The mission of the Hitachi CVC Fund will be to explore new business frontiers and accelerate the creation of new business opportunities in line with the objectives of the "i.e. Hitachi Plan," the medium-term business plan announced last November.

Specifically, the main aim of the Hitachi CVC Fund is to seek out globally and invest in high technology entrepreneurial ventures developing innovative technologies and concept in the progressive business fields, such as next-generation Internet technologies or biotechnology. Hitachi will build collaborative structures among the venture businesses and provide its own technology, sales networks and business resources to nurture and incubate these ventures. The fund is also preparing for spin-offs innovated within Hitachi itself. In addition, through such investment activities, Hitachi also expects to acquire knowledge of, and access to, new technologies and market trends, on a timely basis, which can be utilized in the Hitachi's own business strategies.

The fund is managed by the CVC Office, which consists from experts of business planning and finance as well as members from R&D division, having profound knowledge on the technology in the investment area. Shigemichi Matsuka, Executive Vice President and Director, is the general manager of the office. In the U.S., Hitachi America*, Ltd., Hitachi's subsidiary company in North America, is setting up a new office, the U.S. CVC Center headed by Dr. Kenji Takeda, Senior Vice President and Chief Technology Officer of Hitachi America. Dr. Takeda will head a group responsible for analyzing the type of companies to fund, arranging investments and supporting venture company management in the North America marketplace.

The establishment of the Hitachi CVC Fund will accelerate the opening up of new markets and the creation of new business opportunities of Hitachi, helping to achieve the goals of the "i.e. HITACHI Plan" and thereby providing more value to Hitachi's customers, shareholders and other stakeholders.