SoftBank Ventures Asia, the early-stage venture capital arm of SoftBank Group, announced that it has co-anchored the $3.2-million Series A funding in Sketchsoft, a South Korean 3D sketch software developer.
The funding round was also co-led by Korean venture capital firm SV investment and backed by the early-stage VC firm Bluepoint Partners.
Sketchsoft, established in 2020 by Dr Kim Yongkwan, is a tech-based startup that aims to reduce the complexity of existing 3D creative tools and facilitate the easier expression of ideas in 3D data.
Its flagship product, called Feather, is a 3D sketch software that enables artists and designers to draw their concepts in 3D easily.
“Our vision for Sketchsoft is to create a tool that can help creators produce their ideas directly in a three-dimensional format as easily as if recording their thoughts in a notepad,” Kim said.
The investment marks SoftBank Ventures Asia’s debut investment into the digital creation industry and reinforces its confidence in the potential of future technologies, including AI and robotics, as per the announcement.
This year, it has participated in early-stage funding rounds for three AI startups — MarqVision, an AI-powered IP protection platform that automates reporting and detection of counterfeits; VoyagerX, which develops AI-based solutions such as mobile scanner and video editing apps; and Upstage, whose main cloud solution can standardise and automate key tasks in an enterprise.
SoftBank Ventures Asia was founded in 2000 to make ICT investments in the fields of AI, IoT, and smart robotics.
The early-stage venture investor currently operates approximately $1.5 billion assets under management, investing in innovative technology start-ups across the world.