# Ntt Venture Capital
NTT Venture Capital, L.P. (NTTVC) is an independent venture capital firm based in [Palo Alto, California](https://www.edgepedia.org/palo-alto-california), founded by Vab Goel in collaboration with Japan's NTT Group and publicly launched on October 26, 2020 with a $500 million debut fund.[1](https://www.businesswire.com/news/home/20201026005262/en) The fund itself was formed in November 2018, when a Form D (SEC filing disclosing a private fund's fundraising) filing with the SEC reported $500,000,000 sold, with the first sale dated November 5, 2018.[2](https://www.dealdata.net/company-profile/0001758181/)
| Key fact | Detail |
|---|---|
| Legal name | NTT Venture Capital, L.P. (SEC CIK 0001758181)[2](https://www.dealdata.net/company-profile/0001758181/) |
| Headquarters | Palo Alto, California[1](https://www.businesswire.com/news/home/20201026005262/en) |
| Founding partner | Vab Goel, previously 19 years at Norwest Venture Partners[1](https://www.businesswire.com/news/home/20201026005262/en) |
| Fund | $500M, first sale November 5, 2018; Form D filed November 19, 2018[2](https://www.dealdata.net/company-profile/0001758181/) |
| Strategy | Stage-agnostic; emphasis on enterprise, digital health, and AI/ML/data; typically leading or co-leading rounds[1](https://www.businesswire.com/news/home/20201026005262/en) |
| Launch portfolio | Celona, Eko, nference, Shoreline, UDP Labs[3](https://globalventuring.com/blog/2020/10/27/nttvc-enters-with-500m-fund/) |
| Relationship to NTT | Independent, returns-driven firm created in partnership with NTT[4](https://nttvc.com/fund-1/) |
## What NTT Venture Capital is
NTTVC is a [Silicon Valley](https://www.edgepedia.org/silicon-valley) venture firm, not a department of [Nippon Telegraph and Telephone](https://www.edgepedia.org/nippon-telegraph-and-telephone). Its own materials describe it as an independent, returns-driven fund created in partnership with NTT, and trade reporting at launch described it as focused on financial returns rather than strategic gain for NTT.[3](https://globalventuring.com/blog/2020/10/27/nttvc-enters-with-500m-fund/) • [4](https://nttvc.com/fund-1/) The firm's stated value proposition to portfolio companies is access to NTT's executives, services, system integrators, and customers.[3](https://globalventuring.com/blog/2020/10/27/nttvc-enters-with-500m-fund/)
It is also distinct from NTT's other investment vehicles. At the time the fund was formed, NTT already invested through NTT Docomo Ventures, which managed a $100m US fund (Docomo Capital), and through three funds under the NTT Investment Partners banner totaling ¥45bn ($400m); NTTVC operates from a different Silicon Valley address than NTT Docomo Ventures.[5](https://globalventuring.com/blog/2018/11/22/ntt-notches-up-500m-for-vc-fund/)
## Founding and key people
**Vab Goel** founded the firm. Before NTTVC he was a Partner at Norwest Venture Partners for 19 years, having joined in 2000, and was still listed as a Norwest general partner when the fund's filing appeared in November 2018.[1](https://www.businesswire.com/news/home/20201026005262/en) • [5](https://globalventuring.com/blog/2018/11/22/ntt-notches-up-500m-for-vc-fund/) His connection to NTT predates the firm: NTT acquired Virtela, a company where Goel was both a founder and investor, for $525m in 2013, and Goel says the idea for NTTVC grew out of that acquisition.[4](https://nttvc.com/fund-1/) • [5](https://globalventuring.com/blog/2018/11/22/ntt-notches-up-500m-for-vc-fund/)
The Form D lists Vab Goel as executive officer and Regalis Enterprises GP LLC as a director-related entity of NTT Venture Capital, L.P.[2](https://www.dealdata.net/company-profile/0001758181/) At the October 2020 launch, the team comprised founding partner Vab Goel, partner Fay Hazaveh Costa (who worked with Goel at Norwest and previously helped launch [Hewlett Packard Enterprise](https://www.edgepedia.org/hewlett-packard-enterprise)'s venture group), portfolio development partner Mike Koenig, and investors Ellie Still and James Hueston.[1](https://www.businesswire.com/news/home/20201026005262/en) • [3](https://globalventuring.com/blog/2020/10/27/nttvc-enters-with-500m-fund/) No source documents partner departures since 2018.
## Strategy and mandate
The firm invests across all stages and sectors, with emphasis on enterprise, digital health, and AI/ML/data innovations. With the $500M fund it says it can invest with conviction at any stage and support growth with follow-on capital, typically leading or co-leading rounds.[1](https://www.businesswire.com/news/home/20201026005262/en)
Independent versus captive is the recurring question about the firm. At formation, Global Venturing characterized the vehicle as a US-based corporate venturing fund of NTT whose capital was supplied by two partners according to the filing.[5](https://globalventuring.com/blog/2018/11/22/ntt-notches-up-500m-for-vc-fund/) By the 2020 launch, both the firm and the same publication described NTTVC as an independent firm focused on financial returns rather than strategic gain for NTT.[3](https://globalventuring.com/blog/2020/10/27/nttvc-enters-with-500m-fund/)
## Funds, by the numbers
The firm's recorded capital is a single $500 million fund. The Form D, filed November 19, 2018, reported $500,000,000 sold, first sale November 5, 2018, no minimum required from investors, and $0 remaining.[2](https://www.dealdata.net/company-profile/0001758181/) NTT had announced the fund's creation in August 2018 with a focus on global innovation and digital technology.[5](https://globalventuring.com/blog/2018/11/22/ntt-notches-up-500m-for-vc-fund/)
No later fund filings are recorded through September 2026.
## Portfolio and exits
The first disclosed investments, announced at launch, were Celona, Eko, nference, Shoreline, and UDP Labs. Celona's $30m Series B was co-led by NTTVC and Qualcomm Ventures; Eko raised $20m in September 2019; nference raised $60m.[3](https://globalventuring.com/blog/2020/10/27/nttvc-enters-with-500m-fund/) The Form D filing is associated with portfolio entities including Unisfair Inc, World View Enterprises Inc, Shoreline Software Inc, Celona Inc, Zoba Inc, and Isotopes AI Inc.[2](https://www.dealdata.net/company-profile/0001758181/)
Aggregator data (unverified) records 31 investments and 3 exits, the latest being alby, acquired on November 12, 2024.[6](https://www.cbinsights.com/investor/ntt-venture-capital) The same unverified data shows investments in Anumana's $95.4M Series C (April 24, 2025), Seemplicity's $50M Series B (August 20, 2025), and Anthropic's Series H-III (May 28, 2026).[6](https://www.cbinsights.com/investor/ntt-venture-capital)
## Recent developments
Post-2023 activity rests on unverified aggregator data only: continued investing in 2025 and 2026 (Anumana, Seemplicity, Anthropic), and an exit in November 2024 (alby).[6](https://www.cbinsights.com/investor/ntt-venture-capital) No primary filings or journalism retrieved after 2020 confirm new funds, hires, or strategy shifts. The firm's verified public record, through primary filings and contemporaneous reporting, ends with the 2020 launch.
## References
1. NTTVC Publicly Announces $500 Million Fund Created in Partnership with NTT, Business Wire, October 26, 2020. https://www.businesswire.com/news/home/20201026005262/en
2. NTT Venture Capital, L.P. Form D filing record (SEC EDGAR data, CIK 0001758181). https://www.dealdata.net/company-profile/0001758181/
3. NTTVC enters with $500m fund, Global Venturing, October 27, 2020. https://globalventuring.com/blog/2020/10/27/nttvc-enters-with-500m-fund/
4. NTTVC | Fund (firm website). https://nttvc.com/fund-1/
5. NTT notches up $500m for VC fund, Global Venturing, November 22, 2018. https://globalventuring.com/blog/2018/11/22/ntt-notches-up-500m-for-vc-fund/
6. NTT Venture Capital Portfolio Investments, Funds, Exits, CB Insights (unverified aggregator data). https://www.cbinsights.com/investor/ntt-venture-capital
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of the Americas › Enterprise software and cloud investors › Titles J to Y*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license