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Sony Network Communications, a wholly owned subsidiary of Sony, has invested $3.5 million in a seed round for Singapore Web3 tech giant, Startel Labs, in addition to another strategic collaboration. The deal was done through a private placement of new shares and had no other investors.
The two companies have announced the appointment of Jun Watanabe, president and representative director of Sony Network Communications Inc., as a director of Startel Labs, as part of the partnership.
Sony’s equity participation
According to blog postStartel Labs and Sony Network Communications plan to work toward establishing the infrastructure necessary for global adoption of Web3, drawing on Web3’s “extensive knowledge and experience” in creating critical solutions in telecommunications and other sectors.
In addition, new capital will be invested in hiring new talent to develop products and services in the Web3 space. sony network communications inc. Jun Watanabe, President and Representative Director, was quoted as saying,
“With this capital partnership, we are merging Startel Labs’ knowledge and technical capabilities in Web3 with the experience and business areas developed by Sony Network Communications to create the infrastructure needed to facilitate global Web3 adoption. We believe this partnership will contribute to the creation of great new Web3 use cases and deliver an unprecedented level of value.”
The move is part of Startel’s broader mission to build “Web3 for billions of people,” which aims to facilitate the adoption of blockchain technology by users and businesses in Japan, said the Web3 startup’s official statement.
Sony’s Web3 Boost
The subsidiary of the Japanese tech and entertainment giant used Polkadot’s innovation hub – ASTAR Network – to jointly host incubation programs with Startel Labs for Web3 advancements in February this year.
The initiative is focused on offering technical support, resources and financial support to projects in the Web3 spectrum that seek to generate viability for non-fungible tokens (NFTs) as well as Decentralized Autonomous Organizations (DAOs).
The Web3 Incubation Program was scheduled from mid-March to mid-June for any interested users worldwide.
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Sony Network Communications, a wholly owned subsidiary of Sony, has invested $3.5 million in a seed round for Singapore Web3 tech giant, Startel Labs, in addition to another strategic collaboration. The deal was done through a private placement of new shares and had no other investors.
The two companies have announced the appointment of Jun Watanabe, president and representative director of Sony Network Communications Inc., as a director of Startel Labs, as part of the partnership.
Sony’s equity participation
According to blog postStartel Labs and Sony Network Communications plan to work toward establishing the infrastructure necessary for global adoption of Web3, drawing on Web3’s “extensive knowledge and experience” in creating critical solutions in telecommunications and other sectors.
In addition, new capital will be invested in hiring new talent to develop products and services in the Web3 space. sony network communications inc. Jun Watanabe, President and Representative Director, was quoted as saying,
“With this capital partnership, we are merging Startel Labs’ knowledge and technical capabilities in Web3 with the experience and business areas developed by Sony Network Communications to create the infrastructure needed to facilitate global Web3 adoption. We believe this partnership will contribute to the creation of great new Web3 use cases and deliver an unprecedented level of value.”
The move is part of Startel’s broader mission to build “Web3 for billions of people,” which aims to facilitate the adoption of blockchain technology by users and businesses in Japan, said the Web3 startup’s official statement.
Sony’s Web3 Boost
The subsidiary of the Japanese tech and entertainment giant used Polkadot’s innovation hub – ASTAR Network – to jointly host incubation programs with Startel Labs for Web3 advancements in February this year.
The initiative is focused on offering technical support, resources and financial support to projects in the Web3 spectrum that seek to generate viability for non-fungible tokens (NFTs) as well as Decentralized Autonomous Organizations (DAOs).
The Web3 Incubation Program was scheduled from mid-March to mid-June for any interested users worldwide.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
