Sony Network Communications Inc., a subsidiary of the Sony Group, a global leader in producing video games and consumer electronics, will invest US$3.5 million in Startale Labs, a Japanese Web3 technology firm. The funding also comes with strategic collaborations to help bring Web3 to more countries. Despite the modest size of the investment, Sony’s growing commitment to Web3 makes it particularly noteworthy.
Funding and more to push Web3 limits
With this announcement of funding, the two companies and the smart contract platform Astar Network have successfully completed a Web3 startup incubation project they had been working on together. Astar Foundation was the parent organisation of Startale, which is an independent enterprise.
Startale’s cooperation with Sony will help them realise their aim of providing comprehensive tools for Web3 development, which will in turn propel the development of new services and products. The cooperation also places a premium on the incorporation of real-world assets into the overall system.
Besides the financial backing, Sony Network Communications President and Representative Director Jun Watanabe has been appointed to the position of Director at Startale Labs. The two companies previously worked together to jointly co-host a Web3 Incubation Programme. Startale Labs has been an integral component of the core team for Astar, a parachain that functions within the Polkadot ecosystem.
Sony and Startale first announced their partnership in February, with the goal of creating a Web3 incubator. Notably, Sony is not only represented in the field of Web3 activities by Sony Network Communications, a major fibre optic internet service provider.Sony has had multiple divisions and departments actively involved in projects involving the Web3 ecosystem and nonfungible tokens (NFTs).
Startale Labs, based in Japan, has been essential in facilitating the adoption of blockchain technology by Japanese individuals and enterprises. Through this investment agreement, Startale Labs and Sony Network Communications will combine their expertise in Web3 technology and their established business networks.