Japan's SoftBank announced that it has entered into a definitive agreement of investment in Energy IoT Platformer, ENCORED INC. ("Encored"). On August 1, the corporate name will change from ENCORED INC. to Encored Japan Inc. ("Encored Japan"). SoftBank will also invest in Encored USA.
Encored was established in January 2016 as a Japanese subsidiary of Encored, Inc ("Encored USA"). Encored USA is providing a platform service, "Enertalk", which offers the analysis of real-time energy data with their IoT devices to about 100,000 households worldwide. SoftBank will acquire Encored's new shares through the third-party share issuance by the end of July.
Encored Japan will provide the platform service based on their big data analysis and predictive technologies of the life pattern as well as energy usage data at home to enrich the daily life of people. Encored Japan will work together with their business partners to develop various services such as energy management assistance, diagnosis for energy efficiency of home appliances, and monitored security system for elderly person through their platform.
"I am pleased to work with Encored USA, which has excellent energy big data analysis and predictive technologies," said Ken Miyauchi, president and CEO, SoftBank. "Their technologies are indispensable to providing new energy IoT services and they will create new value by fusing energy and Internet communication. I believe that the more our business partners adopt Encored Japan's platform service operated by their own AI technologies, the more SoftBank and Encored can promote various energy services in Japan and enrich people's lives."
John Choe, CEO and founder of Encored USA, said: "Encored aims to provide useful and convenient services for various people's lifestyle based on our energy big data analysis. I believe that SoftBank is the best partner for entering not only Japan but also the global market. We will work hard to develop the best IoT platform service by combining Encored's energy big data technologies with SoftBank's various technologies."