Sony Innovation Fund, the venture capital division of Sony Group, has recently committed an additional $13 million to Startale Group. This company, known for its work in web3 infrastructure, has established a joint venture with Sony aimed at enhancing blockchain technology use.
Startale, led by CEO Sota Watanabe, also the founder of Astar Network, recently developed Soneium. This Ethereum layer 2 blockchain was crafted in partnership with Sony Block Solutions Labs. The new influx of funding has increased Startale's total capital to $20 million.
Just to give context, Startale had previously raised $3.5 million from Sony during a seed round in September 2023, followed by another $3.5 million extension from Dahua Venture Capital and Samsung Next in early 2024. Soneium has made significant strides since its mainnet launch in January, boasting over 500 million processed transactions and 5.4 million active wallets, alongside more than 250 live decentralized applications (dApps).
The collaboration with Sony has proven vital for Startale, reflecting a shared commitment to expanding blockchain capabilities on a global scale. Further, the company operates Astar Network, which is recognized as Japan’s largest public blockchain. Additionally, Startale has rolled out consumer products such as the Startale App and Startale USD (USDSC), a stablecoin designed for transactions within the Soneium ecosystem.
Kazuhito Hadano, CEO of Sony Ventures Corporation, expressed optimism about Startale's focus on creating new value flows through on-chain technologies. Sony aims to continue supporting this innovative partnership as it evolves. Together, these endeavors are setting the stage for significant advancements in the blockchain sector.