Cerevo Fundraises USD3M From Three Japanese Venture Funds

Tokyo-based Internet-enabled consumer electronics developer Cerevo[J], who is known for having introduced a series of Ustream encoder products for streamcasters, fundraised approximately USD3M (=JPY250M) by allocating new shares to Enova[J], Inspire Corporation and Neostella Capital.   Enova is a venture fund founded by several semiconductor manufacturers/retailers, Inspire is a VC-firm owned by Mr. Makoto Naruke who is the former president of Microsoft Japan, and Neostella is also a VC firm co-founded by Japanese three major life insurance companies.   Cerevo keeps USD1.5M (=JPY125M)  as a reserve capital and became worth about USD2.5M (=JPY204.6M).
Mr. Takuma Iwasa, the CEO and founder of the company, says, it intends to accelerate the development of new products and international marketing by using the fundraised money.
Via: TechCrunch Japan[J], CNET Japan[J]
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