Japanese venture capital firm Global Brain has invested an undisclosed sum in Photosynth Inc., a startup developing Akerun smart lock and online management system, according to an announcement.
The investment was made through its 31VENTURES Global Innovation Fund I, a corporate venture capital fund formed by Mitsui Fudosan and Global Brain Corporation.
The JPY3.5 billion ($32.6 million) Series C round was joined by Globis Capital Partners, NTT Docomo Ventures, Line Ventures, Mitsui Fudosan CVC, and Scrum Ventures, AVCJ reported.
Photosynth’s smart lock device can be attached to any door and be opened/locked with a smartphone or IC card, such as train electronic fare cards. Also, the online management system can be used for employee attendance management and as proof of the security level of user companies.
“Global Brain is valuing Photosynth’s potential to digitalize legacy physical keys and realize a key-less society. We will support Photosynth by giving strategic advice for building new products and alliances with new partners,” the VC firm said in the announcement.
Global Brain is an early-stage venture capital firm expanding its investment activities in the US and Asia. In February, the VC firm co-invested in the Series B round of Singapore-based GTRIIP, a digital identity software provider that enables hotel check-ins with a selfie.