Japan store operator Cainz to set up fund to invest in AI tech in Silicon Valley

Do-it-yourself store operator Cainz Corp. will set up a fund in Silicon Valley to invest in startups with artificial intelligence and other technologies, according to President Masayuki Takaya. "We'll create a foothold in the U.S. West Coast to tap technologies of local startups," Takaya said in a recent interview. Cainz will launch the $10 million fund later this month, hoping to gain access to sophisticated technologies in a bid to develop smartphone-based services and rationalize its store operations. It is unusual for a Japanese retailer to create an investment fund for such purposes abroad. Cainz will select businesses it will invest in by teaming up with a U.S. investment company that has a deep knowledge of startups with advanced technologies good for use in retailing, Takaya said.