Sony Invests $3.5 Million in Singapore Web3 Startup

Paigambar Mohan Raj
Source: Coin Insider

Sony Network Communications has invested $3.5 million into Startale Labs, a web3 and blockchain development firm. The firm aimed to use the funds to accelerate the development of global infrastructure for the widespread usage of web3. A portion of the funding will go towards expanding the development of web3 products and services by hiring fresh talent.

Jun Watanabe, President, and Representative Director of Sony Network Communications, is now onboard as a director of Startale Labs. Watanabe stated that he was “excited to strengthen further our collaboration with Startale Labs.”

Watanabe also said that Startale has advanced Web3 technologies and expertise. He further added that the partnership will merge “Startale Labs’ knowledge and technical capabilities in Web3 with the experience and business fields cultivated by Sony Network Communications.”

What is Sony’s aim in the blockchain world?

Sony Network Communications aimed to investigate “how blockchain technology can solve various problems in their industry.” Watanabe believed that the collaboration will bring forth the creation of new web3 use cases. Moreover, it will “deliver unprecedented levels of value,” he added. Sony Network Communications and Startale Labs believe that the mass adoption of web3 can address the industry’s problems.

Moreover, this is not the first time Sony has teamed up with Startale Labs. In February, both firms announced that they were collaborating on a Web3 incubator. Furthermore, they joined the Astar Network, Japan’s Polkadot Network-based smart contract platform for the collaboration. The project provided assistance to web3 projects that aim to bring utility to non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

Sota Watanabe, CEO of Startale Labs said that “Sony Group has tremendous potential in the Web3 space, and we can’t wait to collaborate on tapping into that.” He also reiterated their aim to create groundbreaking Web3 use cases. It should be noted that Astar, a leading blockchain firm in Japan, owns Startale.