Two startup companies supported by the Okinawa Institute of Science and Technology Graduate University (OIST) have received a combined total of two million yen in grants from The Bank of Okinawa. The grants were awarded at a ceremony held on May 21 at the OIST campus.
In 2021, OIST and The Bank of Okinawa signed a Memorandum of Understanding to work together on various initiatives, including supporting the OIST Innovation Accelerator, fostering an innovation ecosystem in Okinawa, and encouraging sustainable growth in the local economy. Since then, the two institutions have collaborated closely to make these goals a reality.
The grants were awarded to two companies: Sylcast, which emerged from a research project at OIST, and Vyorius Japan, which is developing a control system for autonomous drones. Both companies have been part of the OIST Innovation Accelerator, from which they launched their businesses in Japan. This April, they began full-scale operations from their new base in the OIST Innovation Incubator, located on the OIST campus.
The grant award ceremony was attended by a distinguished group of stakeholders, including Yasumi Sakiyama, Managing Director of The Bank of Okinawa, and Gil Granot-Mayer, Executive Vice President for Technology Development and Innovation at OIST. During the event, representatives from each startup shared an overview of their respective business ventures.
Sylcast is developing forest monitoring technology that uses data collected from trees to evaluate forest health and help predict future changes. This technology, which emerged from an OIST research project, sets out to promote sustainable forest environments. Julie-Ann Lucchetti, a member of the team, stated, "Our startup journey has just begun. The partnerships being developed around OIST are significantly contributing to making Okinawa's ecosystem a compelling hub for us in Japan, and today I am reminded of the power of partnership. None of our achievements so far would have been possible without the valuable support and encouragement from the Okinawan ecosystem, especially The Bank of Okinawa."
Vyorius Japan is developing a system capable of controlling multiple autonomous drones simultaneously, enabling new applications for drones in logistics, agriculture, disaster response, and other areas. The company was founded in India in 2021 and has already expanded to Singapore and other regions. It now aims to enter the Japanese market. Nishant Singh Rana, a member of the team, discussed the company's future goals, stating, "Our goal is to streamline and optimize logistics, agriculture, and other public safety operations through the use of drones, making them faster, more efficient, and environmentally friendly. This grant will enable us to expand our operations, establish key partnerships, and invest in research and development to enhance our drone technology. We are confident that with the support of the Bank of Okinawa, we will be able to achieve new heights of success within Japan and beyond."
This marks the third time that The Bank of Okinawa has awarded grants to OIST-supported startups. OIST and The Bank of Okinawa will continue working together to accelerate the development of a startup ecosystem in Okinawa and boost the local economy by fostering new industries.
Yasumi Sakiyama, Managing Director of The Bank of Okinawa, opened the ceremony with these remarks: "We believe that both teams have exceptional business ideas that can contribute to solving challenges not only in Okinawa but also globally. By continuing our collaboration with OIST, we aim to provide various forms of support to startups that help revitalize the region and address social issues. As a regional financial institution, we are committed to contributing to the sustainable development of Okinawa's economy."
Gil Granot-Mayer, Executive Vice President of OIST, shared his expectations for the future, stating that "the two startups recognized that Okinawa is a great place to launch their solutions, first to Asia, and then to the world. Moreover, the collaboration between OIST and The Bank of Okinawa is crucial for supporting these initiatives and establishing Okinawa as a hub of science, technology, and innovation. We are deeply grateful for the support provided by The Bank of Okinawa thus far and look forward to seeing this partnership continue to strengthen and expand in the future."
About OIST Innovation Accelerator
The OIST Innovation Accelerator is not your traditional accelerator program. We are an entrepreneurship training program, a bootcamp competition, and a startup incubator all rolled into one. We offer an entirely unique environment for the world's most innovative entrepreneurs to launch their startup companies.
In addition to continued support from Okinawa Prefecture, the program has received funding from the Japan Science and Technology Agency (JST) under the COI-NEXT initiative, doubling the program's capacity. This year, four teams were selected to participate. You can find more information about the new teams here.
