KDDI Open Innovation Fund III Additionally Invests in Parallel Inc., Provider of the Hangout App That Allows Users to Play With Friends

March 20, 2024

KDDI CORPORATION

KDDI additionally invested in Parallel Inc. (Headquarters: Minato-ku, Tokyo; Representatives: Jo Aoki and Taiki Toshihara; hereinafter "Parallel"), a provider of a hangout app that enables users to have fun with friends through the KDDI Open Innovation Fund III (operated by Global Brain Corporation; hereinafter "KOIF III") which aims to incubate new business co-creations with promising venture startups.

Since August 2019, Parallel has been providing the "Parallel" app that enables users to enjoy contents such as games, videos, and music with friends.
"Parallel" is an SNS that provides a social space similar to being at a friend's house, the usual hangout, or an after-school classroom as an online gathering spot. As of December 2023, the app, which is primarily popular amongst the young generation, had been downloaded 4 million times. Additionally, in August 2023, 9,555 schools, which is approximately 70% of middle schools and high schools in Japan, participated in a gaming event hosted by Parallel.

KDDI, through this additional investment, aims to generate new experience value by combining entertainment services provided by "Parallel" and KDDI, and will continue to provide support to increase "Parallel" customers and achieve business growth.

As "the company that customers feel closest to," KDDI will continue to promote business co-creation through investment in promising startup companies, and create new business models together with customers and partners.

MUGENLABO Magazine
Providing excellent spaces to enjoy your time with friends online - Parallel (in Japanese only)

(Reference)

• ■Overview of Parallel

  • (1)

    • Company name

      : Parallel Inc.

  • (2)

    • Headquarters

      : Minato-ku, Tokyo

  • (3)

    • Date founded

      : July 2017

  • (4)

    • Business activities

      : Planning, development, and operation of Internet businesses

  • (5)

    • Representatives

      : Jo Aoki and Taiki Toshihara

  • (6)

    • URL

      : https://www.parallelcorp.com/ (in Japanese only)

• ■About KDDI Open Innovation Fund

  KDDI Open Innovation Fund is a corporate venture fund that supports a broad range of venture companies. The currently active KDDI Open Innovation Fund III focuses on the areas of AI, IoT, data marketing, fintech, B2B SaaS, and entertainment with a total operating fund of 20 billion yen.