Japan-based logistics technology provider Ground raised ¥1.71bn ($15.8m) yesterday in a round featuring consumer electronics producer Sony’s Innovation Fund and leasing services firm JA Mitsui Leasing.
Public-private investment partnership Innovation Network Corporation of Japan led the round, providing approximately ¥1bn, according to The Bridge. IMM Investment and its Japanese subsidiary IMM Investment Group Japan also participated, as did an entity called Sapphire Capital.
Ground has developed an innovative technology called LogiTech to address hardware and software issues encountered in the logistics industry. It focuses on areas such as logistics, supply chain, data science and marketing.
The company will put the proceeds toward accelerating its distribution, logistics and e-commerce businesses, as well as implementing Intelligent Logistics through technologies including artificial intelligence (AI) and robotics. The round follows an $8.9m commitment from home builder Daiwa House in June 2017.
Ground chief executive Hiratomo Miyata said: “Ground was founded in 2015 with the strong desire to create new value in the Japanese e-commerce and logistics industries and to promote logistics reform.
“Going forward, we will work to further expand our business and aim to improve our corporate value by disrupting the domestic and global logistics space.”
Jun Kitagawa, a senior investment manager for Sony Innovation Fund, added: “Ground’s hybrid model, which combines management team’s technology with industry know-how, can provide a ‘grounded’ solution to face major social challenges such as labour shortages in the logistics industry.
“We look forward to the company’s further growth and ground-breaking experiences for our clients.”
