University of Tsukuba-founded submarine drone maker FullDepth secured capital from investors including Sumitomo Forestry’s Tsukuba Research Institute and Mitsui Sumitomo Capital.
FullDepth, a Japan-based submarine drone manufacturer spun out of University of Tsukuba, has received approximately ¥340m ($3.1m) in a round backed by Tsukuba Research Institute, an R&D centre owned by housing and wood products group Sumitomo Forestry.
Corporate-backed investment fund Drone Fund led the round, with contributions from insurance group Mitsui Sumitomo’s investment subsidiary, Mitsui Sumitomo Capital, and venture firm Beyond Next Ventures.
The transaction took place in April 2019, however full details had not emerged until now.
Founded in 2014, FullDepth has launched an underwater drone branded DiveUnit 300 that can reach depths of 300 metres to undertake subsea activities including infrastructure surveyance, inspection and maintenance, as well as data collection for insurance purposes.
The capital will support FullDepth’s efforts to shore up the business and mass produce underwater drones for its customers as it prepares to enter international markets.
FullDepth raised an undisclosed amount of angel funding from unnamed investors in March 2016, according to TechCrunch, adding $1.7m in series A capital the following year from investors including SMBC Venture Capital, the corporate venturing arm of financial services firm Sumitomo Mitsui Banking Corporation.
Mitsui Sumitomo Capital and Beyond Next Ventures also featured in the series A round, as did Freebit Investment, a VC vehicle wholly owned by internet and telecommunications services provider Freebit.
