto Fujino, Founder of Leos Capital Works, Chairman and Representative Director of HEVN STAGE, Host of FLOW Fushii no Kai

The mechanism for regional university research to blossom into businesses is an extremely important foundation for Japan's future economy. We decided to invest because we resonate with the design philosophy of T-CAF, "Regional challenges, with regional technology, from the region to the world," and its broad scheme that considers the entire Hokuriku region, not limited to a specific university. We have high expectations for the innovation that will emerge from Hokuriku.

*1: Survey on the establishment of deep tech-focused investment funds targeting national, public, and private universities in the Hokuriku area by Relic (June 2026)

*2: 2024, "New Business Development Boutique Consulting Market Research," Relic Inc. / Digital Infact Inc., https://relic.co.jp/press-release/54696/

Inquiries Regarding This Matter

Relic Inc. Public Relations Representative: Sato

TEL: 050-1753-0912

E-MAIL: pr@relic.co.jp

Relic Inc.

Company Name: Relic Inc. Representative: CEO Takahiro Kitajima / CTO Ryo Oba Head Office Location: Ebisu Garden Place Tower 19F, 4-20-3 Ebisu, Shibuya-ku, Tokyo Established: August 2015 Business Activities: Incubation Tech Business, Business Produce / New Business Development Support Business, Open Innovation Business (Startup Investment, VC Fund Management, CVC Establishment/Operation Support, Joint Venture/JV Creation, etc.), Innovator Human Resource Development Support, Regional Revitalization / Regional Innovation Business, Innovation Workplace Business Corporate Site: https://relic.co.jp Services: https://relic.co.jp/services/

FACT BOX

  • Source: PR TIMES
  • Category: 金融