The CEO of SBI Holdings, Yoshitaka Kitao, who is also a member of Ripple’s board of Director, has announced that SBI Holdings is leading an investment round where German Venture capital firm RedStone Digital is looking to raise €200 million.
The fund, when raised, is to be invested in growing startups that are specialized in industry 4.0.
Redstone in a release said the fund would be dedicated to startups in Europe alone. The initiative, known as Future Industry Ventures Fund (FIV), was co-developed by Redstone and Japanese SBI Group.
The Berlin-based venture capital firm said the initiative was designed to invest about €10 million in each efficacious startup in their later growth phases. The opportunity would be granted to Europe-based companies that explore areas like Internet of Things (IoT), Smart Factory, industrial robotics, machine learning and cloud computing, among others.
The CEO and cofounder at Redtsones, Samuli Sirén, showed the pleasure of having SBI Holdings as part of their initiative. He said FIV aims at promoting and developing successful business models among competitive and prolific startups in Europe. Redstone uses AI-driven solutions to ensure accuracy in discovering companies.
Sirén said Redstone sees Industry 4.0 as fecund and ideal areas for such investment, adding that his company understands how important it is to further digitize the working world to help promote the world economy.
Kitao said SBI Holdings joined the joint venture due to Europe’s technological and innovative expertise in developing a sustainable solution for the industry.
According to SBI Holdings, Redstone Digital has invested in over 300 startups since its establishment in 2014.
SBI said the FIV initiative opens individual and cooperate investors in Europe and Asia to sealing a strategic partnership with portfolio companies.
SBI Holdings and Ripple
As far back as 2016, Ripple and Japanese giant SBI Holdings, Inc. had formed a strategic synergy, creating a joint company known as SBI Ripple Asia with the aim of promoting the use of Ripple cross-border solutions at banks in regions like China, Japan, Korea, Taiwan, among other countries.
Since then, Ripple enjoyed numerous adoptions of its technology among banks and other financial institutions in the region.
Recently, the second largest bank in Japan, Sumitomo Mitsui Banking Corporation (SMBC), signed a deal with SBI Holdings to build a blockchain-based financial service platform. Via the deal, SMBC will be investing in Ripple and SBI Holding codeveloped payment application MoneyTap. As published by NewsLogical, not less than 34 banks have investments in MoneyTap.
Also, SBI Holdings recently revealed in a financial report indicating that it will integrate Ripple blockchain solution, MoneyTap, into ATMs across Japan.