VCs commit $6.6m to Japan's Skydisc
Skydisc, a Japan-based company that provides hardware for internet-of-things (IoT) and artificial intelligence (AI) applications, has raised JPY740 million ($6.6 million) from a group of VC firms, including existing backers Nissay Capital and Archetype Ventures.
DG Daiwa, Energy & Environment Investment, Yamaguchi Capital and Kaga Electronics are among the other investors. The company said in a statement that it will use the capital for hiring additional staff both domestically and internationally for technology development.
Founded in 2013, Skydisc focuses on developing detachable sensors that can be used in cloud computing and data analysis systems. The company claims that its AI and IoT-enabled products are able to detect faults in a major power plant with 95% accuracy. It is also preparing to deploy technology in the healthcare space, citing social services and workforce pressures related to Japan’s aging population.
Nissay and Archetype invested about JPY100 million in a seed round for the business last year. According to The Bridge, Skydisc was recently approved for a start-up incubator program run by chip maker Nvidia based on the company’s SkyAI IoT data analytics cloud.
Expansion of venture capital investment in IoT and AI business models in Asia has accelerated in recent months due to strong government support and increased corporate confidence in practical use-cases. Global VC investment is thought to have tripled in the three years to 2016 to $4-5 billion, while the IoT market has been projected to grow to as large as $14.4 trillion by 2022.
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