Astra Network

Startale Labs, the driving force behind initiatives such as the Astar Network smart contract hub and Startale Web3 Cloud, has secured a financial injection of $3.5 million.This backing, announced by Startale through a recent <a href="https://startale.org/blog/71699" rel="noopener noreferrer nofollow">blog post</a>, comes through a collaboration between UOB Venture Management, a subsidiary of the Singaporean financial giant UOB, and Samsung Next, the corporate venture capital arm of Samsung.UOB Venture Management is renowned for its equity financing in Southeast Asia and Greater China, bringing deep regional market insights to the table. Meanwhile, Samsung Next Ventures, an integral part of Samsung&#39;s innovation ecosystem, is dedicated to exploring cutting-edge technologies, including AI, fintech and blockchain, with a vision to shape the future of technology.<h2 id="header-0">Funding talent acquisition</h2>The freshly acquired funds are earmarked for pivotal purposes, primarily focusing on bolstering talent acquisition and driving forward the development of Startale Labs&#39; diverse product portfolio. Taking to the X social media platform, Astar Foundation Chief Operating Officer (COO) Shun Ishikawa <a href="https://twitter.com/shunp_w3/status/1760489915039862983?s&#61;20" rel="noopener noreferrer nofollow">confirmed</a> that in light of the recent funding, Startale is hiring and it welcomes applicants to get in touch, particularly engineers.Moreover, alongside the $3.5 million capital injection, Startale also drew attention to a strategic alliance with Sony Network Communications to embark on a blockchain venture. With these combined resources, Startale aims to accelerate its development trajectory.Paul Ng, Executive Director of UOB Venture Management, emphasized the importance of real-world use cases in onboarding new users to Web3 technologies. Ng stated:&#34;We are excited to support Startale, who have demonstrated expertise and experience in building successful Web3 products, in their mission to bring billions of users into the Web3 ecosystem.”Having made significant strides since its establishment in January 2023, Startale Labs has garnered support from these leading Asian enterprises within a remarkably short span. Sota Watanabe, CEO of Startale Labs, outlined the company&#39;s vision for the future, stating:&#34;With the funds raised, we aim to invest in product development and recruitment to create a truly representative Web3 company of Asia and beyond.&#34;Through his <a href="https://x.com/Sota_Web3/status/1760454247085375710?s&#61;20" rel="noopener noreferrer nofollow">X account</a>, Watanabe expressed the intention that “we’re going to prove that Japanese startups can be successful in the world.”<h2 id="header-1">Sony joint venture</h2>An <a href="https://coinnesslive.page.link/kDViKWSidYGZtSpq9" rel="noopener noreferrer nofollow">initial investment</a> of $3.5 million by Sony in June of last year was followed in September by a <a href="https://coinnesslive.page.link/nk4fAm5MtN17WdcZ8" rel="noopener noreferrer nofollow">collaboration</a> between Sony Network Communications and Startale Labs, giving rise to the joint venture &#34;Sony Network Communications Labs Pte. Ltd.&#34;This venture is dedicated to developing a blockchain infrastructure aimed at underpinning global Web3 initiatives. The objective is to harness blockchain advancements to create compelling use cases that foster wider adoption of Web3 technology.Sony Network Communications Labs is structured such that Sony Network Communications holds a 90% stake in the venture, with Startale Labs contributing the remaining 10%.Startale Labs&#39; recent funding infusion, coupled with strategic partnerships with industry giants, appears to be putting the blockchain startup firmly on the road towards driving innovation and playing its part in shaping the future of Web3 technology.

Startale snags additional seed funding from Samsung and UOB

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