Mitsubishi Chemical Holdings Corp. will form a U.S. subsidiary to partner with and invest in startup companies.

The subsidiary, Diamond Edge Ventures Inc., will be based in Silicon Valley and work closely with the parent company's Tokyo-based Venture Group. Silicon Valley veteran Patrick Suel was appointed as president.

Diamond Edge will target startups whose technologies or business models offer new growth opportunities, the company said. Initial areas under consideration include robotics, AI, and virtual and augmented reality.