Japanese edge AI technology provider AISing has secured JPY700 million ($6.5 million) in a Series B funding round from a group of investors, according to an announcement posted on the company’s website.
Sparx Group and Dai-ichi Life Insurance jointly contributed JPY400 million and Mitsui Sumitomo Insurance Venture Capital contributed JPY300 million in this round.
Along with the funding of JPY200 million in Series A made in 2017, the company has raised a total of JPY900 million to date.
Founded in 2016, AISing developer of edge AI technology used in industrial robots and self-driving cars. The company said that the fund raised will be used to strengthen the development system of the Algorithm Development Group (ADG), a specialized development team for edge AI, train human resources to develop and commercialize new edge AI.
Sparx Group operates as a holding company which provides management services to its subsidiaries. Its services include investment advisory services, research of Japanese equity, equity investment; securities brokerage, provision of information and related consulting services, and joint-investment in a management buy-out and others.
Meanwhile, Mitsui Sumitomo Insurance Venture Capital Co Ltd operates as a venture capital arm. The company invests in real estate, construction, healthcare, and energy sectors.
Last year, Cinnamon, a Japanese startup that uses AI to improve workplace productivity raised $15 million in a Series B funding round from a group of investors that includes existing backer SBI Investment and Mirai Creation Investment Limited Partnership II, an investment arm of Sparx Group.