Japan’s AgIC, circuit board printing startup, raises $1.5M for radiant heating technology

Japan’s AgIC, circuit board printing startup, raises $1.5M for radiant heating technology

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Tokyo-based AgIC, a startup born out of the University of Tokyo with the remarkable electroconductive ink technology, announced on Wednesday that it has secured 175 million yen (about $1.5 million) in January. The latest round was led by Beyond Next Ventures, which recently formed its first $44 million fund for investing in technology-focused startups, with participation from Japanese instant glue manufacturer Cemedine (TSE:4999).

In an interview with TechCrunch Japan, AgIC founder and CEO Shinya Shimizu revealed that his team aims to invent electroconductive glue technology in partnership with Cemedine. For improved circuit board printing technology in preventing unexpected circuit disconnections due to printing failure, AgIC has also partnered with Mimaki Engineering (TSE:6638), a supplier of high-end inkjet printers for factory use.

Setting their sights on the FlexTech sector, AgIC wants to start entering it with replacing floor heating system, conventionally passing hot water through the pipes under the floor, to a radiant electric heating circuit printed on rolled paper to be placed on the floor. To advance this idea, the company started discussing with home renovation companies in Japan as potential sales channels.

In January of 2015, AgIC fundraised 60 million yen (about $500,000) from IoT (Internet of Things) focused investment fund TomyK, Japan’s East Ventures, Shanghai-based IoT consulting company Yoren and other companies plus angel investors, in addition to 36 million yen (about $300,000) loans from financial institutions.

via TechCrunch Japan

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Edited by “Tex” Pomeroy