The Bank of Okinawa Awards Grants to Two OIST-Based Startups
Two startups supported by Okinawa Institute of Science and Technology (OIST, Acting President and CEO Albrecht Wagner) have been selected by The Bank of Okinawa, Ltd. (The Bank of Okinawa, President Masayasu Yamashiro) to receive a grant totaling 2-million-yen. The grant award ceremony was held at OIST on March 24, 2023.
OIST and The Bank of Okinawa have worked closely together since signing a memorandum of understanding in 2021 to support OIST’s I² Startup Accelerator Program*1, build an innovation ecosystem in Okinawa, and collaborate on projects to promote the local economy and its sustainable development.
The grant award ceremony was attended by Tsukasa Matayoshi, Executive Officer & Corporate Banking Manager of The Bank of Okinawa, Lauren Ha, Associate Vice President for Technology Development and Innovation, OIST, and others.
The grants were presented to two startup companies: Tree Oceans, established in Okinawa in February 2023 by a team including two Colombian nationals, and Osaka Heat Cool, which opened its Okinawa Branch in March this year. Both companies have been participating in the OIST Innovation Square Startup Accelerator Program to develop their businesses in Okinawa and will begin fully-fledged operations based at OIST this year.
This is the second grant provided by The Bank of Okinawa to OIST startups, and the bank and OIST will continue to further accelerate the development of a startup ecosystem in Okinawa and boost the local economy through the formation of new industries.
In his opening remarks, Tsukasa Matayoshi, Manager of The Bank of Okinawa, stated, "With regional involvement and contribution as our management philosophy and contribution to the development of the local community as our mission, we have conducted a variety of initiatives. We believe that these two projects of the selected teams will contribute to finding solutions for issues not only in Okinawa, but also in the world. As the community’s financial institution, we would like to continue to work with OIST to make our contributions to the sustainable development of the prefecture’s economy."
The following two companies received grants from The Bank of Okinawa.
Osaka Heat Cool
Osaka Heat Cool aims to develop medical devices that reduce the symptoms of skin diseases such as itching by using the "illusion" of human skin sensation. The company, established in 2020 by five faculty members of Osaka University and others, launched its Okinawa Branch on March 1 this year. Kiyono Yoshikuni, the company’s Chief Communication Officer, talked about their visions and said, "This grant from The Bank of Okinawa will help our further growth and generate new opportunities. We will continue our efforts to be able to provide even better services and contribute to the regional community of Okinawa and the world."
Tree Oceans
The other startup, Tree Oceans, was established by a team including two members from Colombia, working on developing a device using augmented reality (AR) glasses to help patients with Parkinson's disease to walk. The startup was set up in Okinawa on February 6 this year and will begin full-scale operations based at OIST. One of the team members Maria Valbuena said, " This contribution reflects the support that Okinawa has given us by opening its doors so that together we can find technological advances that give a better quality of life to the 10 million people who suffer from Parkinson's. I reiterate my gratitude because this is a commitment to the development, technology, science, and economic growth of all of Okinawa."
Lauren Ha, OIST Associate Vice President for Technology Development and Innovation, expressed her hopes for the future of the two companies by saying, " Osaka Heat Cool and Tree Oceans are both passionate about helping people suffering from disease and pain. They recognized that Okinawa is a great place to launch their solutions, first in Asia, and then to the world. The grant awarded to two startups will allow them to continue their work in Okinawa and push the boundaries of their fields. We congratulate you on this achievement and look forward to seeing the impact of your work on the global stage."
*1 The I² Startup Accelerator Program is Okinawa's first global startup accelerator program launched in 2018 with financial support from Okinawa Prefecture. Selected teams of entrepreneurs from around the world participate in the program to receive access to funding, mentoring, networks of strategic partners and investors, and OIST's state-of-the-art facilities and equipment.
