Startale Labs Pte Ltd, a tech company focused on Web3, has received a $3.5 million investment from Sony Network Communications Inc. through a private issuance of new shares. The partnership between Startale Labs and Sony Network Communications aims to create a global infrastructure to drive mainstream adoption of Web3, while also exploring potential commercial collaborations.
Earlier this year, Sony Network Communications, Startale Labs, and Astar Network collaborated on a Web3 Incubation Program to support initiatives related to non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
The funding will be utilized by Startale Labs to ramp up recruitment efforts and further develop its Web3 services and solutions. As a prominent player in the Japanese Web3 market and a key member of the Astar Network core team, Startale Labs brings valuable experience in blockchain technology.
Astar Network, Japan’s leading public blockchain, is the go-to infrastructure for developers in the country. It offers advanced open-source funding methods and multichain smart contracts to facilitate an interconnected Web 3 ecosystem.
Startale Labs aims to enable the use of blockchain technology for individuals and businesses in Japan, with the vision of establishing “Web3 for Billions.” However, there is a need for comprehensive solutions that connect businesses’ existing tech stack with the Web3 ecosystem, as current tools and infrastructure are lacking. Startale Labs and Sony Network Communications will collaborate to address these challenges and bridge the gap between real-world assets and the Web3 ecosystem.
As part of the agreement, Jun Watanabe, the President, CEO, and Representative Director of Sony Network Communications, will join Startale Labs as a director.
Jun Watanabe, President and Executive Officer of Sony Network Communications Inc., stated, “I am excited to further strengthen our collaboration with Startale Labs, a company with advanced Web3 technologies and expertise. With this capital partnership, we are combining Startale Labs’ technical capabilities in Web3 with Sony Network Communications’ business fields to create the necessary infrastructure for global Web3 adoption. We believe this partnership will lead to new and valuable Web3 use cases.”
Sota Watanabe, CEO of Startale Labs, expressed his excitement about the partnership with Sony Network Communications, highlighting Sony’s achievements in various industries and their potential in the Web3 space. Both companies are eager to collaborate and develop innovative Web3 infrastructure and use cases.
Sony Network Communications, as part of the Sony Group, is well-known for providing cutting-edge infrastructure and services in the internet telecommunications industry. The company has a strong track record in areas such as gaming, networking services, music, film, entertainment technologies, imaging, sensing solutions, and finance.
Compiled by Coinbold
