Pegasus Tech Ventures will help the spark plug and ceramic manufacturer back global entrepreneurs working on healthcare, distributed generation and automotive innovation.

Japan-listed spark plug producer NGK has partnered US-based venture capital firm Pegasus Tech Ventures to form a $100m corporate venture capital fund.

The vehicle will target developers of smart health, decentralised utility and mobility technologies in the United States, Europe, Israel and Asia. NGK has also entered into a strategic agreement with Pegasus in areas including business creation and mergers and acquisitions.

NGK was founded in 1936 and provides spark plugs for the automotive industry. It also manufactures ceramic products through its NTK Technical Ceramics subsidiary.

Pegasus already has multiple investment initiatives in place with 35 corporations including Aisin, Sega Sammy, Sojitz, SunnyHealth, CAC Holdings, Teijin, Infocom and Innotech from Japan, as well as Taiwan-headquartered Asus and Acer.

The news came in the wake of Pegasus announcing a collaboration scheme with amino acid product manufacturer Ajinomoto last month which will involve it identifying cross-border deals for the latter. The corporate had hitherto focused on the domestic ecosystem through its Ajinomoto Group Accelerator.