650 Fund II · AI Native · Deep Tech · Robotics

Fund II — Japan

We're proud to announce the launch of 650 Fund II, a $100M-target venture capital fund ($30M+ committed) focused on Japan — backing breakthrough technology across three pillars: AI Native, Deep Tech, and Robotics.

Three Pillars. Nothing Else.

Specialized by design — we invest across three converging frontiers shaping the next decade.

AI Native

Next-gen AI & agents, applied AI, digital twins, and AI infrastructure.

Deep Tech

Quantum computing, materials science, and energy.

Robotics

Mobility and automation — where Japan's hardware mastery meets modern AI.

Thesis only — every investment maps to one of the three pillars, and no deal is done without a Japan-relevant thesis. Stage discipline: pre-seed & seed, with Series A+ as follow-on only.

Investment Thesis & Strategy

650 Fund II is a $100M-target venture capital fund dedicated to Japan, the world's most overlooked venture opportunity. The fund invests at pre-seed and seed, with Series A and beyond reserved for follow-ons, building a portfolio of 35-40 companies over a 4-5 year investment period and targeting >25% IRR. Every investment maps to one of three pillars — AI Native, Deep Tech, or Robotics — and no deal is done without a Japan-relevant thesis. By leveraging its deep networks and strategic expertise, 650 Fund II ensures that portfolio companies receive the capital, mentorship, and operational support needed to scale effectively.

Japan is in the midst of a tech renaissance: $130B in government backing for AI, semiconductors, and the Startup Development Five-Year Plan; 25,000 startups (a 323% surge); and a $236B digital transformation market by 2030. Yet the venture ecosystem remains nascent, with a low VC/GDP ratio and few global operators on the ground. Japan leads in AI, robotics, and fusion tech but remains underserved by venture capital. 650 bridges this gap — via both expertise and funding — connecting high-potential Japanese startups to exclusive, high-IRR opportunities.

Read our Thesis

Japan is Ready, and So Are We

650 Fund II is committed to identifying, backing, and scaling breakthrough technologies that will define the next decade. The fund's disciplined investment strategy, deep industry expertise, and global-local investment model position it to generate superior returns while driving meaningful technological advancements. With Japan's VC market at a turning point, our fund stands ready to deploy capital into high-impact startups, leveraging:

Privileged Access: Proprietary deal flow from a long-established network — OIST, EPFL, ETH Zurich, UZH, the Swiss Innovation Hub, and embassy networks — with 40+ live opportunities in the pipeline at any given time.
Strategic Focus: Backing breakthrough innovation across AI Native, Deep Tech, and Robotics.
Experienced Team: Led by Founding Partners Grace Stanat and Dominik Steiner, with General Partners Richard Joye, Phil Rothenberg, and Jean-Daniel Sciboz.
Demonstrated Methodology: Fund I delivered >44% IRR across 50 companies, with notable exits including Nervana 41.2x (Intel), Aumni 5.8x (JPMorgan), and ClassPass 7.4x (Mindbody).

Japan's early-stage venture ecosystem is entering an accelerated growth phase, and 650 Fund II is poised to lead this transformation. The next decade will be shaped by frontier technologies, and our fund is at the center of this evolution, bolstering Japan's innovation with global capital and expertise.

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