SAN MATEO, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- MODE, Inc., a Silicon Valley based IoT solutions provider ("MODE") announced that it has raised funds from Panasonic Corporation ("Panasonic"), a corporate venture capital (CVC) fund jointly managed with SBI Investment Co. Ltd ("SBI Investment"). This financing is the first investment by the Panasonic Kurashi Visionary Fund, which was established in July 2022. MODE's total amount raised to date is currently at $14.9 million.
MODE will provide support to the IoT/digital transformation of a wide range of business domains in which Panasonic is involved. "As digital transformation accelerates and the IoT connects us, the boundaries between industries are becoming very blurred. We believe that this investment will strengthen our partnership with MODE and enable us to focus on creating new customer value that transcends industry boundaries in areas such as infrastructure, residential facilities, and home appliances through IoT devices." commented Kunio Gohara, General Manager / CTRO (Chief Transformation Officer), Panasonic.
In 2021, MODE focused on expanding its business in Japan, enhancing customer support in the Japanese market as well as hiring more employees in the country. Previously, the adoption of IoT took a long time in Japan. However, in recent years, it has been increasingly incorporated into actual operations through remote monitoring and continuous improvement of operations. By 2022 the number of companies utilizing IoT in Japan have increased significantly. "MODE's mission is to break through the barriers to progress in the IoT field, and they have assembled a team of outstanding engineers who will help us achieve our mission. We have high expectations for MODE's contribution to the future development of the IoT field, and we would like to support MODE in this endeavor." commented Takuro Yamazaki, Investment Department Manager of SBI Investment.
"We believe that IoT/digital transformation technology will be indispensable for all companies to evolve their existing businesses into modern service businesses. We would like to help accelerate the evolution of Panasonic, which has significant businesses in a wide range of fields, with technology and speed from Silicon Valley." commented Gaku Ueda, CEO/Co-Founder of MODE. With this financing, MODE will support the digital transformation of enterprises by accelerating product development of BizStack, a packaged enterprise IoT solution, and expanding engineering and business development capabilities to increase the adoption of BizStack in Japan and the U.S.
About MODE
MODE provides scalable IoT solutions that accelerate worksite digital transformation. By packaging IoT technologies that have been difficult to handle, MODE offers cloud solutions that can be easily used by any company. The goal is to spread the use of worksite data in various industries, to revolutionize business, and to realize a society that is one step ahead of the rest. For more information, visit www.tinkermode.com or email info@tinkermode.com.
About Panasonic Corporation
Panasonic Corporation offers products and services for a variety of living environments, ranging from homes to stores to offices and cities. There are five businesses at the core of Panasonic Corporation: Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, Electric Works Company and China and Northeast Asia Company. The operating company reported consolidated net sales of 3,647.6 billion yen for the year ended March 31, 2022. Panasonic Corporation is committed to fulfilling the mission of Life Tech & Ideas: For the well-being of people, society and the planet, and embraces the vision of becoming the best partner of your life with human- centric technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about
About SBI Investment Co., Ltd.
SBI Investment is one of Japan's leading venture capital firms, focusing on the creation and cultivation of key industries for the 21st century. Currently, the development of new technologies is accelerating within the Fintech, IoT, AI, Big Data and related fields, thus attracting global attention. SBI Investment's investment portfolio has expanded to include these core technologies, and with now focusing on areas such as Metaverse and Web 3.0, the Company will strive for public contribution through a mutual growth with promising startups. Learn more about SBI Investment: https://www.sbinvestment.co.jp/en
Contact Information:
Gaku Ueda
CEO/Co-founder of MODE, Inc
info@tinkermode.com
Related Images
Image 1: MODE
MODE Raises Funds From Panasonic and SBI Investment's Joint CVC Fund, Reaching Total Funding of $14.9 Million
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