Japan-based key technology startup Bitkey has raised ¥2.2bn ($20.6m) in series A funding from backers including an investment vehicle for property developer Hankyu Hanshin Properties.
The funding represented the first tranche of a series A round and also featured Shinsei Corporate Investment, a subsidiary of financial services firm Shinsei Bank, as well as investment bank Goldman Sachs and private equity firm Mercuria Investment Japan’s BizTech Fund.
Financial services firms including Resona Bank and Mizuho Bank have provided a ¥460m ($4.3m) loan in addition to the series A financing.
Founded in 2018, Bitkey has developed an identity authentication platform in addition to a subscription-based smart lock system called Bitkey Lite which can facilitate services such as home delivery, housekeeping and cleaning.
The series A fundraising process is ongoing, and additional capital is expected to be provided by other corporates, including Bitkey’s business partners, on the way to a final close expected to take place before the end of this year.
Bitkey had received $6.9m from real estate developer Mori Trust and several angel investors in June 2019, having collected $3.1m six months earlier from digital advertising technology provider Voyage Group’s corporate venturing subsidiary, Voyage Ventures, and unnamed angel investors.
