Idein announced on October 28 that it has raised 2 billion yen (around $19.15 million) via the third-party allotment of shares.
Underwriters include Aisin Seiki, KDDI (KDDI Open Innovation No. 3 Fund), Sojitz, DG Daiwa Ventures (DG Lab No. 1 Investment LPS), DG Ventures, Itochu Techno-Solutions, and Iwagin Jigyo Sozo Capital (Iwate New Business Creation No. 2 Fund Investment LPS). The total amount of funds raised is around 3.3 billion yen.
Idein has developed the edge AI platform "Actcast" which utilizes technology to expedite deep learning inference on inexpensive generic devices. The company has been providing its services to developers and operating companies that develop, implement, and utilize AI/IoT systems that can be deployed in practice.
The official version of Actcast was released in January 2020, with 71 companies joining its important partnership program, the Actcast Partner Program. Many underwriters for this round of financing are either operating companies or their affiliated companies, and serve as important partners that are working on the implementation of Actcast in their own company and business operations.
The funds raised will be channeled towards the gradual expansion of Actcast's operations, the formulation of business strategies that will establish the foundation for future growth, and the acceleration of Actcast's expansion through the strengthening of partnerships.