NEC Establishes “NEC X” in Silicon Valley

Corporation (NEC)(TOKYO:6701) today announced the establishment of
NEC X, Inc. (NEC X) in Santa Clara, California, in the heart of Silicon
Valley, in order to capitalize on the region’s startup ecosystem and
accelerate the development of new business based on the strengths of
NEC’s Central Research Laboratories technologies. Osamu Fujikawa, senior
vice president with NEC and head of the company’s Business Innovation
Unit, is slated to become the CEO of NEC X as it begins operations in
July 2018.

NEC X will leverage the ecosystem of NEC’s talent and technologies in
order to promote commercialization through open innovation. The new
company will cultivate competitive technologies and human resources that
possess an entrepreneurial spirit and make important contributions to
NEC’s creation of new social value.

NEC has a wide range of original and world leading technologies that
have sprung from the company’s global research centers. Until now, these
have primarily been used for product development and commercialization
within the company.

NEC X will encourage the participation of startups and venture capital
firms endowed with the innovative business ideas of Silicon Valley, as
well as receive support in the creation of new business from accelerator
companies, while joining an ecosystem of new business development. These
initiatives will result in the creation of an “outbound style” of
business that provides state-of-the-art technology and new business

As one of the company’s first initiatives, NEC X will begin implementing
the “NEC Accelerator Program” in July 2018 in order to launch the first
startups in early 2019. This program is being created together with
Singularity University, a leading provider of incubator and accelerator
programs in Silicon Valley.

“We are delighted to hear that NEC is increasing their investment in the
United States,” said William Hagerty, U.S. Ambassador to Japan. “They,
like so many other companies, have recognized that the U.S. market
presents unparalleled opportunities for business development, and that
now is the best time ever to expand their corporate footprint in
America. We wish NEC every success with its latest venture.”

“We established Singularity University to educate individuals and
organizations about exponential thinking and technologies, to empower
visionary leaders with an abundant mindset and to build strong
communities,” said Rob Nail, CEO and Associate Founder, Singularity
University. “NEC X will catapult NEC forward to serve partners and
customers in ways previously unimaginable. Singularity University is
humbled and thankful to NEC for their partnership.”

“NEC is now accelerating the monetization of its competitive
technologies by creating diverse alliances as part of the ‘strengthening
of business development capabilities’ in the ‘restructuring of execution
capabilities’ that are outlined in the Mid-term Management Plan 2020
that NEC announced in January 2018,” said Osamu Fujikawa, Senior Vice
President, NEC Corporation. “The establishment of NEC X is an important
advancement in this process, following the founding of dotData, Inc.
earlier this year.”

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