Japan-based artificial intelligence (AI) technology developer Japan Data Science Consortium (JDSC) closed a ¥2.9bn ($27.5m) series B round yesterday featuring electric utility Chubu Electric Power and air conditioner manufacturer Daikin.
Financial services firms Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation (SMBC) took part in the $24.7m equity portion of the round through Mitsubishi UFJ Capital, Mizuho Capital and SMBC Venture Capital respectively.
Asset manager Sparx Group’s Mirai Creation Fund II and University of Tokyo Edge Capital Partners filled out the equity portion along with unnamed private investors. SMBC and Resona Bank supplied $2.8m of debt financing through the round, which pushed JDSC’s overall funding to more than $31m.
Spun out of University of Tokyo, JDSC is working on AI algorithm-powered digitisation services for enterprise customers and partners.
The company’s products can be applied to areas including demand forecasting for production and frailty detection in elderly care, as well as avoiding failed delivery attempts due to the absence of the recipient. It will use the funding to accelerate the implementation of its technology across sectors in Japan.
JDSC had raised an undisclosed amount of funding in November 2019 from University of Tokyo’s Matsuo Lab-backed Deep30 fund, lifting its total funding at the time to $4.4m. It had received $1.3m four months earlier from cram school operator Surugadai Gakuen and publisher Tohan.
