Startbahn verifies $2.8m

Startbahn, a Japan-based developer of blockchain-powered verification technology for fine art, has attracted ¥310m ($2.8m) in a round featuring University of Tokyo Edge Capital (Utec), the institution’s venture capital arm, TechCrunch reported yesterday.
The deal also included marketing firm Dentsu along with IT and fintech-focused investment firm SX Capital and private investor Ryutaroh Katayama.
Founded in 2014, Startbahn has created a decentralised blockchain ledger called the Art Blockchain Network that is able to record information on the providence of valuable works of art.
The system has been created to lend authenticity and openness to records of art ownership and exhibitions – key factors in ruling out counterfeits and determining value. It capitalises on blockchain’s interoperability and resilience against tampering.
The capital will go towards further development of Startbahn’s technology and business structure as it aims to promote business development in Japan and internationally through measures including partnerships and joint ventures.
Startbahn announced collaborations with five corporates including real estate developer Tansei Corporation in November 2018.
Ryutaroh Katayama is to become an external director at Startbahn in connection with his investment, while Kazuko Ohno, chief executive of payment technology provider Anypay, has been named chief operating officer.
Startbahn previously received $900,000 in seed funding from Utec in July 2018, according to TechCrunch. The company’s founding team includes Taihei Shii, a professor of painting at Tama Art University.