DBJ, SMBC, Mitsubishi UFJ back Japan's Adinnovation

Set up in 2010, Adinnovation's main product is Adstore Tracking, a service used for analyzing the effectiveness of advertising campaigns and promotions made via smart phone applications.

According to a release, the company intends to use this injection of capital to takes its product overseas and establish itself as a market leader in the smart phone app business tool space.

This is the second VC investment to come out of Japan's mobile space in the space of a week. On Thursday, It was reported that KDDI Open Innovation Fund joined CyberAgent Ventures and Japanese entertainment company FuRyu in committing a total JPY230 million to Japanese mobile game developer Mutations Studio.

During last month's AVCJ Japan Forum, venture capital investors remarked that the mobile internet space held the most promise in a largely untapped Japanese VC space.

"In the past, the US was ahead when it came to offering internet services but with the migration to smartphones and mobile internet, countries like Japan and Korea are becoming major players," said Soichi Tajima, president of CyberAgent Ventures. "There is room to create more business in emerging economies and this is where Japanese VCs can play a role."

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• Topics
• Media
• Technology
• North Asia
• Venture
• Japan
• Venture
• Mitsubishi UFJ Capital
• TMT
• The Development Bank of Japan (DBJ)