Floadia Corporation, a Tokyo, Japan-based developer of embedded flash memory IP, closed its Japanese yen 1.6 billion (approx. US$14.5m) Series B funding.
The investment has been funded by:
– Fortune Venture Capital Corporation (one of the funds collectively known as UMC Capital),
– Chih-Hung Investment Corporation,
– Innovation Network Corporation of Japan,
– Golden Asia Fund Ventures Ltd.,
– Daiwa Corporate Investment Co., Ltd.,
– SBI Investment Co. Ltd.,
– Real Tech Fund,
– Innovations and Future Creation,
– TEL Venture Capital.
The company intends to use the funds to expand its embedded flash IP business into applications such as automotive, low-cost IoT device and mobile device markets.
Established in 2011 by experienced engineers who were developing embedded non-volatile memory at Renesas Electronics Corporation and led by President Kosuke Okuyama, Floadia licenses its intellectual property (IP), including manufacturing process and circuit designs, enabling embedded non-volatile memory production.
Two years ago, in 2015, the company raised 800 million JPY (US$7.3 million) in Series A funding from INCJ, Mitsubishi UFJ Capital Co., Ltd. and Daiwa.