Startale Labs Secures Additional Funding to Expand Web3 Product Lineup

Startale Labs Secures Additional Funding to Expand Web3 Product Lineup

Startale Labs recently announced that they have secured an additional $3.5 million in funding from Samsung Next and United Overseas Bank Venture Management. This funding will be used to fuel the expansion of the company’s web3 product lineup, which includes Japan’s largest web3 products, Astar Network, and the Startale Web3 Cloud. Additionally, the funds will also be utilized to enhance efforts in attracting top industry talent.

Despite being established in January 2023, Startale Labs has already received significant support from leading Asian enterprises such as Sony, Samsung, and UOB Venture Management. This support has significantly broadened the company’s potential within a year of its inception. CEO Sota Watanabe expressed his excitement about the support received, stating that with the funds raised, the company aims to invest in product development and recruitment to become a truly representative Web3 company in Asia and beyond.

Startale Labs has already launched the beta version of the Startale Web3 Cloud, a platform designed to simplify blockchain infrastructure deployment and management for developers. The company believes that onboarding new users to web3 will be enabled by real-world use cases. UOB Venture Management Executive Director Paul Ng also shared his belief that Startale Labs, with its expertise and experience, is well-positioned to bring Web3 to the masses, especially in Asia.

In September 2023, Sony Network Communications and Startale Labs formed a joint venture named “Sony Network Communications Labs Pte. Ltd.” The joint venture is aimed at developing a blockchain designed to underpin global web3 infrastructure. The objective of the joint venture is to leverage blockchain advancements to develop compelling web3 use cases that encourage wider adoption of this technology. Sony Network Communications Labs received an initial capital investment of 1,000,000 SGD, with Sony Network Communications holding a 90% stake in the venture, and Startale Labs contributing the remaining 10%.

Startale Labs’ recent funding from Samsung Next and United Overseas Bank Venture Management will undoubtedly play a crucial role in the company’s growth and expansion in the Web3 industry. With a focus on product development, recruitment, and onboarding new users, Startale Labs is poised to become a key player in driving the adoption of Web3 technology in Asia and beyond.

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