Japan Data Science Consortium (JDSC), a Japan-based artificial intelligence (AI) technology spinout of University of Tokyo, closed a ¥2.9bn ($27.5m) series B round yesterday featuring University of Tokyo Edge Capital Partners, the institution’s VC arm.
Electric utility Chubu Electric Power, air conditioner manufacturer Daikin, asset manager Sparx Group’s Mirai Creation Fund II also took part in the round, as did assorted individuals.
Financial services firms Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation (SMBC) also participated in the $24.7m equity portion of the round through Mitsubishi UFJ Capital, Mizuho Capital and SMBC Venture Capital respectively.
SMBC and Resona Bank supplied $2.8m of debt financing through the round, which pushed JDSC’s overall funding to more than $31m.
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.
– A version of this article first appeared on our sister site, Global Corporate Venturing.

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.