Generative AI momentum and venture fundraising push through across Asia as South Korea produces its first AI unicorn, Japan’s Plug and Play closes its debut fund to deepen early-stage bets, and Sony scales its corporate venture platform with a new global investment vehicle.
Upstage hits unicorn status with $120m raise
South Korean AI startup Upstage has officially joined the unicorn club after closing a $120 million first tranche of its Series C round.
The firm said the latest injection brings the company’s total venture backing to approximately $270 million.
The raise comes as the company reports annual revenue growth of over 130%, driven by enterprise adoption of its Solar large language model and document intelligence offerings.
Proceeds from the round will be used to further develop its proprietary foundation models, expand into key markets including the US and Japan, and hire talent to support its next phase of growth.
Plug and Play Japan closes first fund at over ¥6b
Plug and Play Japan has announced the final close of its first fund, Plug and Play Japan Fund I, bringing total commitments to more than JPY 6 billion, above its original target.
The fund is structured as an investment limited partnership focused on startups in Japan and overseas, with a mandate to identify and support early-stage companies that can scale globally. It builds on Plug and Play’s wider global platform, which has backed and supported more than 35 unicorn companies over the past 25 years.
Investors in the fund include a mix of financial institutions and corporates such as Mitsubishi UFJ Bank, the Small and Medium Enterprise Infrastructure Development Organization, Tokyu Real Estate, and Sotheby’s League, alongside new participants in the final close, including Samyang Chemical Group, Joyo Bank, Toyota Invention Partners, Nagase Sangyo, Japan Post Bank, and RYODEN.
The fund will focus on seed and early-stage investments in startups with strong relevance to the Japanese market as well as international companies with high growth potential.
Since its initial close in March 2025, the fund has already begun deploying capital into domestic and international startups.
Sony Ventures closes first tranche of Innovation Fund 4
Sony Ventures Corporation has completed the first closing of its latest venture capital vehicle, Sony Innovation Fund 4 L.P., and has begun managing the fund as of April 2026.
The new fund is part of the broader corporate venture capital platform of Sony Group Corporation, which has been active in startup investing since launching its first Sony Innovation Fund in 2016. The latest close marks a continuation of the group’s strategy to invest across early- to mid- and later-stage startups globally.
The first close of Fund 4 includes participation from institutional investors such as Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Development Bank of Japan, and Sony Bank.
Over the past decade, Sony has expanded its investment footprint through multiple vehicles, including the Innovation Growth Fund in 2019 and Sony Innovation Fund 3 in 2022, alongside thematic funds such as Sony Innovation Fund: Environment and Sony Innovation Fund: Africa.
The fund is expected to expand further through additional limited partners, with a target final size of over JPY 20 billion.
Sony said the latest fund will continue its focus on supporting portfolio companies’ growth while leveraging its internal ecosystem, partnerships, and global investment network.
