Japan-based cryptocurrency and blockchain technology developer Tech Bureau has secured ¥1.6bn ($14.6m) in funding from enterprise software producer Infoteria and investment firm Jafco, The Bridge has reported.
Tech Bureau has created an online platform called Comsa that can be used to launch initial coin offerings (ICOs). ICOs, which have become a popular fundraising tool recently, involve companies issuing their own digital currencies that investors can exchange for Bitcoin.
The company intends to follow up the equity round by launching an ICO for Comsa itself, with the proceeds set to fund the enhancement of the platform.
The equity funding will support the development and expansion of Tech Bureau’s other products, including Mijin, which operates as a private distributed ledger system, and Zaif, a cryptocurrency exchange. Tech Bureau has now raised $24m in funding altogether, according to Tech in Asia.
The company received $6.2m in May 2016 from backers including Infoteria, internet company OKWave, financial services provider Arara, financial data provider Fisco, exchange operator Money Partners Group, Nippon Technology Venture Partners and Hiroshima Venture Capital.