Abeja, a Japan-based retail analytics technology developer backed by state-backed Innovation Network Corporation of Japan (INCJ), has increased the size of its series B round to $7m.
The company raised $5m last month from INCJ and Archetype Ventures, the venture capital branch of startup network operator Archetype, mobile network NTT Docomo and IT services provider Sakura Internet.
The additional cash was invested by Inspire PNB Partners, a joint venture between investment firm Inspire and Malaysian state-owned fund manager Permodalan Nasional Berhad.
Abeja provides retailers with visual analytics technology that enables them to better structure their stores in order to improve in-store traffic and customer retention. The series B round will provide the basis for growth in Southeast Asia.
Abeja had previously received an undisclosed amount from NTT Docomo’s corporate venturing unit, NTT Docomo Ventures, in 2014, before Sakura Internet, Inspire, Mitsubishi UFJ Capital and Mizuho Capital invested a six-figure dollar sum later the same year.
– This story was first published by our sister site Global Corporate Venturing.