NEC X, the Silicon Valley venture studio backed by NEC’s portfolio of advanced technologies and global businesses, empowers entrepreneurs to create and scale technology-driven businesses that address real-world needs. Utilizing top-notch technology, customer discovery approaches, and more, its Elev X! venture studio programs assist in bringing market-desired innovations to life.
Pulse 2.0 interviewed NEC X president and CEO Shintaro Matsumoto to learn more about the company.
Shintaro Matsumoto’s Background
What is Shintaro Matsumoto’s background? Matsumoto said:
“As President and CEO of NEC X, I lead our Silicon Valley Venture Studio team and oversee a portfolio of startups that are driving real-world impact through their innovations.”
“Before joining NEC X, I took on several roles that enabled me to help guide and inspire entrepreneurs around the world. This includes leading new business development in AgTech at NEC, where I founded “CropScope” and established DXAS Agricultural Technology in Portugal, which drives the creation of next-gen technologies for more sustainable, safe, secure, and stable food production.”
“My background also includes overseeing global vendor alliances and shaping business strategy at NEC. These experiences have equipped me with a broad perspective on how to drive transformative change and ensure startups thrive.”
“Outside of NEC X, I still serve as an external board member for DXAS Agricultural Technology.”
Evolution Of NEC X’s Thesis
How has your organization’s thesis evolved over time? Matsumoto noted:
“While NEC X formed in 2018, Elev X! just launched in September 2023. We’re continually evolving to better address the needs of tech startups – such as more hands-on mentoring, end-to-end support, and even acting as co-founders alongside our entrepreneurs at every stage, from a pre-selection ideation phase to Customer Discovery, Customer Validation to graduation, and beyond.”
“Aside from this, NEC X constantly enhances its programs through comprehensive feedback mechanisms. In-depth interviews and regular surveys with participants and partners provide valuable quantitative and qualitative insights, which help us refine and improve the program offerings. Retrospectives after each program batch also ensure that the feedback is systematically analyzed, leading to iterative upgrades that keep the programs impactful and relevant.”
“We are also constantly growing our partner network, which includes leading investors, accelerators, academic powerhouses, R&D labs, and industry giants. Notable collaborations include partnerships with Alchemist Accelerator, SVG Ventures | THRIVE, Entrepreneurs Round Table Accelerator (ERA), and Sand Hill Angels (SHA). These partnerships provide startups with expertise, additional resources, and opportunities for growth.”
Favorite Memory
What has been your favorite memory working for your organization so far? Matsumoto reflected:
“As the CEO of NEC X, I have witnessed countless moments where startup ideas materialize and create tangible impacts in the real world. Each time is an incredibly exciting experience, but the partnership between Verdi and CropScope stands out as particularly meaningful.”
“In May 2024, NEC X announced an investment in Verdi, a startup tackling challenges in the agriculture industry. Currently, Verdi is collaborating with the agricultural ICT platform CropScope, conducting a pilot project in Portugal for processing tomato cultivation. Seeing the potential of startups expand through the partnership with CropScope, a platform I was personally involved in launching, has been incredibly thrilling.”
“Lately, I have been delighted to see that, with the support not only of NEC X and the NEC Group but also of the startup ecosystem centered in Silicon Valley, we have been able to form partnerships with many companies, further broadening the scope of our support for startups.
Significant Milestones
What have been some of your firm’s most significant milestones? Matsumoto cited:
“In addition to the launch of NEC X, and later, Elev X!, every new batch of startups marks a significant milestone with their standout innovations. I’m continually impressed with each new cohort as we uncover new and transformative solutions for some of the world’s biggest challenges.”
“In October 2024, we announced our Batch 12 startups, which have the potential to disrupt and lead in emerging technologies, such as AI, Sustainability and Software Quality Assurance and more. We also just began selecting applicants for our latest Batch 13.”
Investment Success Stories
Would you like to share any specific investment success stories? Matsumoto highlighted:
“It would be impossible to name them all. Since 2018, NEC X has supported and launched over 130 disruptive startups. Some of our most promising recent investments include:
– Verdi – the first scalable platform for farm automation and personalized plant healthcare.
– Multitude Insights – a transformative AI-powered solution enabling greater collaboration and faster case resolution for law enforcement.
– Chekable – a groundbreaking AI solution for inventors and patent professionals.
– Qualitative Intelligence (Q.I.) – “Voice of Customer AI” for real-time message testing and risk assessment.
More information about our portfolio can be found at www.elev-x.com/portfolio.”
Industry Focus
What are some of the industries that your organization is focused on? Matsumoto noted:
“Although we collaborate with a diverse array of companies, Elev X! has a particular interest in supporting B2B and Enterprise SaaS startups in fields such as AI/ML, climate and agriculture, public safety, digital health, and marketing. We are always seeking committed entrepreneurs whose innovations synergize with NEC’s technologies, have a clear vision, and contain the potential for substantial market impact.”
Differentiation From Others
What differentiates your organization from others? Matsumoto affirmed:
“NEC X is backed by NEC’s 125-year history in technology, over 45,000 patents, and $8 billion research network.”
“Our corporate backing, along with our unique blend of resources and programs specifically designed to empower startups to build their visions and solve real-world problems, makes us stand out. Entrepreneurs don’t just rely on us for funding, but also gain hands-on collaboration, expertise, and the chance to validate solutions with real customers and technologies of NEC. It is a true partnership built for success.”
“Furthermore, Elev X! offers two distinct programs designed for startups at different stages of development:
– Elev X! Ignite is a nine-month program tailored for early-stage founders. The program emphasizes customer discovery and validation while providing NEC X’s extensive support resources and up to $200K in funding. By the end of the program, participants transform their ideas into pre-seed to seed-ready startups. We are looking for candidates who are developing new business ideas, working on problem-solution hypotheses, or prototyping an MVP, without the requirement of having generated revenue or launched a product.
– Elev X! Boost is a specialized program designed to equip seed-stage startups for rapid growth and a successful Series A round. We offer a customized mix of strategic partnerships, as well as integrations and implementations within NEC X’s global tech ecosystem.”
Challenges Faced
What are some of the challenges you faced while working at the organization (and how did you overcome those obstacles)? Matsumoto acknowledged:
“Initially, NEC X followed an ‘inside-out’ model, providing technology from NEC laboratories and recruiting founders to commercialize or innovate with these technologies. While we had some successes, we realized this approach was limiting the potential of our programs.”
“We’ve since shifted to empowering startups to pursue their own visions and solve real-world challenges, leveraging NEC’s resources and technologies. This change has been highly beneficial for startups and has driven innovation and enhancements within NEC.”
Future Goals
What are some of your organization’s future goals? Matsumoto pointed out:
“We aim to create real-world impact and provide societal value by leveraging our technology together with startups. We closely support startups’ visions and generously utilize our network and expertise to foster their growth. We are excited about building a new world together. By leveraging the NEC Group’s global network, we are confident that we can make an immediate and significant impact.”
Additional Thoughts
Any other topics you would like to discuss? Matsumoto concluded:
“For startup founders or entrepreneurs who would like to participate, please follow our updates at https://elev-x.com.”
