Startale Labs Secures $3.5M in Funding from Sony Network Communications

• In order to promote the adoption of Web3, Sony Network Communications and Startale want to create a global infrastructure.
• Jun Watanabe, President, and Representative Director of Sony Network Communications, has been appointed as a director of Startale Labs.

Startale Labs Pte Ltd, a Web3 tech business that builds multichain apps and infrastructure, has received $3.5 million in investment from Sony Network Communications Inc. via a private issue of new shares. Startale Labs and Sony Network Communications will also look at prospects for extensive commercial partnerships with the common objective of creating a worldwide infrastructure to promote the mainstream adoption of Web3.

Earlier this year, Sony Network Communications successfully co-hosted a Web3 Incubation Program with Startale Labs and Astar Network. They united their resources and knowledge to support Web3 initiatives that highlighted the practical applications of NFTs and DAOs.

The funds will be used by Startale Labs to increase recruiting efforts and go on with the development of Web3 services and solutions. Startale Labs, a key member of the Astar Network core team, has tons of experience in blockchain technology and is a major player in the Japanese Web3 market.

The go-to-market infrastructure for developers in Japan is Astar Network, which is the country’s top public blockchain. It has cutting-edge open-source financing methods and multichain smart contracts that enable an interconnected Web 3.

Startale Labs allows individuals and companies to use blockchain in Japan, driven by the vision to establish “Web3 for Billions.” The infrastructure and tools necessary for businesses to interact with their present tech stack with the Web3 ecosystem are currently lacking. Even if there are specialized players in a number of industries, including wallets, indexers, and node providers, all-in-one solutions are still required. Connecting real-world assets to the Web3 ecosystem is still difficult. Startale Labs and Sony Network Communications will work together to resolve these problems.

Jun Watanabe, president, chief executive officer, and representative director of Sony Network Communications, has been appointed as a director of Startale Labs as part of the agreement.

Jun Watanabe, President and Executive Officer of Sony Network Communications Inc., added, “I am excited to further strengthen 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. 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. We believe this partnership will contribute to the creation of new killer Web3 use cases and deliver unprecedented levels of value.”

Sota Watanabe, CEO of Startale Labs, commented, “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 gaming & networking services, music, film, entertainment technologies & service, imaging & sensing solutions and finance. With its wealth of IP and expertise in sectors adjacent to the creator economy, Sony Group has tremendous potential in the Web3 space, and we can’t wait to collaborate on tapping into that. We look forward to collaborating with Sony Network Communications to develop global Web3 infrastructure and creating groundbreaking Web3 use cases.”

With a strong dedication to “Supporting human change and infrastructure” within the Internet telecommunications industry, Sony Network Communications is famous for offering cutting-edge infrastructure, such as the fiber-optic internet service NURO Hikari. The firm, which is a part of the Sony Group, has also built up top-notch services and amassed a variety of well-known IP.