Japan’s AI tech company AISing bags $6.5m in Series B round

Human interaction with artificial intelligence | Photo: Bloomberg

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.