Japan-based digital asset management platform WealthNavi yesterday collected ¥4.1bn ($37.6m) in funding from investors including digital marketing firm Opt, IT company NEC Corporation and consumer electronics producer Sony.
The three participated through respective investments vehicles Opt Ventures, NEC Capital Solutions and Sony Financial Ventures – the latter a joint venture with Global Brain.
They were joined by the respective corporate venturing divisions of financial services firms Sumitomo Mitsui Banking Corporation, Mizuho Bank and Resona: SMBC Venture Capital, Mizuho Capital and Resona Capital.
UTokyo Innovation Platform, the venture capital arm of University of Tokyo, and asset manager Sumitomo Mitsui Trust Investment’s Japan Co-Invest fund also took part, as did Development Bank of Japan’s DBJ Capital unit and Chiba Dojo Fund.
Founded in 2015, WealthNavi operates a robo-advisory platform that relies on artificial intelligence technology to assist users with diversifying their portfolio internationally.
The company has now raised approximately $134m in equity and debt financing altogether.
Sony previously contributed to a $35.5m funding round in November 2018 through its Innovation Fund, participating alongside financial services group SBI, SMBC Venture Capital and Mizuho Capital.
Mitsubishi UFJ Capital, an investment subsidiary of financial services firm Mitsubishi UFJ Financial Group, also backed that round, as did Global Brain and Mirai Creation Fund – backed by SMBC and carmaker Toyota – and private investor Kotaro Chiba.
The November 2018 round consisted of $22.2m in equity and $13.3m in debt financing.
Sony Innovation Fund, Mirai Creation Fund and Global Brain had already participated in a $41m round in February 2018 together with Mizuho Capital, SMBC Venture Capital and DBJ Capital.
Mizuho Capital, SMBC Venture Capital, DBJ Capital, SBI Holdings and Infinity Venture Partners had provided $14.5m in series B funding in 2016.
SMBC Venture Capital, Mizuho Capital, Mitsubishi UFJ Capital and Strive (then known as Gree Ventures), an investment division of digital media firm Gree, previously backed a $4.8m round in 2015 alongside DBJ Capital and Infinity Venture Partners.
