Japanese AI startup AISing banks $6.5m in series B money
Japan has long been known for its competitiveness in manufacturing, yielding top exported products such as cars and integrated circuits.
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Tokyo-based startup AISing, which provides tech used in devices such as industrial robots and self-driving cars, said it has raised a total of 700 million yen (US$6.5 million) in a series B round to deepen its involvement in the industry.
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Photo credit: Gavin Tracy
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Local firms Sparx Group and Dai-ichi Life Insurance contributed 400 million yen (US$3.7 million) to the round, while Mitsui Sumitomo Insurance Venture Capital chipped in the remaining sum, according to a statement. This brings AISing’s total capital raised to date to 900 million yen (US$8.4 million).
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Since its establishment in 2016, AISing has focused on edge AI, or components needed to run algorithms locally on a device. Its products include Deep Binary Tree, an AI algorithm embedded in edge devices, and AI in Real-time, which was specifically developed for low-spec equipment.
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The startup said it plans to use the new funds to improve the system of its Algorithm Development Group, a specialized development team for edge AI. It also looks to train talent for global expansion and increase its commercialization efforts, AISing CEO Junichi Dezawa said.
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“In recent years, expectations for edge AI have been increasing worldwide, and we have entered the stage of further improving our technical capabilities and organizational structure to meet this need,” he added.
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Sparx Group is an independent Asia-based equity and credit asset management service company that’s active in investment and real estate businesses. The company, along with Toyota and Sumitomo Mitsui Banking, has invested in Mirai Creation Fund II. Some of the fund’s investments include Indonesia’s Pricebook, Singapore’s Anymind, and India’s Shuttl.
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Currency converted from Japanese yen: US$1 = 107.58 yen.