Hiroshima’s university ecosystem is poised to become a major driver of Japanese tech innovation, thanks to the ¥1.19 billion HIC Fund I, managed by the university-affiliated Hiroshima Incubation & Capital.
The HIC Fund I secured a commitment from the Academic Startup Acceleration Fund (ASA Fund) at the end of last week, simultaneously revealing that undisclosed regional banks, VC firms, and corporates are already among the LPs.
The fund seeks to nurture spinouts emerging from the 19 universities in Hiroshima Prefecture. It has a 10-year horizon, though this could be extended by up to five years.
The HIC Fund’s strategy is closely aligned with the Peace & Science Innovation Ecosystem (PSI), a programme designed to accelerate university spinouts in the region. PSI is also connected to the GAP Fund, launched in 2022 with a similar goal.
The ASA Fund is a fund-of-funds managed by the University of Tokyo-aligned UTokyo Innovation Platform, and is also backed by the Tokyo Metropolitan Government and real estate developer Tokyu Land.
The ASA Fund’s final close occurred in November 2025, and its focus is on deep tech funds specialising in spinouts, such as Kanazawa University’s Vision Incubate.
