Minimal Technologies, the company behind WOVN.io, has raised $2.6 million in a Series B investment. Kyash has closed an $8.5 million Series A round.
WOVN.io closes $2.6m Series B in round led by SBI Investment
Minimal Technologies, which provides a multilingual support platform for websites called WOVN.io, has closed 300 million yen (~$2.6 million) in a Series B round.
The round, reported by The Bridge, was led by SBI Investment and saw participation from publicly listed firms Toppan Printing and Adways, as well as SMBC Venture Capital. Wovn will also be engaging in talent acquisition aimed at expanding their engineering team with the proceeds from their latest investment.
The company closed its last round of funding in September 2015, raising $1.1 million. This latest investment brings aggregate equity funding raised to 430 million yen (~$3.7 million US).
Wovn works with machine and human translation services, streamlining the multi-lingualisation of websites that only support one language. According to the company, as of November 2016, Wovn has provided multilingual support for a total of about 830,000 pages on 8,000 website domains, with a range of corporate clients.
With the investment, Minimal is expected to enter into business partnerships with SBI Investment, Toppan Printing, and Adways. The firms will leverage on Wovns’ capabilities to strengthen their own offerings.
Kyash secures $8.5m Series A
Kyash users can register their credit cards to their Kyash e-wallet app, charge their wallet with money from their credit cards, and then remit it to other Kyash users. This allows users to prompt other users for settlements, though it is not available and currently in beta testing.
The round also saw participation from Sumitomo Mitsui Financial Group (SMFG; TSE:8316), Itochu Corporation, Dentsu Digital Holdings (DDH), and Mizuho Financial Group. This transaction will also see Kyash enter into business partnerships with SMFG, Dentsu, and Itochu.
The Bridge reports that this transaction follows the firm raising 170 million yen (~$1.4 million) in seed funding back in July 2015. This specific round was led by Mitsui Sumitomo Venture Capital and another two undisclosed companies.
The investment will see Hiroshi Minoura, a former VP of Mitsui Sumitomo Bank (SMBC) and the current CEO of US-based Greenhill & Co.’s Japanese subsidiary, appointed as an advisor to Kyash.
Since launching in January 2015, Kyash has been operating in stealth mode and working on developing their mobile app “Kyash” which enables peer to peer money transfers (or C2C settlements), while developing a real-time push notification/history browsing system for mobile regarding credit card usage.
Kyash has also forged a partnership with Visa, operating as its virtual credit card through an arrangement permitting Kyash to issue credit cards and using money pooled in the Kyash wallet app to shop at Visa merchants worldwide.