SoftBank Corp. (headquartered in Minato-ku, Tokyo; President & CEO: Ken Miyauchi; hereinafter “SoftBank”) today agreed to invest in Encored, Inc. (headquartered in Shinjuku-ku, Tokyo; President & CEO: John Choe; hereinafter “Encored”) engaged in the energy IoT platform business.
Accompanying the investment, Encored will change its company name to “ENCORED JAPAN Inc.” (headquartered in Minato-ku, Tokyo; President & CEO: Akihiko Nakano; hereinafter “ENCORED JAPAN”) as of August 1, 2017.
Encored was established in January 2016 as a Japanese subsidiary of Encored, Inc. (headquartered in California, USA; CEO & Founder:
John Choe, hereinafter “Encored”), providing “ENERTALK,” a platform service based on real-time analysis of energy data using IoT devices installed in homes of approximately 100,000 households in South Korea and other global markets. SoftBank has subscribed for a third-party allocation of Encored and expects to complete the investment by the end of July 2017. ENCORED JAPAN will work with its business partners to realize a range of services, from effective electricity-saving advice to energy efficiency diagnostics for home appliances, and watching over the elderly, through the provision of platform services that analyze and predict user lifestyle patterns and improve the convenience of their lives.
Accompanying this investment, SoftBank will also invest in Encored.
Ken Miyauchi, President & CEO of SoftBank, commented on the agreement as follows.
“Excellent energy big data analysis and predictive technology of Encored are key elements in enabling energy IoT services that create new value in the fusion of energy and communications. We are very pleased to be working together to expand our business in Japan through this investment. SoftBank and Encored will promote the provision of a variety of energy services in Japan with ENCORED JAPAN’s energy data analysis platform using its proprietary AI technology for many business partners. By this, we believe that we can enrich people’s lifestyles.”
John Choe, CEO & Founder of Encored commented as follows.
“Encored aims to provide people with convenient services tailored to their lifestyles through energy big data. We believe that this investment and collaboration with SoftBank was an excellent encounter with the finest partner not only in Japan but also in aiming for a global market. We will do our best to develop optimal services for our users by combining Encored’s technology based on energy big data with SoftBank’s various technologies”
|Company Name||ENCORED JAPAN Inc.|
|Date of Foundation||Monday, January 4, 2016|
|Head Office||1-9-2 Higashi-shimbashi, Minato-ku, Tokyo 105-0021|
|Representative||Akihiko Nakano, President & CEO|
|Capital||300 million yen (As of the end of July 2017)|
|Composition of Shareholders||SoftBank Corp.: 50.1%
Encored, Inc.: 49.9%
|Business Profile||Development, sales and import/export of big data-related products, software and services|
* The services ENCORED JAPAN plans to offer will be partially displayed at SoftBank World 2017 (July 20-21). On the second day, July 21 at 5:30 PM, Encored CEO & Founder John Choe and ENCORED JAPAN President & CEO Akihiko Nakano will give presentation.
ENCORED JAPAN will continue to work with business partners to provide safe and comfortable lifestyles through the use of new energy IoT platforms.