Incubate Fund

Incubate Fund, established in 2010, is a Japan-based early-stage venture capital firm specializing in seed-stage technology startups. With a portfolio of over 300 companies, it has facilitated 12 IPOs and 20 M&A exits since inception. Incubate Fund India, founded in 2016 and based in Bengaluru, operates as a subsidiary, focusing on pre-seed and seed-stage startups in India. Both entities are backed by Incubate Fund, with Incubate Fund III, a 2014 vintage fund, investing across Asia and North America in various sectors including technology, media, and logistics.

Yuuki Aono

Associate

Haruki Imaizumi

Associate

Gotoh Katsunari

Professional Partner

Masahiro Kitao

Professional Partner

Kazuki Koyama

Associate

Ryu Kusakabe

Associate

Dave Kwong

Overseas Partner

Misuzu Matsumoto

Associate

Nao Murakami

Co-Founder and General Partner

Kazuki Notsu

Co-Founder, Managing Director and Overseas Partners

Satoshi Nunokawa

Associate

Rajeev Ranka

Principal

Koichi Saito

Overseas Partner

Kyosuke Seto

Associate

Koki Tanaka

Associate

Tohru Akaura

Co-Founder and General Partner

Kyosuke Seto

Associate

Past deals in Virtual Reality

Gatebox

Seed Round in 2025
Gatebox Co., Ltd., also known as Gatebox Lab, is a research laboratory focused on developing technology that allows individuals to interact with animated characters in their daily lives. Based in Akihabara, the company specializes in creating holographic anime bots designed to provide companionship and emotional support. These bots are intended to help users overcome feelings of loneliness by offering a unique form of interaction with beloved characters.

Blankr

Seed Round in 2024
Blankr Inc. specializes in facilitating virtual interactions between content creators and their fans. Its flagship product, Raidli, is an application that enables "Vtubers" (virtual YouTubers) to host virtual handshake events, allowing creators and fans to engage in safe, one-on-one conversations using online event services. These events are conducted via OBS virtual cameras accessible through smartphones or computer web browsers.

meleap

Series C in 2022
Meleap Inc. is a Japan-based company founded in 2014 that specializes in augmented reality (AR) gaming. It has developed a unique sport known as HADO, where players engage in competitive gameplay using head-mounted displays and armband sensors. This innovative approach allows participants to interact with virtual elements, such as energy balls and shields, in a three-on-three format. The gameplay takes place in various settings, including monster battles, shooting games, and kart racing, providing diverse entertainment options. By leveraging advanced motion sensor technology, Meleap aims to create immersive experiences that redefine traditional sports and gaming, catering to a growing audience seeking interactive and engaging activities.

Thirdverse

Series B in 2021
Thirdverse, Inc. is a game development studio based in Tokyo, Japan, that specializes in creating and operating multiplayer virtual reality games. Founded in 2016, the company focuses on combining virtual reality technology with blockchain to develop immersive gaming experiences and establish an economic zone within a virtual world. Thirdverse offers a range of services including planning, development, sales, and management of virtual reality content, aiming to provide seamless gameplay and enhance user engagement in its virtual environments.

Thirdverse

Series A in 2020
Thirdverse, Inc. is a game development studio based in Tokyo, Japan, that specializes in creating and operating multiplayer virtual reality games. Founded in 2016, the company focuses on combining virtual reality technology with blockchain to develop immersive gaming experiences and establish an economic zone within a virtual world. Thirdverse offers a range of services including planning, development, sales, and management of virtual reality content, aiming to provide seamless gameplay and enhance user engagement in its virtual environments.

meleap

Series B in 2018
Meleap Inc. is a Japan-based company founded in 2014 that specializes in augmented reality (AR) gaming. It has developed a unique sport known as HADO, where players engage in competitive gameplay using head-mounted displays and armband sensors. This innovative approach allows participants to interact with virtual elements, such as energy balls and shields, in a three-on-three format. The gameplay takes place in various settings, including monster battles, shooting games, and kart racing, providing diverse entertainment options. By leveraging advanced motion sensor technology, Meleap aims to create immersive experiences that redefine traditional sports and gaming, catering to a growing audience seeking interactive and engaging activities.

Pretia

Venture Round in 2018
Pretia Technologies, Inc. is a Tokyo-based augmented reality startup founded in 2014, specializing in the design and development of gaming software. The company focuses on creating a platform that enhances entertainment experiences by integrating augmented reality with real-life environments. Utilizing advanced technologies such as virtual and augmented reality, 3D localization, and mapping, Pretia enables users to interact with digital content linked to specific locations. This innovative approach allows players to engage in immersive gaming experiences across various devices, effectively bridging the gap between the digital and physical worlds.

Pretia

Venture Round in 2018
Pretia Technologies, Inc. is a Tokyo-based augmented reality startup founded in 2014, specializing in the design and development of gaming software. The company focuses on creating a platform that enhances entertainment experiences by integrating augmented reality with real-life environments. Utilizing advanced technologies such as virtual and augmented reality, 3D localization, and mapping, Pretia enables users to interact with digital content linked to specific locations. This innovative approach allows players to engage in immersive gaming experiences across various devices, effectively bridging the gap between the digital and physical worlds.

EmbodyMe

Venture Round in 2018
EmbodyMe, Inc. is a technology company based in Tokyo, Japan, founded in 2016. It specializes in developing mobile applications that leverage deep learning to enhance visual communication. Its flagship products, Xpression and EmbodyMe, utilize advanced techniques such as neural rendering and 3D dense face tracking. Xpression generates realistic video content by capturing and reproducing the facial expressions of users, while EmbodyMe creates 3D avatar models that can mimic movements and expressions based on user inputs, enabling immersive interactions in virtual reality environments. The company's innovations aim to transform how individuals create and experience visual content in both digital and virtual spaces.

PlaceHolder

Series A in 2018
Placeholder, Inc. is a Tokyo-based company that operates a digital theme park utilizing virtual reality and augmented reality technologies to create engaging experiences for both children and adults. Founded in 2016, the company offers a range of interactive products, including sand party, spray painting, draw your world, paper rikishi, planet portal, little builders, world adventure, number splash, and ar quest. By merging digital technology with real-world environments, Placeholder aims to inspire and excite users through innovative and immersive experiences.

meleap

Series A in 2017
Meleap Inc. is a Japan-based company founded in 2014 that specializes in augmented reality (AR) gaming. It has developed a unique sport known as HADO, where players engage in competitive gameplay using head-mounted displays and armband sensors. This innovative approach allows participants to interact with virtual elements, such as energy balls and shields, in a three-on-three format. The gameplay takes place in various settings, including monster battles, shooting games, and kart racing, providing diverse entertainment options. By leveraging advanced motion sensor technology, Meleap aims to create immersive experiences that redefine traditional sports and gaming, catering to a growing audience seeking interactive and engaging activities.

Tyffon

Convertible Note in 2017
Tyffon Inc. is a developer of entertainment applications and immersive mixed reality experiences, founded in 2011 and headquartered in Santa Monica, California. The company initially gained recognition for its mobile applications, such as ZombieBooth, which transforms images into 3D animations, and other innovative apps that apply effects like gender morphing and zombification to photographs. Tyffon has evolved to focus on location-based virtual reality experiences, launching its first venue, TYFFONIUM, in Tokyo in 2017. This venue offers free-roam virtual reality experiences that integrate multi-sensory effects, allowing users to engage in hyper-realistic environments together. The company has also established partnerships with notable organizations, including participation in Disney’s Accelerator program, which has furthered its development of collaborative entertainment content. Tyffon is expanding its presence internationally with plans to open additional locations outside of Japan.

PlaceHolder

Seed Round in 2017
Placeholder, Inc. is a Tokyo-based company that operates a digital theme park utilizing virtual reality and augmented reality technologies to create engaging experiences for both children and adults. Founded in 2016, the company offers a range of interactive products, including sand party, spray painting, draw your world, paper rikishi, planet portal, little builders, world adventure, number splash, and ar quest. By merging digital technology with real-world environments, Placeholder aims to inspire and excite users through innovative and immersive experiences.

EmbodyMe

Venture Round in 2016
EmbodyMe, Inc. is a technology company based in Tokyo, Japan, founded in 2016. It specializes in developing mobile applications that leverage deep learning to enhance visual communication. Its flagship products, Xpression and EmbodyMe, utilize advanced techniques such as neural rendering and 3D dense face tracking. Xpression generates realistic video content by capturing and reproducing the facial expressions of users, while EmbodyMe creates 3D avatar models that can mimic movements and expressions based on user inputs, enabling immersive interactions in virtual reality environments. The company's innovations aim to transform how individuals create and experience visual content in both digital and virtual spaces.

Tyffon

Venture Round in 2016
Tyffon Inc. is a developer of entertainment applications and immersive mixed reality experiences, founded in 2011 and headquartered in Santa Monica, California. The company initially gained recognition for its mobile applications, such as ZombieBooth, which transforms images into 3D animations, and other innovative apps that apply effects like gender morphing and zombification to photographs. Tyffon has evolved to focus on location-based virtual reality experiences, launching its first venue, TYFFONIUM, in Tokyo in 2017. This venue offers free-roam virtual reality experiences that integrate multi-sensory effects, allowing users to engage in hyper-realistic environments together. The company has also established partnerships with notable organizations, including participation in Disney’s Accelerator program, which has furthered its development of collaborative entertainment content. Tyffon is expanding its presence internationally with plans to open additional locations outside of Japan.

EmbodyMe

Debt Financing in 2016
EmbodyMe, Inc. is a technology company based in Tokyo, Japan, founded in 2016. It specializes in developing mobile applications that leverage deep learning to enhance visual communication. Its flagship products, Xpression and EmbodyMe, utilize advanced techniques such as neural rendering and 3D dense face tracking. Xpression generates realistic video content by capturing and reproducing the facial expressions of users, while EmbodyMe creates 3D avatar models that can mimic movements and expressions based on user inputs, enabling immersive interactions in virtual reality environments. The company's innovations aim to transform how individuals create and experience visual content in both digital and virtual spaces.

Gatebox

Venture Round in 2016
Gatebox Co., Ltd., also known as Gatebox Lab, is a research laboratory focused on developing technology that allows individuals to interact with animated characters in their daily lives. Based in Akihabara, the company specializes in creating holographic anime bots designed to provide companionship and emotional support. These bots are intended to help users overcome feelings of loneliness by offering a unique form of interaction with beloved characters.

SummerTimeStudio

Seed Round in 2014
SummerTimeStudio is a developer of 3D games focused on next-generation gaming consoles, virtual reality (VR), and augmented reality (AR) hardware. The company creates a diverse range of gaming experiences that leverage advanced technology to transcend language and cultural barriers, allowing players worldwide to engage with their games across tablets, smartphones, and various gaming platforms. In addition to game development, SummerTimeStudio provides technical support aimed at enhancing user interfaces, ensuring an improved gaming experience for its users.
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