Sony is doubling down its footprint across Web3 space which has augmented considerably in recent years, penetrating in various sectors.
Sony and prominent Singapore-based Web3 infrastructure tech firm Startale Labs have announced millions in investment as well as a strategic collaboration. The end goal is to explore joint investment opportunities to foster the adoption of web3.
The development comes nearly four months after the two companies announced that they were working together on a Web3 incubator.
Sony Network Communications and Astar Network’s Joint Web3 Incubation Program Demo Day Set for June 18th
(via @decryptmedia) https://t.co/O64zyG4UwZ— Sota Watanabe (@WatanabeSota) May 29, 2023
Sony’s Collaboration With Startale for Web3 Boost
In an official statement, Startale Labs has raised a whopping $3.5 million in a seed round from the Japanese juggernaut’s subsidiary, Sony Network Communications through a private placement of new shares. Interestingly, the transaction was conducted directly and the round did not have any other backers.
The freshly raised capital will also be deployed in hiring new talent for the development of products and services across the Web3 spectrum, the company confirmed.
For context, Startale Labs is a core contributor to Astar Network and is charged with creating tools and infrastructure to enable enterprise use of Web3 and wider adoption.
We laid out the Astar 2.0 vision to empower billions of people & enterprises with Web3.
The Astar Foundation, Startale, and Governance will achieve this together!
🔬 June 28, @StartaleHQ shares the first milestone of Astar 2.0!
Mark your calendars!https://t.co/7WF7FHaRgi pic.twitter.com/n5UtUgXZJZ
— Astar, Future of Smart Contracts for Multichain (@AstarNetwork) June 19, 2023
The partnership between the companies is aimed at establishing the infrastructure necessary to support the global adoption of Web3, according to the Startale. This will be facilitated by Sony Network Communications’ “extensive knowledge and experience” in developing successful solution services in telecommunications and other sectors.
Commenting on the development, Sota Watanabe, CEO of Startale Labs, said,
“We are honored to enter into this partnership with Sony Network Communications, a company of the Sony Group that is renowned for its achievements across industries including Games & Network Services, Music, Pictures, Entertainment Technologies & Services, Imaging & Sensing Solutions, and Financial Services. Sony Group has tremendous potential in the Web3 space, and we can’t wait to collaborate on tapping into that.”
The exec further added that the collaboration with Sony Network Communications is part of the broader vision to develop global Web3 infrastructure and create groundbreaking use cases in the space.
Sony’s Previous Collaborations
This isn’t the first time the two companies have teamed up. In fact, Sony Network Communications have already been cooperating with Startale Labs to host incubation programs in cahoots, with Web3 development being the core objective, for which the duo tapped Astar Network.
Meanwhile, with the latest capital partnership, both companies are onboarding Jun Watanabe, President and Representative Director of Sony Network Communications Inc., as a director of Startale Labs.
