Japan-based financial technology developer LayerX has raised ¥3bn ($27.9m) from internet firm Yahoo Japan’s corporate venturing unit, YJ Capital, as well as venture capital firms Anri and Jafco.
Founded in 2018, LayerX is working on blockchain-powered fintech tools intended to accelerate digital transformation (DX) efforts for private and public entities including large corporations and government agencies.
The round represents LayerX’s first external funding since a management buyout carried out in August 2019, according to The Bridge. The cash will be used for product commercialisation and development as well as recruitment purposes.
LayerX is the first Japan-based group to participate in crypto-focused nonprofit Ethereum Foundation’s entrepreneurial support initiative, Ethereum Foundation Grants Program.
The company also formed a strategic collaboration agreement with financial services firm Mitsubishi UFJ Financial Group in November 2019, and set up a blockchain-based asset management firm with diversified conglomerate Mitsui & Co dubbed Mitsui & Co Digital Asset Management in April this year.
YJ Capital CEO Shinichiro Hori said: “Everything is going online. Since the establishment of YJ Capital, we have been working under the investment strategy of the internet applied to real-life businesses.
“In 2020, the time has come to advocate DX as a standard-bearer of change in the industrial structure – the internet and blockchain are indispensable tools for the DX process.” (Translated from Japanese by Global Corporate Venturing)
