Japan-based digital asset management platform WealthNavi has raised ¥4bn ($35.5m) in funding through a capital increase from investors including electronics producer Sony’s Innovation Fund.
SBI Group also participated in the capital increase along with SMBC Venture Capital, Mizuho Capital and Mitsubishi UFJ Capital, respective subsidiaries of fellow financial services firms Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank and Mistubishi UFJ.
Investment firm Global Brain and Mirai Creation Fund, a vehicle managed by Sparx Asset and backed by SMBC and carmaker Toyota, filled out the round along with private investor Kotaro Chiba.
The company said the round consisted of $22.2m through an allocated capital increase and $13.3m in loans from multiple financial institutions.
WealthNavi provides a robo-advisor platform that uses artificial intelligence to help middle-income users diversify their assets internationally. It has now raised approximately $96m in debt and equity financing since it was founded in 2015.
SMBC Venture Capital, Mizuho Capital, Mitsubishi UFJ Capital and Gree Ventures, part of digital media company Gree, joined Development Bank of Japan unit DBJ Capital, Infinity Venture Partners to invest $4.8m in WealthNavi in 2015.
The following year the company raised another $14.5m in a series B round featuring Mizuho Capital, SMBC Venture Capital, DBJ Capital, SBI Holdings and Infinity Venture Partners. The first three joined Sony Innovation Fund, Mirai Creation Fund and Global Brain to provide $41m in February 2018.