Globis joins $32.6m round for Japan's Photosynth

Global Brain, NTT Docomo Ventures, Line Ventures, Mitsui Fudosan CVC, and Scrum Ventures also participated, as did Toppan Printing, BSP Group, Japan Finance Corporation, and Joyo Industrial Research. They were joined by Development Bank of Japan, Joyo Bank, Mizuho Bank, Shinsei Bank, and Norinchukin Bank.

Photosynth has provided about 4,500 companies with cloud-enabled smart locking systems for office doors since inception in 2014. Its core product, Akerun, can be retrofitted on existing doors, allowing access via contactless public transportation smart cards and facilitating attendance management.

The company is expected to benefit from changing workplace conditions in the near term while expanding the client portfolio to include other types of businesses such as hospitals, co-working spaces, and fitness clubs.

According to a release, it will use the fresh capital to develop technology, sales, and customer support services, as well as build out the currently 110-strong team. NTT Docomo, a leading local telecoms operator, will support this effort through partnerships and joint R&D work.

Total funding to date comes to JPY5 billion, including a JPY1 billion Series B in 2018 that featured Globis, YJ Capital, and Daiwa Corporate Investment. Earlier investors include Jafco, Beta Catalyst, and GaiaX Global Marketing & Ventures.

Globis is one of the most prominent VCs in Japan. It closed its sixth flagship fund last year at JPY40 billion, up significantly from Fund V, which raised JPY16 billion in 2016. In addition to IoT, areas of interest include artificial intelligence and blockchain.

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• Topics
• North Asia
• Expansion
• Support services
• Technology
• Japan
• Globis Capital Partners
• Global Brain Corporation
• The Development Bank of Japan (DBJ)