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

Kazuki Koyama

Associate

Ryu Kusakabe

Associate

Dave Kwong

Associate

Misuzu Matsumoto

Associate

Nao Murakami

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

Ryo Taneichi

Associate

Tohru Akaura

Co-Founder and General Partner

Kyosuke Seto

Associate

Past deals in Virtual Reality

Gatebox

Seed Round in 2025
Gatebox Co., Ltd. is a research laboratory focused on developing technologies that enable users to interact with holographic anime characters in their daily lives. The company's primary innovation is a holographic anime bot that serves as a virtual companion, providing emotional support and enhancing the user's experience of companionship. By allowing individuals to engage with their favorite characters, Gatebox aims to alleviate feelings of loneliness and create an immersive environment where users can coexist with these digital personas. Based in Akihabara, the company is dedicated to advancing its vision of a world where characters and users can seamlessly interact.

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 Japanese company based in Minato, established in 2014, that specializes in developing sports gaming platforms using augmented reality (AR) technology. The company is best known for its flagship product, HADO, a new sport in which players wear head-mounted displays and armband sensors to engage in competitive gameplay. In HADO, participants can use virtual "energy balls" and "shields" to score points in a three-on-three format. The immersive experience is designed to provide an innovative and entertaining alternative to traditional sports, showcasing the potential of motion sensors and AR in the gaming industry. Meleap's offerings include various game formats such as monster battle, shooting, kart racing, and play space, catering to a diverse audience seeking engaging and interactive experiences.

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 blockchain technology with virtual reality to establish an immersive economic zone within its gaming environments. Thirdverse offers services that encompass the planning, development, distribution, and management of virtual reality content, aiming to deliver seamless gameplay experiences for its users. The firm is dedicated to advancing the virtual reality gaming landscape by integrating innovative technologies and fostering engaging virtual worlds.

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 blockchain technology with virtual reality to establish an immersive economic zone within its gaming environments. Thirdverse offers services that encompass the planning, development, distribution, and management of virtual reality content, aiming to deliver seamless gameplay experiences for its users. The firm is dedicated to advancing the virtual reality gaming landscape by integrating innovative technologies and fostering engaging virtual worlds.

meleap

Series B in 2018
Meleap Inc. is a Japanese company based in Minato, established in 2014, that specializes in developing sports gaming platforms using augmented reality (AR) technology. The company is best known for its flagship product, HADO, a new sport in which players wear head-mounted displays and armband sensors to engage in competitive gameplay. In HADO, participants can use virtual "energy balls" and "shields" to score points in a three-on-three format. The immersive experience is designed to provide an innovative and entertaining alternative to traditional sports, showcasing the potential of motion sensors and AR in the gaming industry. Meleap's offerings include various game formats such as monster battle, shooting, kart racing, and play space, catering to a diverse audience seeking engaging and interactive experiences.

Pretia

Venture Round in 2018
Pretia Technologies, Inc. is a Tokyo-based company founded in 2014 that focuses on developing augmented reality (AR) gaming software. The company specializes in creating a gaming platform that integrates virtual and augmented reality technologies, along with 3D localization and mapping capabilities. This platform allows users to access real-world gaming experiences by interacting with digital content linked to specific locations through various devices. In addition to gaming, Pretia also provides internet services and applications tailored to enhance user experiences in augmented reality.

Pretia

Venture Round in 2018
Pretia Technologies, Inc. is a Tokyo-based company founded in 2014 that focuses on developing augmented reality (AR) gaming software. The company specializes in creating a gaming platform that integrates virtual and augmented reality technologies, along with 3D localization and mapping capabilities. This platform allows users to access real-world gaming experiences by interacting with digital content linked to specific locations through various devices. In addition to gaming, Pretia also provides internet services and applications tailored to enhance user experiences in augmented reality.

EmbodyMe

Venture Round in 2018
EmbodyMe, Inc. is a technology company based in Tokyo, Japan, founded in 2016, specializing in mobile applications that leverage advanced deep learning techniques. Its flagship products, Xpression and EmbodyMe, utilize neural rendering and 3D dense face tracking to create realistic visual content. Xpression generates lifelike video representations of facial expressions by analyzing real facial movements, while EmbodyMe allows users to create personalized 3D avatars that can interact in virtual reality environments based on hand movements and facial cues. The company aims to transform online communication by enabling users to engage with each other through immersive and realistic virtual avatars, enhancing the overall experience of digital interaction.

PlaceHolder

Series A in 2018
Placeholder, Inc. is a company based in Tokyo, Japan, that operates a digital theme park designed for both children and adults, utilizing virtual reality and augmented reality technologies. Founded in 2016, Placeholder offers a variety of interactive products and experiences, including sand party, spray painting, draw your world, paper rikishi, planet portal, little builders, world adventure, number splash, and ar quest. The company focuses on creating inspiring and engaging experiences by combining digital technology with real-world environments.

meleap

Series A in 2017
Meleap Inc. is a Japanese company based in Minato, established in 2014, that specializes in developing sports gaming platforms using augmented reality (AR) technology. The company is best known for its flagship product, HADO, a new sport in which players wear head-mounted displays and armband sensors to engage in competitive gameplay. In HADO, participants can use virtual "energy balls" and "shields" to score points in a three-on-three format. The immersive experience is designed to provide an innovative and entertaining alternative to traditional sports, showcasing the potential of motion sensors and AR in the gaming industry. Meleap's offerings include various game formats such as monster battle, shooting, kart racing, and play space, catering to a diverse audience seeking engaging and interactive experiences.

Tyffon

Convertible Note in 2017
Tyffon Inc. is a developer of entertainment applications and immersive mixed reality (MR) content, founded in 2011 and headquartered in Santa Monica, California, with additional operations in Tokyo, Japan. Initially recognized for its mobile applications, including ZombieBooth, GenderMorph, and NecroFace, Tyffon gained significant attention with ZombieBooth 2, which garnered 40 million downloads in North America. The company participated in Disney's inaugural incubation program, leading to the collaborative release of "Show Your Disney Side." Tyffon has expanded into the location-based virtual reality sector with the establishment of its venue, TYFFONIUM, which offers immersive experiences that combine virtual and augmented reality technologies. This venue allows guests to engage in hyper-realistic environments and social interactions while exploring various entertainment content and games. Tyffon's ongoing projects include plans to open additional locations outside Japan, further enhancing its presence in the entertainment technology landscape.

PlaceHolder

Seed Round in 2017
Placeholder, Inc. is a company based in Tokyo, Japan, that operates a digital theme park designed for both children and adults, utilizing virtual reality and augmented reality technologies. Founded in 2016, Placeholder offers a variety of interactive products and experiences, including sand party, spray painting, draw your world, paper rikishi, planet portal, little builders, world adventure, number splash, and ar quest. The company focuses on creating inspiring and engaging experiences by combining digital technology with real-world environments.

EmbodyMe

Venture Round in 2016
EmbodyMe, Inc. is a technology company based in Tokyo, Japan, founded in 2016, specializing in mobile applications that leverage advanced deep learning techniques. Its flagship products, Xpression and EmbodyMe, utilize neural rendering and 3D dense face tracking to create realistic visual content. Xpression generates lifelike video representations of facial expressions by analyzing real facial movements, while EmbodyMe allows users to create personalized 3D avatars that can interact in virtual reality environments based on hand movements and facial cues. The company aims to transform online communication by enabling users to engage with each other through immersive and realistic virtual avatars, enhancing the overall experience of digital interaction.

Tyffon

Venture Round in 2016
Tyffon Inc. is a developer of entertainment applications and immersive mixed reality (MR) content, founded in 2011 and headquartered in Santa Monica, California, with additional operations in Tokyo, Japan. Initially recognized for its mobile applications, including ZombieBooth, GenderMorph, and NecroFace, Tyffon gained significant attention with ZombieBooth 2, which garnered 40 million downloads in North America. The company participated in Disney's inaugural incubation program, leading to the collaborative release of "Show Your Disney Side." Tyffon has expanded into the location-based virtual reality sector with the establishment of its venue, TYFFONIUM, which offers immersive experiences that combine virtual and augmented reality technologies. This venue allows guests to engage in hyper-realistic environments and social interactions while exploring various entertainment content and games. Tyffon's ongoing projects include plans to open additional locations outside Japan, further enhancing its presence in the entertainment technology landscape.

EmbodyMe

Debt Financing in 2016
EmbodyMe, Inc. is a technology company based in Tokyo, Japan, founded in 2016, specializing in mobile applications that leverage advanced deep learning techniques. Its flagship products, Xpression and EmbodyMe, utilize neural rendering and 3D dense face tracking to create realistic visual content. Xpression generates lifelike video representations of facial expressions by analyzing real facial movements, while EmbodyMe allows users to create personalized 3D avatars that can interact in virtual reality environments based on hand movements and facial cues. The company aims to transform online communication by enabling users to engage with each other through immersive and realistic virtual avatars, enhancing the overall experience of digital interaction.

Gatebox

Venture Round in 2016
Gatebox Co., Ltd. is a research laboratory focused on developing technologies that enable users to interact with holographic anime characters in their daily lives. The company's primary innovation is a holographic anime bot that serves as a virtual companion, providing emotional support and enhancing the user's experience of companionship. By allowing individuals to engage with their favorite characters, Gatebox aims to alleviate feelings of loneliness and create an immersive environment where users can coexist with these digital personas. Based in Akihabara, the company is dedicated to advancing its vision of a world where characters and users can seamlessly interact.

SummerTimeStudio

Seed Round in 2014
SummerTimeStudio is a game development company that creates 3D games for next-generation consoles, virtual reality (VR), and augmented reality (AR) devices. The company focuses on delivering gaming experiences that transcend language and cultural barriers, allowing players worldwide to engage with their games on tablets, smartphones, and advanced gaming platforms. In addition to game development, SummerTimeStudio provides technical support aimed at improving user interfaces, enhancing the overall gaming experience for its users.
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