Nippon Life puts $94 million in fintech fund

FintechNippon Life Insurance has invested $94 million in a fund managed by its US investment subsidiary that invests in start-up companies. The NLI Strategic Venture Investment Fund aims to invest in companies applying technology such as artificial intelligence and big data to the finance and insurance sectors. As well as making co-investments in start-up companies, the Japanese insurer hopes the initiative will allow it to co-create new products and services. Founded in 1889, Nippon Life is the largest Japanese insurer by revenue. The company has invested in overseas venture capital funds since the 1970s. Nippon Life Global Investors Americas, the company’s subsidiary, “has demonstrated a strong track record over many years by leveraging their strong network in Silicon Valley and manager selection capability”, said a statement from the company. ©2018 funds global asia

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