THE BRIDGE

Startups

Japanese blockchain startup Nayuta raises $1.3M round for “Lightning Network for IoT”

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See the original story in Japanese. Based in the western Japanese city of Fukuoka, Nayuta has been offering new technologies that combine IoT (Internet of Things) and blockchain. The company announced on Thursday that it has raised 140 million yen (about $1.3 million) in a seed round from Tokyo-based VC firm Jafco (TSE:8595) and a single unnamed individual investor. For the Fukuoka company which had been running on bootstrap mode relying on its two founders’ resources, this is the first financial injection from investors. Using the funds, the company will be focused on developing “the 2nd layer technologies” and related applications. Named from the Sanskrit word meaning novemdecillion, Nayuta was founded back in March of 2015 by its CEO Kenichi Kurimoto who had been working on development of SoC (System on Chip) and research of software algorithm for LSI (large scale integration) circuits. The company has been dedicated to developing blockchain technologies (especially around public blockchain) for actual use in the real world. Blockchain is under the spotlight as a scheme for developing decentralized platforms. The concept is surely good but it still has various problems to solve for actual use, such as requiring users to wait 10 minutes on…

Nayuta’s founder and CEO Kenichi Kurimoto
Image credit: Masaru Ikeda

See the original story in Japanese.

Based in the western Japanese city of Fukuoka, Nayuta has been offering new technologies that combine IoT (Internet of Things) and blockchain. The company announced on Thursday that it has raised 140 million yen (about $1.3 million) in a seed round from Tokyo-based VC firm Jafco (TSE:8595) and a single unnamed individual investor. For the Fukuoka company which had been running on bootstrap mode relying on its two founders’ resources, this is the first financial injection from investors. Using the funds, the company will be focused on developing “the 2nd layer technologies” and related applications.

Named from the Sanskrit word meaning novemdecillion, Nayuta was founded back in March of 2015 by its CEO Kenichi Kurimoto who had been working on development of SoC (System on Chip) and research of software algorithm for LSI (large scale integration) circuits. The company has been dedicated to developing blockchain technologies (especially around public blockchain) for actual use in the real world.

Blockchain is under the spotlight as a scheme for developing decentralized platforms. The concept is surely good but it still has various problems to solve for actual use, such as requiring users to wait 10 minutes on average to confirm a transaction, needing to lower the dealing cost to enable micropayments and the maximum capacity of seven transactions per second, among others. Until these problems are solved, blockchain is unlikely to support massive IoT and social infrastructures.

As one of the solutions, US-based Blockstream and other brockchain startups have succeeded in enabling rapidly-processable end-to-end micropayments services by developing Lightning Network technologies. Leveraging Kurimoto’s background, Nayuta specializes in developing the 2nd Layer technologies for IoT products along with the Lightning Network concept, planning to develop the necessary utility tools for every app in partnership with user companies. The company has unveiled that it is in potential partnership talks with a certain leading company, but Kurimoto says they will leverage the funds and focus more on acquiring additional partners and engineers.

While Nayuta had been operating based out of co-working spaces like Tenjin Color in Fukuoka as well as Finolab in Tokyo, the company will soon set up an independent office space so that their current and future employees can work more comfortably and conveniently. However, the company says it is flexible about where its engineers will work and where to hire developers.

Nayuta recently won the runner-up at the MUFG Digital Accelerator 2nd Batch Demo Day.

Edited by “Tex” Pomeroy

Nayuta won the runner-up at the MUFG Digital Accelerator 2nd Batch Demo Day.
Image credit: Masaru Ikeda

Sekai Lab secures $6.4M in 4th round led by Yahoo Japan’s VC to boost global expansion

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See the original story in Japanese. Tokyo-based Monstar Lab, the company providing crowdsourced offshore app development service Sekai Lab, announced on Thursday that it has fundraised 700 million yen (about $6.4 million US) in the fourth round. This round was led by YJ Capital, the investment arm of Yahoo Japan (TSE:4689), with participatin from VC firms including Shinsei Corporate Investment and Fenox Venture Capital, in addition to Shimane-based local businesses like San-in Chuo TV Broadcasting and Tanabe. This round follows their previous $2.5 million funding from Shimane-based Gogin capital and others back in November of 2016, $3.3 million funding from Pasonatech and DG Incubation back in November of 2015, and about $1 million funding from East Ventures, Mitsubishi UFJ Capital, and SMBC Venture Capital back in 2014. With the latest funding, the company has raised at least a total of 1.45 billion yen (about $13.2 million) from investors to date. Similar to the reason why Gogin Capital participated in the previous round, getting companies like San-in Chuo TV Broadcasting and Tanabe as a shareholder may have something to do with the fact that Monstar Lab has a development location in Matsue, Shimane Prefecture. While offering existing offshore app development services…

See the original story in Japanese.

Tokyo-based Monstar Lab, the company providing crowdsourced offshore app development service Sekai Lab, announced on Thursday that it has fundraised 700 million yen (about $6.4 million US) in the fourth round. This round was led by YJ Capital, the investment arm of Yahoo Japan (TSE:4689), with participatin from VC firms including Shinsei Corporate Investment and Fenox Venture Capital, in addition to Shimane-based local businesses like San-in Chuo TV Broadcasting and Tanabe.

This round follows their previous $2.5 million funding from Shimane-based Gogin capital and others back in November of 2016, $3.3 million funding from Pasonatech and DG Incubation back in November of 2015, and about $1 million funding from East Ventures, Mitsubishi UFJ Capital, and SMBC Venture Capital back in 2014. With the latest funding, the company has raised at least a total of 1.45 billion yen (about $13.2 million) from investors to date.

Similar to the reason why Gogin Capital participated in the previous round, getting companies like San-in Chuo TV Broadcasting and Tanabe as a shareholder may have something to do with the fact that Monstar Lab has a development location in Matsue, Shimane Prefecture. While offering existing offshore app development services as well, the company plans to invite more engineers from overseas to these locations within Japan, looking to help improve the situation in and around Shimane where companies still struggle with lack of system engineers.

With the recent acquisition of Danish app agency Nodes, the Tokyo company now has 17 locations worldwide for sales and app development efforts. With the latest funding, the company says it will aim to help Japanese companies expand into the Europe and US markets (localization and digital marketing), curate cutting-edge technologies and products from the global market, as well as expecting to receive more orders of outsourced app development work in the Europe and US markets.

Edited by “Tex” Pomeroy

Taiwan’s GliaCloud, AI video creation startup, gets $500K seed funding for Asia expansion

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See the original story in Japanese. Taiwan-based AI startup GliaCloud told The Bridge today that it has secured $500,000 in a seed round. This round was led by Infinity Venture Partners (IVP) with participation from unnamed several angel investors. GliaCloud has been developing a AI-powered video creation and editing platform called GliaStudio. By understanding a topic that a user presents in form of sentences, the platform can automatically curate and edit images, video clips and infographics, also adding auto-generated subtitles or synthesized narration to them. The company’s signature technologies enabling these functions include content management, natural language processing, computer vision and video search. The company has partnered with 10 media companies in the Greater China region, keeps generating more than 1,000 video clips each day. Partnering companies include Toutiao, the Chinese news curating app which recently fundraised $2 billion, in addition to Taiwanese leading tech news media BusinessNext. GliaStudio supports English, Chinese and Japanese languages, aiming to primarily target e-commerce platforms and merchants as well as media companies in Greater China and Japan. With this funding having Japan-based IVP participate in as an investor, further massive expansion into the Japanese market can be probably expected. Especially for distributed media leveraging…

See the original story in Japanese.

Taiwan-based AI startup GliaCloud told The Bridge today that it has secured $500,000 in a seed round. This round was led by Infinity Venture Partners (IVP) with participation from unnamed several angel investors.

GliaCloud has been developing a AI-powered video creation and editing platform called GliaStudio. By understanding a topic that a user presents in form of sentences, the platform can automatically curate and edit images, video clips and infographics, also adding auto-generated subtitles or synthesized narration to them. The company’s signature technologies enabling these functions include content management, natural language processing, computer vision and video search.

The company has partnered with 10 media companies in the Greater China region, keeps generating more than 1,000 video clips each day. Partnering companies include Toutiao, the Chinese news curating app which recently fundraised $2 billion, in addition to Taiwanese leading tech news media BusinessNext.

GliaStudio supports English, Chinese and Japanese languages, aiming to primarily target e-commerce platforms and merchants as well as media companies in Greater China and Japan. With this funding having Japan-based IVP participate in as an investor, further massive expansion into the Japanese market can be probably expected. Especially for distributed media leveraging a bunch of video clips to attract viewers, the platform allows media companies to create and upload their clips to social media platforms autonomously.

GliaCloud was founded in July of 2015 by Taiwanese Canadian entrepreneur David Chen, who is strong in engineering cloud technologies and previously founded Taipei-based AdTech startup Tagtoo. The company won the Aliyun Award at the Tech in Asia Singapore startup competition back in 2016.

Edited by “Tex” Pomeroy

Neon launches unlimited nightclub-hopping pass for Tokyo visitors

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Japanese startup 3.0 has been offering a subscription-based unlimited pass to nightclubs and discotheques in central Tokyo, called Neon. The company announced on Thursday that it has started selling a 7-day unlimited plan of the pass for 2,900 yen (about $27) on JAPANiCAN.com, a multilingual online travel booking site for international visitors run by Japanese travel agency giant JTB. The plan was initially launched back in June this year and gives purchasers a 7-day unlimited access to 16 selected spots in Roppongi, Shibuya, Aoyama and other Tokyo nightlife districts. Since it’s said that there are 90 nightlife spots all around Tokyo, the pass can give you an unlimited access to almost 20% out of all these for a flat-rate pricing. Neon was launched back in June of 2016 under its previous name of Live3S, aiming to connecting club go-ers seeking good spots and events with venue owners seeking new visitors. The team expects to revitalize the Japanese nightlife economy by pushing forward a nightclub culture in Tokyo where there are estimated 20,000 club go-ers. Edited by “Tex” Pomeroy

Image credit: photopiano / 123RF

Japanese startup 3.0 has been offering a subscription-based unlimited pass to nightclubs and discotheques in central Tokyo, called Neon. The company announced on Thursday that it has started selling a 7-day unlimited plan of the pass for 2,900 yen (about $27) on JAPANiCAN.com, a multilingual online travel booking site for international visitors run by Japanese travel agency giant JTB.

The plan was initially launched back in June this year and gives purchasers a 7-day unlimited access to 16 selected spots in Roppongi, Shibuya, Aoyama and other Tokyo nightlife districts. Since it’s said that there are 90 nightlife spots all around Tokyo, the pass can give you an unlimited access to almost 20% out of all these for a flat-rate pricing.

Neon was launched back in June of 2016 under its previous name of Live3S, aiming to connecting club go-ers seeking good spots and events with venue owners seeking new visitors. The team expects to revitalize the Japanese nightlife economy by pushing forward a nightclub culture in Tokyo where there are estimated 20,000 club go-ers.

Edited by “Tex” Pomeroy

Wantedly, Japan’s social recruiting startup, files for IPO

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See the original story in Japanese. Tokyo-based Wantedly, Japan’s social recruiting startup, announced today that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 14 September with plans to offer 50,000 shares for public subscription and to sell 19,500 shares in over-allotment options, for a total of 80,000 shares. Daiwa Securities will lead the underwriting. Its share price range will be released on 28 August with bookbuilding scheduled to start on 7 September and pricing on 6 September. According to the consolidated statement as of August 2016, they posted revenue of 840 million yen (about $7.6 million) with an ordinary profit of 120 million yen ($1.1 million) and a net profit of 77 million yen ($700,000). Wantedly, the company’s flagship service offering business-centric social networking opportunities, has about 800,000 individual users and 23,000 corporate users. About 1.5 million unique users visit the platform a month while 27% of these users visit it at least once a month. Led by the company’s CEO Akiko Naka (69.98%), its major shareholders include CyberAgent (TSE:4751, 11.1%), Shogo Kawada (co-founder and advisor of DeNA, 6.38%), Shinji Kumura (Founder of AnyPay /…

At the press conference introducing Wantedly’s new contact management service Wantedly People in July.
L to R: Akito Sakasegawa (New Business Development, Wantedly), Akiko Naka (CEO, Wantedly), Naoyoshi Aikawa (Lead Engineer, Wantedly)

See the original story in Japanese.

Tokyo-based Wantedly, Japan’s social recruiting startup, announced today that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 14 September with plans to offer 50,000 shares for public subscription and to sell 19,500 shares in over-allotment options, for a total of 80,000 shares. Daiwa Securities will lead the underwriting.

Its share price range will be released on 28 August with bookbuilding scheduled to start on 7 September and pricing on 6 September. According to the consolidated statement as of August 2016, they posted revenue of 840 million yen (about $7.6 million) with an ordinary profit of 120 million yen ($1.1 million) and a net profit of 77 million yen ($700,000). Wantedly, the company’s flagship service offering business-centric social networking opportunities, has about 800,000 individual users and 23,000 corporate users. About 1.5 million unique users visit the platform a month while 27% of these users visit it at least once a month.

Led by the company’s CEO Akiko Naka (69.98%), its major shareholders include CyberAgent (TSE:4751, 11.1%), Shogo Kawada (co-founder and advisor of DeNA, 6.38%), Shinji Kumura (Founder of AnyPay / Das Capital, 4.13%), Yoshinori Kawasaki (CTO of Wantedly, 3.26%), Archetype (2.02%), Nihon Keizai Shimbun or simply The Nikkei (1.17%), Naoyoshi Aikawa (Lead engineer of Wantedly, 0.59%), Masanori Sugiyama (Chairman and President of Zappalas, 0.42%) and Kosuke Matsumoto (Managing Director of Enish, 0.42%).

Wantedly was founded back in 2010 under its previous name of Fuel by Naka who previously participated in launching Japanese operations of Facebook. Focusing on the potential of referral recruitment business, she launched the Wantedly social recruiting platform.

Wantedly Visit
Image credit: Wantedly Singapore

By stepping into beyond just a recruiting platform, Wantedly has been a taking the position of a LinkedIn-like business-centric social network platform. In order to expand its business by increasing touch-points for businesspersons, the company has launched additional services such as Wantedly Visit (interview scheduling assistant between hiring companies and employee candidates), Wantedly People (business card management) and Wantedly Chat (group chat app).

See also:

Translated by Masaru Ikeda
Edited by “Tex” Pomeroy

Japan’s Sekai Lab buys Danish agency Nodes to scale up outsourced app devs in Europe

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See the original story in Japanese. Tokyo-based Monstar Lab, the company providing crowdsourced offshore app development service Sekai Lab, announced on Tuesday that it has acquired Copenhagen-headquartered app agency Nodes ( English / Danish ) for Europe Expansion. This acquisition makes Monstar Lab secure three Nodes’ office locations: Copenhagen (Denmark), Aarhus (Denmark) and London (UK), meaning that the Tokyo company now has 17 locations worldwide for sales and app development efforts. Financial details of the deal such as the investment ratio and the payment date have not been disclosed. When Monstar Lab acquired Manila-based Ideyatech, the former rebranded the latter into Monstar Lab Manila. It is still unclear if the Tokyo company intends to unify its brand with Nodes because the Danish company has a certain level of strong brand presence in the European market where it has clients of globally renowned companies like Samsung, Unilever and GlaxoSmithKline. With the acquisition at this time around, Monstar Lab has their presence in three major economies: North America, Asia and Europe. The company claims that it will collect around half of all revenue from outside Japan in 2019. Node is a mobile app development agency founded back in 2008, employing 75 people…

See the original story in Japanese.

Tokyo-based Monstar Lab, the company providing crowdsourced offshore app development service Sekai Lab, announced on Tuesday that it has acquired Copenhagen-headquartered app agency Nodes ( English / Danish ) for Europe Expansion. This acquisition makes Monstar Lab secure three Nodes’ office locations: Copenhagen (Denmark), Aarhus (Denmark) and London (UK), meaning that the Tokyo company now has 17 locations worldwide for sales and app development efforts. Financial details of the deal such as the investment ratio and the payment date have not been disclosed.

When Monstar Lab acquired Manila-based Ideyatech, the former rebranded the latter into Monstar Lab Manila. It is still unclear if the Tokyo company intends to unify its brand with Nodes because the Danish company has a certain level of strong brand presence in the European market where it has clients of globally renowned companies like Samsung, Unilever and GlaxoSmithKline. With the acquisition at this time around, Monstar Lab has their presence in three major economies: North America, Asia and Europe. The company claims that it will collect around half of all revenue from outside Japan in 2019.

Node is a mobile app development agency founded back in 2008, employing 75 people consisting of developers, designers and mobile consultants in three locations in Denmark and UK. Carnival.io, the mobile marketing-focused subsidiary of cloud-based customer relationship management platform developer Sailthru, has chosen Nodes as one of the top 12 European Mobile Agencies in 2017.

Regarding the reasons why Monstar Lab has chosen Nodes for acquisition, the Tokyo company answered that:

  1. Nodes has established its brand in multiple countries in Europe
  2. Nodes has talented engineers and designers
  3. Nodes has a cultural background which may create synergy with Monstar Lab

Hiroki Inagawa, CEO of Monstar Lab, gave us a comment on the acquisition:

Nodes has excellent engineering skills and design capabilities, and is also one of the few companies that has successfully established a high position in the UK market. Our decisive factor was their young founders and management teams with high motivation for growth.

Going forward, we will aim to be Europe’s No.1 digital product developer with Nodes as our regional headquarters, and also aim to be the world’s No.1 digital product developer with all Monstar Lab group companies.

Japan’s Comp launches meal replacement gummies with help from candy-making giant

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See the original story in Japanese. While Japan has seen the birth of various FoodTech startups, the majority of them have aimed to solve problems related to increasing productivity and the safety of food, or to making food distribution more efficient, as opposed to focusing on food itself. However, the startup this article introduces is edgy enough that we can describe it as being smack dab at the center of FoodTech. The FoodTech startup Comp is headquartered in Kanda, Tokyo and develops meal replacements. In general, it is difficult for humans to obtain all of our necessary nutrients with only one item of food. With the progression of changing nuclear families, people who live alone, and people who dine out or buy pre-packaged food, it is difficult to maintain well-balanced eating habits. According to the Japanese Ministry of Health, Labor, and Welfare’s “Dietary Requirements”, which is the dieticians go to handbook, a complete meal is one that mixes foods from the 6 food groups and 9 essential amino acids in a perfect balance. The inspiration for making the products comes from Comp’s CEO Yuta Suzuki’s own experiences. Suzuki thought a lot about the importance of consuming complete meals after having…

See the original story in Japanese.

While Japan has seen the birth of various FoodTech startups, the majority of them have aimed to solve problems related to increasing productivity and the safety of food, or to making food distribution more efficient, as opposed to focusing on food itself. However, the startup this article introduces is edgy enough that we can describe it as being smack dab at the center of FoodTech.

The FoodTech startup Comp is headquartered in Kanda, Tokyo and develops meal replacements. In general, it is difficult for humans to obtain all of our necessary nutrients with only one item of food. With the progression of changing nuclear families, people who live alone, and people who dine out or buy pre-packaged food, it is difficult to maintain well-balanced eating habits. According to the Japanese Ministry of Health, Labor, and Welfare’s “Dietary Requirements”, which is the dieticians go to handbook, a complete meal is one that mixes foods from the 6 food groups and 9 essential amino acids in a perfect balance.

The inspiration for making the products comes from Comp’s CEO Yuta Suzuki’s own experiences. Suzuki thought a lot about the importance of consuming complete meals after having suffered a lapse in health due to poor eating habits brought about by losing himself in his work and hobbies. Overseas, although meal replacements such as Soylent have been sold for a while now, they are expensive to import individually, the shipping fee is high, and it is optimized for Westerners who make up the most users, all together making it difficult to obtain in Japan. Also, depending on the case, there are products with additives that are prohibited in Japan, and it is difficult to develop a large-scale parallel import business. Against such a background, Suzuki is striving to develop food products that meet the complete nutritional needs.

Comp developed a powdered meal replacement called Comp Powder and it went on sale in April of 2016. People without time for sleeping and eating, people who are deeply focused on something–specifically, they have received support from engineers living alone, creators, gamers, and men in academia, reaching about 10,000 members who purchase items on a subscription basis in a year and a half. The company does not employ large-scale advertisement, and most of the new customers are organic inflows through word of mouth and social media.

Comp is teaming up with Mikakuto, a big name confectionery manufacturer in Japan, and jointly developed a meal replacement gummy called Comp Gummy, which began selling on Comp’s website in July. Buyers can purchase one 53 gram pack for 250 yen, a sample set of 3 for 500 yen, or 20 packs for 5,000 yen on the website. Because the nutritional value per gram is 3.8 kcal, ingesting 3 packs is equivalent to that of a beef bowl in terms of calories. With Comp powder, users were predominantly men, in partnering with Mikakuto the company is looking to attract a wide range of female customers since Mikakuto has produced a number of gummy products popular among this demographic.

In terms of FoodTech startups in Japan also producing meal replacements, there is Basefood which developed “Complete Nutritive Pasta”. Comp’s competition along this vertical is set to increase, but Suzuki shared that the company’s brand and technology was established around the idea that “Diet, exercise, and rest foster good health,” and he hopes to continue one step ahead of the competitors.

Last year Comp was selected for the Kirin Accelerator 2016, an open innovation program by Japan’s leading brewing company.

See also:

Translated by Amanda Imasaka

Japan’s Warrantee foraying into on-demand insurance in partnership with industry giants

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See the original story in Japanese. Warrantee, the Japanese startup offering a cloud-based warranty management service, announced in early July during a joint press conference with Tokio Marine Nichido (TSE: 8766) held in Tokyo that they will develop an on-demand insurance service called Warrantee Now. In addition to Tokio Marine Nichido, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance are also participating as insurance underwriters in Warrantee Now, and through the use of Mitsuibussan Insurance, they have created an insurance subscription service that uses a smartphone app to offer the necessary insurance when it is needed. Warrantee Now creates an environment that makes it possible to sign up for or cancel insurance 24 hours a day, 7 days a week starting at just 10 yen (about 10 cents US) per day. Warrantee plans to begin the service by the end of August 2017, and is aiming for 100,000 subscribers in one year and 1 million by 2020. Warrantee is a startup founded in Osaka in October of 2013. By providing apps that manage consumer electronic warranty certificates on the cloud to users, it becomes possible for companies to track which households have what kind of products. For the user, there…

From left: Warrantee CEO Yusuke Shono, Tokio Marine Nichido Managing Executive Officer Yusuke Otsuka
Image credit: Warrantee

See the original story in Japanese.

Warrantee, the Japanese startup offering a cloud-based warranty management service, announced in early July during a joint press conference with Tokio Marine Nichido (TSE: 8766) held in Tokyo that they will develop an on-demand insurance service called Warrantee Now. In addition to Tokio Marine Nichido, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance are also participating as insurance underwriters in Warrantee Now, and through the use of Mitsuibussan Insurance, they have created an insurance subscription service that uses a smartphone app to offer the necessary insurance when it is needed.

Warrantee Now creates an environment that makes it possible to sign up for or cancel insurance 24 hours a day, 7 days a week starting at just 10 yen (about 10 cents US) per day. Warrantee plans to begin the service by the end of August 2017, and is aiming for 100,000 subscribers in one year and 1 million by 2020.

The companies listed by role as they prepare for the launch of Warrantee Now
Image credit: Warrantee

Warrantee is a startup founded in Osaka in October of 2013. By providing apps that manage consumer electronic warranty certificates on the cloud to users, it becomes possible for companies to track which households have what kind of products. For the user, there are advantages such as the ability to browse the instruction manuals of products, second-hand purchase requests and repair requests. Merits for companies include the possibility of targeting advertisement and more effective marketing.

Warrantee raised seed funds from Nippon Venture Capital (NVCC) in November 2013 (no funding amount disclosed). The company then participated in the startup competition of Hack Osaka in 2014. Also in 2014, they raised tens of millions of yen in the seed round from Cookpad. (In Warrantee’s most recent company outline, Yoshiteru Akita, who at the time was the CEO of Cookpad, is noted as one of the major shareholders.)

In April of this year, the company entered into a capital and business alliance with Autobacs Seven, which develops a car repair/purchase assessment network, and began an asset management service for automobiles. In May, they won the audience award at KDDI Mugen Labo 11th Demo Day with the automobile management service.

“Warrantee Now” mobile app
Image credit: Warrantee

This development will probably be hailed as the first venture into InsureTech in Japan. It seems we finally know why Warrantee, a non-fintech startup born in  Osaka, elected to establish their Tokyo headquarters in the Finolab FinTech hub.

In the space of on-demand insurance services, we’ve seen that California-based Trov recently got new funding and will expand into the Japanese market by assistance from local insurance giant Sompo Holdings (TSE:8630). In July, another US-based InsureTech startup Sure launched a mobile-centric on-demand insurance service. Singapore-based PolicyPal, offering a on-demand insurance recommendation service by chatbot, won the audience award at Orange Fab Asia‘s latest batch Demo Day.

Translated by Amanda Imasaka

Japan’s Sansan raises $38M from Toyota- and Sumitomo Mitsui-backed fund for Asia expansion

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The Nikkei reported early this morning that Tokyo-based Sansan, the company that operates the business card-based CRM (customer relationship management) solutions, has secured 4.2 billion yen (about $38 million) from Mirai Creation Investment Limited Partnership, the investment fund backed by Toyota Motor and Sumitomo Mitsui Banking Corporation (SMBC). DCM Ventures and Salesforce.com also participated in this investment. Sansan claims that the funds will be used to boost the Asia expansion of the company’s business card management app, especially in India and Singapore. The company recently unveiled that it has finally discovered monetization streams for its freemium business card management app Eight by allowing clients to insert their recruiting information and ads into the app’s timeline. Prior to this funding, Sansan previously fundraised $16.8 million in a series C round from DCM Ventures, Salesforce Ventures, Nissay Capital, and others back in January last year. See also: Japanese CRM startup Sansan raises $14.6 million Business card-based CRM startup Sansan raises $5M, planning global expansion Tokyo Office Tour: Japan’s Sansan wants to evolve how the world does contact management

The Nikkei reported early this morning that Tokyo-based Sansan, the company that operates the business card-based CRM (customer relationship management) solutions, has secured 4.2 billion yen (about $38 million) from Mirai Creation Investment Limited Partnership, the investment fund backed by Toyota Motor and Sumitomo Mitsui Banking Corporation (SMBC). DCM Ventures and Salesforce.com also participated in this investment.

Sansan claims that the funds will be used to boost the Asia expansion of the company’s business card management app, especially in India and Singapore. The company recently unveiled that it has finally discovered monetization streams for its freemium business card management app Eight by allowing clients to insert their recruiting information and ads into the app’s timeline.

Prior to this funding, Sansan previously fundraised $16.8 million in a series C round from DCM Ventures, Salesforce Ventures, Nissay Capital, and others back in January last year.

See also:

Deep learning startup Preferred Networks raises $95M from Toyota for self-driving tech

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See the original story in Japanese. Tokyo-based Preferred Networks (PFN), the Japanese startup offering deep learning technologies for Internet of Things (IoT), announced today that it would receive an additional 10.5 billion yen (about $95.4 million)investment from Toyota Motor (TSE:7203). The cash injection will make Toyota an eternal largest shareholder for PFN.  Based on this, both companies will further work on the joint development of artificial intelligence (AI) technologies in autonomous driving and other mobility business fields. Since its launch back in March of 2014, PFN has been proposing Edge Heavy Computing, the distributed data processing scheme dealing with an enormous volume of data from various IoT devices, aiming to let devices interact each others so that each device can autonomously make a higher level decision making. The company has been focused on serving transportation, manufacturing and bio healthcare industries by partnering with Toyota, Fanac, National Cancer Center and other institutions. This funding from Toyota follows the previous one receiving 1 billion yen in December of 2015 after both companies started joint research back in October of 2014. According to the press release from PFN, the investment was led by Toyata’s understanding that object-recognition technology and analysis technology of vehicle…

Image credit: Toyota Global Newsroom

See the original story in Japanese.

Tokyo-based Preferred Networks (PFN), the Japanese startup offering deep learning technologies for Internet of Things (IoT), announced today that it would receive an additional 10.5 billion yen (about $95.4 million)investment from Toyota Motor (TSE:7203). The cash injection will make Toyota an eternal largest shareholder for PFN.  Based on this, both companies will further work on the joint development of artificial intelligence (AI) technologies in autonomous driving and other mobility business fields.

Since its launch back in March of 2014, PFN has been proposing Edge Heavy Computing, the distributed data processing scheme dealing with an enormous volume of data from various IoT devices, aiming to let devices interact each others so that each device can autonomously make a higher level decision making. The company has been focused on serving transportation, manufacturing and bio healthcare industries by partnering with Toyota, Fanac, National Cancer Center and other institutions.

This funding from Toyota follows the previous one receiving 1 billion yen in December of 2015 after both companies started joint research back in October of 2014.

According to the press release from PFN, the investment was led by Toyata’s understanding that object-recognition technology and analysis technology of vehicle information, both of which have been co-developed by the two, is something essential for the motor company looking into the next-gen mobility society. PFN will use the funds to enhance computational environment and accelerate talent acquisition.

Translated by Masaru Ikeda