Osaka, Japan - Panasonic Corporation (President & CEO: Masahiro Shinada; Head office: Minato-ku, Tokyo; hereinafter "Panasonic") today announced its decision to invest (convertible note investment*) in MODE, Inc. (CEO & Co-Founder: Gaku Ueda; Head office: San Mateo, CA, USA; hereinafter "MODE"), an IoT connected platform and development support service provider, through a corporate venture capital fund ( common name: Panasonic Kurashi Visionary Fund), which Panasonic runs jointly with SBI Investment Co., Ltd. This is the first investment after the establishment of the Kurashi Visionary Fund.

MODE offers sensor platforms and related software services that enhance the operations of any enterprise. Its advantage lies in its flexible approach to business processes that vary depending on the company, in addition to essential features such as real time, large scale, high reliability, and advanced security. Through its partnership with MODE, Panasonic hopes to strengthen its technologies and expertise in recurring businesses, where services (e.g., monitoring, data analysis, visualization, maintenance, or connection to other systems) are provided based on the data collected from our devices or those of other companies, in order to develop and offer more competitive IoT solutions.

The demand for IoT solutions is high in all business settings, with approximately 27 billion IoT devices expected to be connected by 2025. Solutions for using data extracted from devices are essential for expanding service businesses (recurring businesses) that involve hardware.

Panasonic, with its mission of achieving the well-being of people, society, and the planet, endeavors to be the best partner of people's lives with human centric technology and innovation. The company will continue to encourage open innovation based on strong partnerships, through investments in promising startups in Japan and overseas that are competitive in business areas closely related to living, such as energy, food infrastructure, spatial infrastructure, and lifestyle.

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Panasonic Corporation published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 07:10:07 UTC.