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Investment from major companies in Singapore and South Korea
On the 22nd, Sota Watanabe, CEO of Startale Labs, which handles the Japanese Web3 product Astar Network, announced that he has received an additional seed round from Samsung Next, the investment arm of the Samsung Group, and the investment arm of Singapore's UOB. announced that it had raised 500 million yen.
Startail Lab, which was established in January 2023, has raised a total of 1 billion yen in seed round funding, including an equal amount of investment from Sony Network Communications.
The investment from Samsung Next and UOB Venture Management marks the first time for Startail Labs and the Japanese startup scene, raising expectations for future cooperation. Startail Lab CEO Sota Watanabe said the following.
In just one year, we have received support from leading companies in Asia, including Sony, Samsung, and UOB, and while we recognize that our possibilities have expanded greatly, we also have a strong responsibility to carry Japan and Asia into the future. I feel it. With the aim of winning on the global stage, we will invest the proceeds into product development and adoption, creating products that truly represent Asia. In addition, we are planning a full-fledged expansion into the United States for our next expansion, and are seriously aiming to become the top global company.
UOB (United Overseas Bank) is one of the three largest banking groups in Singapore. Paul Ng, executive director of UOB Venture Management, who was the lead investor in StarTale Labs, emphasized that developing applications rooted in the real world is essential to unlocking the potential of Web3.
Paul also credited Startail's advantages in working with a variety of companies, positioning it well to popularize Web3, especially in Asia.
Through our strategic partnerships with Sony, Samsung and UOB, we think Startail is very well positioned to take Web3 to the masses, especially in Asia. By supporting the Startail team, including Mr. Sota Watanabe, who has specialized knowledge and experience in Web3 product development, we are able to walk with you on this journey to bring billions of users to Web3. I'm very happy to be able to do this.
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Aiming to build Web3 that will be used by billions of people
Startale Lab aims to popularize Web3, and is promoting the development of Japan's largest Web3 product, the public blockchain Astar Network, and the Startale Web3 Cloud, which supports Web3 infrastructure. Last year, through a capital alliance with Sony Network Communications, we established a joint venture to develop blockchain as a global platform.
Astar Network is planning to launch the mainnet of “Astar zkEVM”, which will function as Layer 2 of Ethereum, in late February 2024.
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