Silicon Valley based IoT startup MODE announces new funding to accelerate growth

MODE, a Silicon Valley based IoT solutions provider, announced it has raised funds from Panasonic Corporation (Panasonic), a corporate venture capital (CVC) fund jointly managed with SBI Investment. This financing is the first investment by the Panasonic Kurashi Visionary Fund, which was established in July 2022. MODE's total amount raised to date is currently at $14.9 million.

MODE will provide support to the IoT/digital transformation of a wide range of business domains in which Panasonic is involved.

Kunio Gohara, General Manager, Chief Transformation Officer, Panasonic: "As digital transformation accelerates and the IoT connects us, the boundaries between industries are becoming very blurred. We believe that this investment will strengthen our partnership with MODE and enable us to focus on creating new customer value that transcends industry boundaries in areas such as infrastructure, residential facilities, and home appliances through IoT devices." 

In 2021, MODE focused on expanding its business in Japan, enhancing customer support in the Japanese market as well as hiring more employees in the country. Previously, the adoption of IoT took a long time in Japan. However, in recent years, it has been increasingly incorporated into actual operations through remote monitoring and continuous improvement of operations.

By 2022 the number of companies utilizing IoT in Japan have increased significantly. "MODE's mission is to break through the barriers to progress in the IoT field, and they have assembled a team of outstanding engineers who will help us achieve our mission. We have high expectations for MODE's contribution to the future development of the IoT field, and we would like to support MODE in this endeavor." commented Takuro Yamazaki, Investment Department Manager of SBI Investment.

Gaku Ueda, CEO and Co-founder, MODE: ''We believe that IoT/digital transformation technology will be indispensable for all companies to evolve their existing businesses into modern service businesses. We would like to help accelerate the evolution of Panasonic, which has significant businesses in a wide range of fields, with technology and speed from Silicon Valley. With this financing, MODE will support the digital transformation of enterprises by accelerating product development of BizStack, a packaged enterprise IoT solution, and expanding engineering and business development capabilities to increase the adoption of BizStack in Japan and the U.S.''

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