Japanese IT firm Nulab raises $5 mil. in venture capital for software development
TOKYO, NNA - Japanese information technology services provider Nulab Inc. has raised a combined $5 million from three venture capital firms to perfect its internet security software, the company said on Tuesday.
Nulab raised the funds through a private placement of new shares to three investment funds in which NOW Inc., XTech Ventures, Inc. and Shinsei Corporate Investment Ltd each invests.
Nulab will use most of the funds to develop its "Nulab Pass" security software. The Japanese and English-language software will be designed to let users quickly and safely sign into multiple applications with only one name and password. Nulab aims to release the software in mid-2020.
The 16-year-old company will look for Nulab Pass customers across industries, a spokeswoman at Nulab told NNA on Friday. She declined to disclose current or target revenues.
Nulab expects its security software to get special attention now as companies become more aware of internet security and employees work increasingly at home – reliant on computer networks – because of the coronavirus spread.
Some of the $5 million will go toward hiring developers in its U.S. and Netherlands offices. They would work on Nulab’s international marketing.
Fukuoka-based Nulab has sold the existing software to more than 6,000 companies in Japan, Singapore, Taiwan and the United States. Those products include the bug-tracking software Backlog, the Cacoo cloud-based diagramming software and its chat app Typetalk.