Startale Labs announced raising $3.5 million in the Seed Extension Round to boost the development of its Web3 product. Samsung Next and UOB Venture Management raise the funds. This brings the total seed fund to $7 million, including $3.5 million of funds it secured in September 2023 from Sony Network Communications. An additional objective is to recruit the top talent in the industry from across the world.
Funds have been strategically raised from the leading players in the Asian market. The idea is to transform into a top player in the Web3 sphere, especially in the Asian region.
The current development came after Startale entered a joint venture with Sony Network Communications. Their purpose is to develop a blockchain solution for the community. Startale Web3 Cloud’s beta version has been deployed. It now caters to developers seeking services related to developing and managing blockchain infrastructure conveniently.
With additional funds secured, Startale Labs is moving forward to accelerate the plans for developing its Web3 products and services.
Sota Watanabe, the Chief Executive Officer of Startale Labs, laid down their mission, stating that their focus will now be on product development and global recruitment to create a representative Web3 company in Asia and beyond its borders. Sota further highlighted that they have received immense support from the leading Asian enterprises in just one year since their establishment (January 2023). This includes the likes of Samsung, Sony, and UOB Venture Management.
The lead investor and executive director of UOB Venture Management, Paul Ng, conveyed his delight regarding the support that UOB Venture Management has provided to Startale Labs. In addition, Paul lauded Startale’s prowess, stating that the organization is strategically positioned to popularize Web3, particularly in Asia. Following this, they anticipate facilitating the integration of new users into Web3 through real-world scenarios.
As for the joint venture between Startale and Sony, it was established in September last year as Sony Network Communications Labs Pte Ltd. It will now aim to provide value-added services to segments including, but not limited to, music, pictures, and entertainment. Startale brought its technical expertise and insights to the table, while Sony Network Communications brought its experience in IoT, communication, AI, and solution services.
The development was built on the capital alliance between Sony Network Communications and Startale. It was followed by Jun Watanabe being appointed as the director of Startale Labs. He came with the experience of working as the President and Representative Director of Sony Network Communications.
Startale Labs is now looking forward to seeing the results of its fundraising. Details, or insights, about Web3 product development and recruitment, are likely to be made public in the days to come. The Web3 sphere, with the recent update, continues to see activities happening among top players as they all move to advance their rank in the industry.
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