Miyako Capital has participated in the second close of an $11.4m round Floadia, whose investors already include Innovations and Future Creation.
Floadia, a Japan-based flash memory intellectual property (IP) producer indirectly backed by Tokyo Institute of Technology, completed a ¥1.2bn ($11.4m) series C round on Monday, closing a second tranche featuring Miyako Capital, an investment vehicle for Kyoto University.
Advanced materials and healthcare group Teijin led the ¥510m second close, investing alongside venture capital fund Idaten Ventures, Marubeni Ventures and NEC Capital Solutions, corporate venturing units for conglomerate Marubeni and IT services firm NEC Corporation respectively.
The company had reached a ¥530m first close for the round in 2019 that was led by TEL Venture Capital, a subsidiary of semiconductor production equipment manufacturer Tokyo Electron, in addition to ¥180m of debt financing from Japan Finance Corporation.
Founded in 2011, Floadia designs embedded non-volatile memory chips which allow a computer or another device to recover information and data after being rebooted. It will use the funding to expand its embedded memory IP and come up with new semiconductor devices with higher processing power.
TEL Venture Capital helped Floadia close a $14.1m series B round in 2017 alongside Innovations and Future Creation, Chih-Hung Investment, Daiwa Corporate Investment, Fortune Venture Capital and SBI Investment, which invested on behalf of Tokyo Institute of Technology, fabless silicon technology provider Faraday Technology Corporation, brokerage Daiwa Securities, semiconductor foundry UMC and financial services firm SBI Holdings.
The 2017 round included Golden Asia Fund Ventures, a joint venture between financial services group Mitsubishi UFJ and the Taiwan state-owned Industrial Technology Investment Corporation; Real Tech Fund, a fund run by microalgae producer Euglena and financial services group SMBC; and Innovation Network Corporation of Japan (INCJ).
INCJ and Daiwa Corporate Investment had preiously contributed to a $6.4m round for the company in 2015 together with Mitsubishi UFJ subsidiary Mitsubishi UFJ Capital.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
