Sony Increases Web3 Presence With $3.5M Seed Funding in Startale Labs
The goal of the new capital partnership is to build a global infrastructure to help more people use web3.
Sony Network Communications, which is a wholly-owned company of Sony, has put $3.5 million into Singapore Web3 tech giant Startale Labs as part of a seed round. This is yet another strategic partnership between the two companies. The deal was done with no other buyers through a private placement of new shares.
As part of the agreement, both companies have said that Jun Watanabe, who is the President and Representative Director of Sony Network Communications Inc., will become a director of Startale Labs.
Capital Partnership Sony
The blog post says that Startale Labs and Sony Network Communications plan to work together to set up the infrastructure needed to support the global adoption of Web3. They will do this with the help of Sony Network Communications’ “extensive knowledge and experience” in creating important solutions in telecommunications and other fields.
The new money will also be used to hire new people who can help build products and services for the Web3 space. Jun Watanabe, President and Representative Director of Sony Network Communications Inc., was reported as saying,
“With this capital partnership, we are merging Startale Labs’ knowledge and technical capabilities in Web3 with the experience and business fields cultivated by Sony Network Communications to create the infrastructure necessary to facilitate global Web3 adoption. We believe this partnership will contribute to the creation of new killer Web3 use cases and deliver unprecedented levels of value.”
The move is part of Startale’s larger goal to create “Web3 for Billions,” which it plans to do by making it easier for users and companies in Japan to adopt blockchain technology, according to an official statement from the Web3 startup.
Sony’s Web3 Helps
In February of this year, the Japanese tech and entertainment giant’s subsidiary used Polkadot’s innovation hub, Astar Network, to run Web3 incubator programs with Startale Labs.
The goal of the initiative was to give tech support, tools, and money to Web 3 projects that wanted to make it possible for non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) to work.
The Web3 incubation program was set to run from the middle of March to the middle of June, and people from all over the world could join.
