Floadia flows towards $14.5m series B

Innovation Network Corporation of Japan has taken part in a $14.5m series B round for storage technology developer Floadia.

Japan-based storage technology producer Floadia has closed a $14.5m series B round that included public-private partnership Innovation Network Corporation of Japan (INCJ), according to FinSMEs.

The round also featured Fortune Venture Capital, a fund managed by UMC Capital, the corporate venturing arm of semiconductor foundry UMC, and TEL Venture Capital, the investment arm of semiconductor manufacturer Tokyo Electron.

Remaining backers included Chih-Hung Investment, Golden Asia Fund Ventures, Innovation and Future Creation, Daiwa Corporate Investment, SBI Investment and Real Tech Fund.

Floadia, founded in 2011, is working on embedded flash memory intellectual property, including manufacturing processes and circuit designs, that it licenses to producers.

The money will support an expansion into additional verticals, including automotive, internet of things and mobile devices.

In 2015, INCJ contributed to a $7.3m series A round alongside Daiwa and Mitsubishi UFJ Capital, the investment division of financial services firm Mitsubishi UFJ Financial.

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