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Startale Labs Secures $3.5 Million in Funding for Web3 Development
Startale Labs, a Singapore-based Web3 firm, has announced securing an additional $3.5 million in funding from Samsung Next and United Overseas Bank (UOB) Venture Management. This investment is part of the company’s extended seed round, bringing its total seed financing to $7 million.
Expansion Plans and Product Lineup
According to a recent blog post by Startale, the newly acquired funds are intended to fuel the expansion of the company’s web3 product lineup, including Japan’s largest web3 products, Astar Network and the Startale Web3 Cloud. Additionally, the funding will enhance the company’s efforts in attracting top industry talent.
Significant Industry Support
Startale Labs CEO, Sota Watanabe, expressed enthusiasm about the support received from leading Asian enterprises such as Sony, Samsung, and UOB Venture Management, stating, “Although Startale was established in January 2023, within a year, we have received support from leading Asian enterprises such as Sony, Samsung, and UOB Venture Management, significantly broadening our potential.”
Plans for the Future
With the raised funds, the company aims to invest in product development and recruitment to establish itself as a representative Web3 company of Asia and beyond, according to Watanabe.
Startale Web3 Cloud
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.
Enabling Web3 Adoption
UOB Venture Management Executive Director, Paul Ng, emphasized the potential of Startale Labs in enabling the onboarding of new users to web3 through real-world use cases. He stated, “We believe that onboarding new users to web3 will be enabled by real-world use cases. Startale Labs, with its expertise and experience, is well-positioned to bring Web3 to the masses, especially in Asia.”
Joint Venture with Sony
In September 2023, Sony Network Communications and Startale Labs formed a joint venture named “Sony Network Communications Labs Pte. Ltd.,” aimed at developing a blockchain designed to underpin global web3 infrastructure. The joint venture is focused on leveraging blockchain advancements to develop compelling web3 use cases that encourage wider adoption of this technology.
Sony Network Communications Labs was backed by an initial capital investment of 1,000,000 SGD. Within this financial structure, Sony Network Communications would hold a 90% stake in the venture, while Startale Labs would contribute the remaining 10%.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
