UMI is a venture fund focused specifically on materials and chemistry, run by industry professionals rather than generalist investors, and built to help small materials startups move from R&D through scale-up by connecting them with large corporations rather than pushing them toward fast IPOs. Originally launched under Japan's state-backed INCJ to strengthen the country's materials and chemicals technology, UMI has since grown into a private, industry-backed platform—supported by 14 listed materials and chemical companies and led by people from firms like Toyota Tsusho, JSR, and Nippon Steel—while also partnering with the Indian Institute of Science ecosystem to connect Japanese industry with Indian materials and energy technology.