MODE Raises Funding from Panasonic Joint CVC Fund and SBI Investments, Bringing Total Funding to $14.9 Million | Rare Techy
November 9, 2022 5:00 PM PST
SAN MATEO, Calif., November 9, 2022 (Newswire.com) –
MODE, Inc., a Silicon Valley-based provider of IoT solutions (“MODE”) announced that it has acquired Panasonic Corporation (“Panasonic”), a venture capital (CVC) fund jointly with SBI Investment Co. Ltd, has raised funds (“SBI Investments”). This funding is the first investment of the Panasonic Kurashi Visionary Fund, which was established in July 2022. The total amount MODE has raised to date is now $14.9 million.
MODE will support the IoT/digital transformation of various business areas in which Panasonic is involved. “As digital transformation accelerates and IoT connects us, the boundaries between industries are becoming increasingly blurred. We believe this investment will strengthen our partnership with MODE and allow us to focus on creating value.” a new consumer that crosses industry boundaries in areas such as infrastructure, residential facilities, and home appliances through IoT devices.” Kunio Gohara, General Manager/CTRO (Transportation Manager), Panasonic commented.
In 2021, MODE is focusing on expanding its business in Japan, increasing customer support in the Japanese market as well as hiring more employees in the country. Previously, the adoption of IoT in Japan took a long time. However, in recent years, it has been increasingly incorporated into real operations through remote monitoring and continuous improvement of operations. By 2022, the number of companies using IoT in Japan has increased significantly. “MODE’s mission is to overcome the barriers to development in the IoT field, and they have assembled an outstanding team of engineers who will help us achieve our mission. We have high hopes for MODE’s contribution to future development. IoT space, and we want to support MODE in this effort.” Takuro Yamazaki, Director of Investment Division of SBI Investments commented.
“We believe that IoT technology/digital transformation will be the driving force for all companies to evolve their existing businesses into innovative service businesses. Speed from Silicon Valley.” Gaku Ueda, CEO/Co-Founder of MODE commented. With this funding, MODE will support companies’ digital transformation by accelerating product development of BizStack, a packaged enterprise IoT solution, and expanding engineering and business development capabilities to increase BizStack adoption in Japan and the United States.
MODE provides scalable IoT solutions that accelerate the digital transformation of the workplace. By packaging IoT technologies that have been difficult to handle, MODE offers cloud solutions that can be easily used by any company. The goal is to spread the use of factory data in various industries, revolutionize business, and create a society that is one step ahead of the rest. For more information, visit www.tinkermode.com or email email@example.com.
About Panasonic Corporation
Panasonic Corporation offers products and services for a variety of living environments, from homes to shops to offices and cities. Panasonic Corporation has five businesses at its core: Appliances and Solutions Company, Heating and A/C Refrigeration Company, Cold Chain Solutions Company, Electric Works Company and China and Northeast Asia Company. The operating company reported consolidated net sales of ¥3,647.6 billion for the year ended March 31, 2022. Panasonic Corporation is committed to fulfilling the mission of Life Tech & Ideas: For the well-being of people, society and the planet, and embraces. vision to be the best partner of your life with human-centered technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about
About SBI Investment Co., Ltd.
SBI Investment is one of Japan’s leading venture capital firms, focusing on the creation and cultivation of key industries for the 21st century. Currently, the development of new technologies is accelerating in Fintech, IoT, AI, Big Data and related fields, thus attracting global attention. SBI Investments’ investment portfolio has expanded to include these core technologies, and with current focus on areas such as Metaverse and Web 3.0, the Company will strive for public participation through joint growth with promising startups. Learn more about SBI investment: https://www.sbinvestment.co.jp/en
Source: MODE, Inc.