White Snow No. 1 Investment Limited Partnership

･Established: September 2000
･Investment focus: Pre-listed companies mainly operated in or closely related to Hokkaido
･Industry focus: Not specified
･Company stage: Start-up to middle

White Snow No. 2 Investment Limited Partnership

･Established: March 2002
･Investment focus: Pre-listed companies starting up businesses mainly based on seeds of universities / research institutions
･Industry focus: Mainly bioindustry
･Company stage: Seed to later

Hokkaido Bank “Dosanko” No. 1 Investment Limited Partnership

･Established: May 2004
･Investment focus: Pre-listed companies operating business in Hokkaido
･Industry focus: Not specified
･Company stage: Seed to later

Hokkaido Bank Sakhalin Business Investment Limited Partnership

･Established: February 2005
･Investment focus: Local companies conducting business for Sakhalin and joint venture corporations between local and Russian companies
･Industry focus: Not specified
･Company stage: Seed to later

Sapporo “Genki” Technology Investment Limited Partnership

･Established: May 2005
･Investment focus: Pre-listed companies mainly based in Sapporo
･Industry focus: Mainly technology
･Company stage: Seed to middle

Hokkaido Bank “Dosanko” No. 2 Investment Limited Partnership

･Established: January 2006
･Investment focus: Pre-listed companies operating business in Hokkaido
･Industry focus: Not specified
･Company stage: Seed to later

HVCG No.1 Investment Limited Partnership

･Established: July 2006
･Investment focus: Globally competitive domestic and overseas companies that have innovative technologies
･Company stage: Seed

Shinkin Regional Vitalization Investment Limited Partnership

･Established: August 2006
･Investment focus: Pre-listed companies operating business in Hokkaido
･Industry focus: Not specified
･Company stage: Seed to later

Leonie Investment Limited Partnership

･Established: June 2007
･Investment focus: Production project for theatrical film "Leonie"

（１）Focusing on the investment in ventures based on innovative technologies in seed and start-up stages

◆Competition barely exists for VCs specialized in seed and start-up stages except some in life science. This allows us to pick up promising cases due to our past performance and abundant deal flow.
◆Innovative technology is the base for investment, but we will NOT undertake simple seed-out type investment as we always consider its exit on a business aspect.
◆We will handle university-launched ventures, spin-out and carve-out from large and medium-sized enterprises, and alliance among existing venture firms.

（２）Balancing cash-out timing

◆Although the investment focus is seed and start-up phase ventures, part of portfolio will be allocated to the cases expected to exit, e.g. IPO, in a couple of years, considering the performance and cash-out timing of the fund to balance the portfolio’s return-risk.
◆Securing investment principal with a medium risk investment, and we will seek higher return with our expertise: investment to enterprises at seed and start-up stages.

（３）Selection of promising investee companies based on thorough due diligence

◆To reduce the high risk of the seed and start-up investment, we will perform thorough due diligence based on our own method.
◆Based on the results of due diligence, we sometimes propose technology plan, commercialization strategy, business plan even before investment is made.

（４）Significantly enhancing the competitive advantage of investee company through hands-on support

◆All of the HVC’s partners have experience of seed investment and wide networks that allow them provide effective and complete support.
◆We provide support, always taking IP strategy into account.

MATSUDA, Ikkei

BA in economics from Keio University, MBA from INSEAD in France, and MA from Otaru University of Commerce, PhD in genetic medicine from Hokkaido University. Founder and CEO of Hokkaido Venture Capital, Inc., the first regional and independent venture capital firm in Japan.

　Prior to setting up HVC, he worked for Yamaichi Securities Co., Ltd. in its securities underwriting division. At its locally-incorporated office in London, his coverage was Middle East, Africa, and Eastern Europe. Moving to the Hokkaido Institute for the Future Advancement, he provided business supports in the region as deputy secretary general at Hokkaido New Business Conference. He became one of the founders of Sapporo Biz Café established in June 2000 to support ICT ventures in Sapporo Valley.
　At HVC, Ikkei spearheaded the IPO of Openloop Inc. and Softfront on NASDAQ Japan market (present OSE Heracles). In September 2000, he assisted in the foundation of GeneticLab Co., Ltd., the first national university spin-off venture firm and has been considered as one of the pioneers on incubation of university spin-offs and technology incubation in Japan. His contribution to these fields continues on AnGes MG, Inc. and Soiken Inc. for their listing on TSE Mothers market. He also has been working to form alliance of bio-clusters in Hokkaido and Kansai region. Ikkei has been serving as NEDO technical adviser, judge for Fuji Sankei Business i’s “Japan Biotech Venture Award”, lecturer of Entrepreneurship courses at CRIS of Hokkaido University. Ikkei is a recipient of the Prime Minister’s Award: “Earnest Leaders for Local Business Activities.” He is the President &CEO of HVC Inc., Hokkaido Venture Capital Inc., and HVC Strategic Research Institute Inc.

YAMAUCHI, Takatsugu

BS in aeronautical Engineering from Tokyo University. Advisor for Investment Department at Hokkaido Venture Capital, Inc.

　Takatsugu’s professional career started at Toyota Motor Corporation where he was engaged in aerodynamic design, evaluation of the vehicle body and parts, and design for commercial production. Then at Mathematical Systems, Inc., he engaged in numeric modeling for issues on applied physics using applied mathematics and also in the development of software. Also he conducted a basic research on blood flow in arteries and artery diseases in biomechanics field.
　Takatsugu founded Core Flow Technologies Inc., and has been serving as its CEO. While serving as a researcher at RIKEN (Institute of Physical and Chemical Research) and Fuji Research Institute Co. (present Mizuho Information & Research Institute, Inc.), he was engaged in basic research in biomechanics field on 3D modeling of cerebral artery out of XCT images and blood flow analysis, and in medical image analysis field, specifically, automatic diagnosis technology by analysis of echo imaging of lungs and asthma diagnosis technology by an analysis of respiratory sound signals, as well as the development of tailor-made medical system technology by applying genetic information and PKI (Public Key Infrastructure) technology. Subsequently assumed the post of the director in Corporate Management Division at Ubiquitous Business Technology, Inc., an ICT venture firm. where he successfully raised JPY 360 millions of yen in total.

MIURA, Junichi

BA in economics from Hokkaido University. Director and General Manager of Planning Department at Hokkaido Venture Capital, Inc.

　Prior to joining HVC, Junichi was engaged in tax accounting consulting services, and was responsible for companies in a variety of sectors such as healthcare, information technology, restaurants, and real estate while worked on the standardization of auditing procedures within the tax accounting office.
　At HVC, Junichi has been responsible for overall management in the financial field. In all the funds managed by HVC, he has been a leading figure in preparation of financial reports and IR materials, as well as management of portfolio companies, planning and procedures for fund formation and other administrative task of fund management. In addition, he supported entrepreneurs in operating “SIZ: Sapporo Incubation Zone”, an incubation facility, and an instructor for “Women Entrepreneurship School.” In terms of investment operations, he provides his expertise to assist spin-outs, business restructuring, and mergers and acquisitions. The fields he covers include agriculture, hydrogen as renewable energy, ICT and health care. Listing of HOB Co., Ltd., an agricultural company, on the JASDAQ market is his latest successful achievement.

ITO, Katsuhiko

PhD in pharmacology from the Science University of Tokyo. Investment Managere of Investment Department at Hokkaido Venture Capital, Inc.

　Katsuhiko started his career at Yoshitomi Pharmaceutical Industries, Ltd. (Now Mitsubishi Pharma Corporation) as a senior researcher, and had been engaged in research and development of various drugs including anti-osteoporosis, anti-rheumatic, and anti-thrombotic agents for 12 years. After serving as a health care and pharmaceutical sector analyst at Deutsche Securities and Société Générale Securities for two years, he moved to Nikko Antfactory K. K. as a venture capitalist and invested JPY 1.8 billion into biotech venture firms during two years’ period. LTT Bio-Pharma Co., Ltd. is one example of his track record. Currently while serving as a director and the head of corporate planning department at Immuno-Biological Laboratories Co., Ltd., he assumes an advisory position at several biotech and health care venture firms.
　Katsuhiko’s publication includes “Research on Pipeline” for Nikkei Almanac for Biotech Industry (Nikkei Bio Nenkan) and “Expectations for the growth of venture firms.” for the International Pharmaceutical Product Information (Kokusai Iyakuhin Joho)

TOBITANI, Atsumi

MEng from Hokkaido University, PhD in life science from King’s College, University of London, and MBA from Manchester Business School.Investment Managere of Investment Department at Hokkaido Venture Capital, Inc.

　Atsumi’s professional career commenced as a scientist at Technical Research Institute of Snow Brand Milk Products, Co. Ltd., a major food manufacturer in Japan and Asia, in charge of basic research on food physics and development of novel food materials. His mission at the company also included the planning of R&D strategy and project management.
　Atsumi completed his internship with HVC while he studied at Manchester Business School. After acquiring MBA, he joined a Japanese biotech start-up developing artificial oxygen carrier, Oxygenix, Co. Ltd, and was responsible for business development, intellectual property management, corporate planning, and technology analysis. In May 2006, he joined Hokkaido Venture Capital Inc, as a fund manager of technology-focused investment.

MARUYAMA, Norio

BA in Law from Keio University. Investment Managere of Investment Department at Hokkaido Venture Capital, Inc.

　Joined Nippon Steel Corporation and engaged in production planning and production management at Muroran Works. Managed companies affiliated with Toyota and other important clients. And at VeriSign Japan K.K. joined after Cybertrust Japan Co., Ltd., he was responsible for raising awareness and dissemination, product planning, and business development of digital authentification technology as ICT infrastructure, contributed VeriSign Japan K.K.’s IPO in terms of business development and marketing. Presently manages funds at Hokkaido VC.

OKAYAMA, Minenobu

BS in fisheries science from Hokkaido University. Advisor of Investment Department at HVC.

　Minenobu started his professional career at Nissui Pharmaceutical Co. Ltd., a subsidiary of Nippon Suisan Kaisha, Ltd., where he was engaged in the study on the method of analysis as well as the stability of general medicines including natural drugs and vitamins, and the prototyping, design, and commercial production of solid drugs (tablets and granulated powder). And at Hisamitsu Pharmaceutical Co. Inc., he worked on synthesis of new antihyperlipidemic drugs, activity screening, scale-up synthesis, drug design, and several other basic technological topics on DDS, which covered a wide range from drug carriers to genetic vectors. At DNAVEC Research Inc., a genetic vector development company established as part of a national project to which he was sent from the company as technical director, focused on patent business, specifically, patent application, patent liaison between researchers at home and abroad, arrangement of licensing, and various contracts as the head of licensing dept. At the same time, he was responsible for reorganizing plan for the genome business at Geno Function, Inc., a wholly owned subsidiary of Hisamitsu Pharmaceutical, which specialized in post-genome sequence, gene therapeutics, and genetic function analysis.
　Minenobu joined HVC as General Manager of Business Development Department, providing advices on commercialization of bio-related technological seeds in Hokkaido, mainly at Hokkaido University, as well as the development of the strategy for intellectual property as management asset. He plays a key role in the White Snow No.2 Investment Limited Partnership managed by HVC, and fulfilling the advisory role on commercialization plan, as well as corporate strategy, technical guidance, R&D strategy, intellectual property strategy, and market analysis.
　Minenobu is a member of Intellectual Property Evaluation Committee at Hokkaido Technology Licensing Office Co., Ltd. Currently he is serving as CEO and President of Apt Co., Ltd., and an advisor to Gene Techno Science Co., Ltd.

HATA, Masayuki

BA in education from Hokkaido University of Education. A candidate for doctorate in Systems Information Science at Future University-Hakodate.

　Masayuki’s professional career started at NEC Software Hokkaido, Ltd. as a system engineer, engaged in planning, design, and development of software. Mainly developed UNIX-based user system, and worked on the use of open source by clients at an earlier stage. He assumed the position of management of technology (MOT) at NOASTEC Foundation.
　Currently he is performing preliminary research on prospective software business at home as well as abroad and its planning. As the fields of research, he is exploring the convergence of disaster and tourism information with ICT, systems usable both in normal and emergency times, robotics in education, and embedded system applications.