WiL, Infinity join $22m round for Japan's Soracom
World Innovation Lab (WiL) and Infinity Venture Partners are among the participants in a JPY2.4 billion ($22 million) round of funding for Soracom, a Japan-based internet of things (IoT) communications platform.
The company provides a series of services designed to enable clients to manage data transmission - involving multiple devices - more efficiently and securely. While Soracom Air allows central management of data transmission, Soracom Beam enables high-load processing on IoT devices and Soracom Funnel allows data to be transferred from devices to specific cloud-based services.
The platform launched in September 2015 and as of April 2016 it had more than 2,000 customers, ranging from start-ups to large-scale companies across industries including manufacturing and retail. In addition, 150 companies have registered for Soracom's partner ecosystem, which involves collaboration on the construction of IoT systems, according to a release.
Soracom received seed funding from WiL and Infinity in June of last year. The latest round takes its total financing to JPY3.1 billion. It plans to use the capital to support global deployment of its services and the introduction of new features based on customer needs.
WiL focuses on cross-border strategies, with a view to providing global expansion support for Japanese start-ups as well as bringing US-based companies into Japan. Infinity is a tech-focused investor that focuses on Japan and China.
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