Nippon Telegraph and Telephone Corporation (TSE:9432) is looking for acquisitions. The company's $500 Million US venture capital arm plans to invest in more local startups as the Japanese telecommunications group looks to boost its overseas footprint. NTTVC, based in Palo Alto, California, recently co-led a $30 Million funding round for U.S. startup Celona, which helps enterprises build private 5G mobile networks. "Our pace [of investment] will pick up now. because the best opportunities are when there are challenges," Vab Goel, Founding Partner of NTTVC, told Nikkei Asia on October 26, 2020 . Goel pointed to the digitization of health care as well as the adoption of teleworking-related technology and enterprise software, as major industry trends that are accelerating amid the coronavirus pandemic. The fund is looking to invest in a total of 20 to 30 startups with a focus on the U.S. and companies that are in the early stages of development. NTT Chief Executive Officer Jun Sawada has been stepping up efforts to expand its overseas footprint to seek new revenue streams in the face of a maturing domestic market. The company recently said it will spend JPY 4.25 Trillion ($40 Billion) to buy shares it does not own in NTT Docomo, the core Japanese mobile network operator, after the unit's profits fell behind its two major competitors.