Samsung Next partnership with Startale Labs to drive Web3 innovation

Samsung Next, the venture capital arm of South Korean tech giant Samsung, just called dips in the Soneium Spark program by being an investor in Startale Labs.

While Samsung did not reveal the specifics of the investment, Samsung Next investor John Yim shared in a blog post that the investment will support Startale Labs, a leader in addressing key challenges within the Web3 ecosystem.

Startale Labs: Pioneering Web3 infrastructure

Founded in 2023 by Sota Watanabe, Startale Labs was created to align with Astar Network and accelerate its growth. Initially an independent initiative, Startale Labs later entered into a joint venture with Sony Network Communications Inc.

Both Startale Labs and Astar Network were founded by Watanabe, who also serves as the director of Sony Blockchain Solutions Labs, the entity behind Soneium, an Ethereum Layer-2 blockchain.

Sony's Soneium aims to make Web3 more accessible to users while offering meaningful use cases. The network leverages optimistic rollups built with the Optimism OP stack and integrates the Astar zkEVM infrastructure from Startale Labs.

The Soneium Spark program, an incubation initiative, seeks to attract Web3 developers to build decentralized applications (dApps) on the blockchain by offering investments of up to $100,000 per team.

In his blog post, Yim emphasized that Samsung Next’s participation in the incubator is aimed at "nurturing a community of visionary creators and innovators," with the goal of turning innovative ideas into practical solutions that foster long-term growth within the Web3 sector.

Samsung’s involvement aligns it with other key blockchain players, including Circle, Alchemy, Chainlink, and The Graph, as well as Sony subsidiaries like Sony Music and Sony Pictures, who are also participating in the Soneium Spark program.

Earlier this year, Startale Labs secured $3.5 million in an extended seed funding round from Samsung Next and United Overseas Bank Venture Management. However, it remains unclear if this funding is connected to the recent investment mentioned by Yim.

Japan's growing hub for Web3 innovation?

The Web3 landscape in Japan is growing at a very fast pace. The Japanese government has in recent years shown its support for Web3. Some have even claimed that Japan has already emerged as one of the most promising hubs in Asia.

Japan is also the leader in Web3 innovation due to its tech-savvy populace and robust government support. Web3 technology development is also further aided by the nation's well-established gaming and finance industries.

Samsung’s Expanding Footprint in Web3

Samsung has been gradually increasing its involvement in the Web3 space through various partnerships and initiatives. Last year, the company collaborated with the Polygon-based streaming service Savage to launch its app on Samsung smart TVs.

In 2022, Samsung also partnered with Theta Labs to offer exclusive NFTs to customers who preordered their smartphones.

Additionally, Samsung is a key partner in the Bank of Korea’s development of a central bank digital currency (CBDC), focusing on creating a digital currency ecosystem that can operate even without internet connectivity.

Samsung Next's investment in Startale Labs thus demonstrates its conviction that decentralized technologies have the ability to fundamentally alter the digital economy.

Samsung hopes to promote creativity and assist in the development of a community of forward-thinking creators and innovators by becoming a member of the Soneium Spark Incubation Program.

The goal of this program is to ensure long-term success in Web3 business by transforming ideas into products that are ready that are ready for the market.

The collaboration between Startale and Samsung Next represents an advancement in the creation and uptake of Web3 technology. The progress in the decentralized digital economy is expected as a result of this partnership, opening the door to a more transparent, safe and just future.