Nippon Telegraph and Telephone (TYO:9432) or NTT is establishing a $500 million fund to advance its light-based IOWN communications technology, which sharply cuts power consumption, Nikkei reported Tuesday.
The fund will be jointly operated with partners including SK Group, Chunghwa Telecom, and a leading U.S. venture capital firm, and is expected to launch by the end of this month, the news daily said.
Approximately 20 companies, including Samsung Electronics (KRX:005930) and GlobalFoundries, are set to participate in the initiative, the publication said.
With offices in Silicon Valley and Tokyo, the fund will target startups in silicon photonics and related software and telecom technologies, the report said.
The partners will leverage their deep tech expertise to identify promising companies primarily in the U.S., Asia, and Europe, it added.
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