Singapore’s Startale Labs has received a $3.5 million investment from Sony Network Communications, the Japanese giant’s internet services company.
"I am excited to strengthen further our collaboration with Startale Labs, a company with advanced Web3 technologies and expertise. We have already been cooperating with Startale Labs by jointly hosting incubation programs, aiming to promote the development of Web3,” Jun Watanabe, President and Executive Officer of Sony Network Communications, said in a statement.
In February, Sony and Startale announced that they were working together on a Web3 incubator.
The goal of the program for Sony Network Communications is to explore "how blockchain technology can solve various problems in their industry," CoinDesk reported at the time.
“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,” Watanabe added.
Startale is a spin-out company from Astar Foundation, which calls itself a leading public blockchain company in Japan.
The announcement was made at the IVS Conference in Kyoto, Japan.
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