Sumitomo Corporation launches Presidio Ventures Europe; announces SLAMcore investment
May 06, 2022
Sumitomo Corporation Europe Ltd. (SCEU) is delighted to announce the launch of new venture investment company, Presidio Ventures Europe Ltd. (PVE), by its parent company, Sumitomo Corporation. The new Corporate Venture Capital (CVC) is based in the UK and will focus on the deep tech, energy, mobility, agri-food and healthcare sectors. PVE will partner with exceptional entrepreneurs and utilize the global network of business partners and group companies of Sumitomo Corporation. This network will provide first class support to PVE’s portfolio start-ups and will create value for the European start-up ecosystem and society.
PVE is launching its activities with an investment in SLAMcore, a pioneer in vision-based location and mapping for robots, autonomous machines and consumer electronics products, whose technology has the potential to accelerate the broad adoption of autonomous robots across many industries. Among SLAMcore’s first customers are Facebook parent company, Meta, and Germany-based logistics technology company, Synaos.
PVE co-led $16 million in the Series A round of SLAMcore together with Robo Global. Amadeus Capital, Global Brain, IP Group, MMC Ventures, Octopus Ventures, Samsung Ventures and Toyota Ventures also participated in the round.
Kunihito Kawase, Managing Director, Presidio Ventures Europe Ltd., said: “It is hugely exciting to be launching our European CVC with this investment in such an innovative and disruptive company, which has already captured the interest of market leaders in robotics, virtual and augmented reality (VR & AR). SLAMcore’s technology has enormous potential to revolutionize several different industries, given its exceptional performance, cost-effectiveness and adaptability to different markets. PVE is proud to be an investor in SLAMcore and we are looking forward to working together with the SLAMcore team to accelerate its global expansion.”
Owen Nicholson, CEO of SLAMcore said: “We are really excited to welcome Presidio Ventures as investors and it is such an honor to be the first deal for this new fund. Europe is developing amazing tech and it’s great to see more money being focused here. We are looking forward to working with Presidio Ventures and the wider Sumitomo Corporation to help take our product to market and enable a new generation of intelligent machines powered by SLAMcore’s Spatial AI.”
The establishment of a CVC within Europe is the next step in Sumitomo Corporation’s ‘Global CVC’ strategy. It builds on the success of its first CVC, Presidio Ventures, which was set up in Silicon Valley in 1998, SC Equity Asia in Hong Kong in 2000 and IN Venture in Tel Aviv, 2019. Through its Global CVC platform, Sumitomo Corporation has invested in more than 200 companies to date, including several ‘Unicorns’ such as Plume, an advanced home Wi-Fi solution and Hibob, an AI-based software as a service (SaaS) solution for Human Resources functions.