THE BRIDGE

Takeshi Hirano

Takeshi Hirano

Takeshi is a Japanese tech blogger and a co-founder of The Bridge, and is also the CEO for bootupAsia, Inc. He started his career as a web designer.

Articles

Japanese UX design firm Goodpatch files for IPO, pushing its valuation to $40M

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See the original story in Japanese. Tokyo-based user experience and interface (UX/UI) design agency Goodpatch announced today it has applied to be listed on the Tokyo Stock Exchange and was approved. The company will be listed on the TSE Mothers Market on June 30with plans to offer 308,900 shares for public subscription and to sell about 98,900 shares in over-allotment options for a total of about 350,900 shares. The underwriting will be led by Daiwa Securities while Goodpatch’s ticker code will be 7351. Based on the estimated IPO price of 610 yen (about $5.7) a share, the company’s market valuation will be about 4.3 billion yen (about $40 million). Its share price range will be released on June 11 with bookbuilding scheduled to start on June 15 and pricing on June 19. According to the consolidated statement as of August 2019, they posted revenue of 1.41 billion yen (about $13.1 million) with an ordinary profit of 93 million yen (about $865,000). Goodpatch was founded in August of 2011. Prior to the company, CEO Naofumi Tsuchiya worked as an intern at San Francisco’s digital agency Btrax, and founded Goodpatch after returning home to Japan. The company’s name comes from the incubation…

Image credit Goodpatch

See the original story in Japanese.

Tokyo-based user experience and interface (UX/UI) design agency Goodpatch announced today it has applied to be listed on the Tokyo Stock Exchange and was approved.

The company will be listed on the TSE Mothers Market on June 30with plans to offer 308,900 shares for public subscription and to sell about 98,900 shares in over-allotment options for a total of about 350,900 shares. The underwriting will be led by Daiwa Securities while Goodpatch’s ticker code will be 7351.

Based on the estimated IPO price of 610 yen (about $5.7) a share, the company’s market valuation will be about 4.3 billion yen (about $40 million).

Its share price range will be released on June 11 with bookbuilding scheduled to start on June 15 and pricing on June 19. According to the consolidated statement as of August 2019, they posted revenue of 1.41 billion yen (about $13.1 million) with an ordinary profit of 93 million yen (about $865,000).

Goodpatch was founded in August of 2011. Prior to the company, CEO Naofumi Tsuchiya worked as an intern at San Francisco’s digital agency Btrax, and founded Goodpatch after returning home to Japan. The company’s name comes from the incubation space Dogpatch Labs in San Francisco. Their prototyping tool Prott, which was officially launched in October of 2014, has been introduced in major IT companies, startups, design farms, and so on.

Led by founder and CEO Naofumi Tsuchiya, the company’s major shareholders include Digital Garage Group (21.4%, DG Lab and DG Ventures), Blue Rose (8.24%), SBI Investment (7.93%), and Salesforce Ventures (3.08%).

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Asia-focused EdTech startup Manabie raises $4.8M seed round from Japanese investors

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See the original story in Japanese. Singapore-based Manabie, the EdTech startup offering e-learning service in the Southeast Asian region, announced today that it has fundraised $4.8 million US in a seed round. This round was led by Tokyo-headquartered Genesia Ventures with participation from notable Japanese angel investors including: Keisuke Honda (Professional football player) Mochio Umeda (US-based IT consultant known for having introduced Web2.0 issues to Japan) Nobuhiro Ariyasu (Founder of Coach United) Yasukane Matsumoto (CEO of Raksul) Yoshinori Fukushima (Co-founder of Gunosy, CEO of LayerX) Masayuki Watanabe (Founder of Quipper) Shunsuke Oyu (Founder of Connehito) Details of Financial terms have not been disclosed. Earlier this month, the company published a Japanese article aiming to help teachers turn their classes into virtual ones while many schools are forced to be closed due to the COVIT-19 pandemic. Prior to the launch of Manabie back in April of 2019, the company’s CEO Takuya Honma previously co-founded UK-based EdTech startup Quipper which was subsequently acquired by Japanese human resources and internet service company Recruit Holdings (TSE:6098) back in 2015. Quipper has been helping thousands of schools in the world launch their classes online. Manabie is offering e-learning apps for elementary, junior high, and high…

See the original story in Japanese.

Singapore-based Manabie, the EdTech startup offering e-learning service in the Southeast Asian region, announced today that it has fundraised $4.8 million US in a seed round. This round was led by Tokyo-headquartered Genesia Ventures with participation from notable Japanese angel investors including:

  • Keisuke Honda (Professional football player)
  • Mochio Umeda (US-based IT consultant known for having introduced Web2.0 issues to Japan)
  • Nobuhiro Ariyasu (Founder of Coach United)
  • Yasukane Matsumoto (CEO of Raksul)
  • Yoshinori Fukushima (Co-founder of Gunosy, CEO of LayerX)
  • Masayuki Watanabe (Founder of Quipper)
  • Shunsuke Oyu (Founder of Connehito)

Details of Financial terms have not been disclosed. Earlier this month, the company published a Japanese article aiming to help teachers turn their classes into virtual ones while many schools are forced to be closed due to the COVIT-19 pandemic.

Prior to the launch of Manabie back in April of 2019, the company’s CEO Takuya Honma previously co-founded UK-based EdTech startup Quipper which was subsequently acquired by Japanese human resources and internet service company Recruit Holdings (TSE:6098) back in 2015. Quipper has been helping thousands of schools in the world launch their classes online.

Manabie is offering e-learning apps for elementary, junior high, and high school students as well as running learning centers in the Southeast Asian region, especially in Vietnam for now.

The company plans to use the funds to expand their business into all across Vietnam in addition to offering extensive support for educational institutions in Japan which are in urgent need of making their classes online in face of the pandemic-caused temporarily closure.

Translated by Masaru Ikeda

Japan’s ‘For Startups’, exec and talent search service for startups, files for IPO

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See the original story in Japanese. Tokyo-based ‘For Startups‘, the company offering an executive and talent search service for Japanese startups in addition to the Startup DB database platform, announced today that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on March 13 with plans to offer 200,000 shares for public subscription and to sell 120,000 shares in over-allotment options for a total of about 600,000 shares. The underwriting will be led by Nomura Securities while the company’s ticker code will be 7089. Based on the estimated IPO price of 1,520 yen (about $13.8) a share, the company’s market valuation will be about 4.7 billion yen (about $42.8 million). Its share price range will be released on February 21 with bookbuilding scheduled to start on February 26 and pricing on March 3. According to the consolidated statement as of March 2019, they posted revenue of 1.045 billion yen (about $9.5 million) with an ordinary profit of 274 million yen (about $2.5 million). In order to strengthen an executive and talent search service focused on startups, the company was spun off from Saint Media (now known as Willof…

For Startups’ Headquarters
Image credit: For Startups

See the original story in Japanese.

Tokyo-based ‘For Startups‘, the company offering an executive and talent search service for Japanese startups in addition to the Startup DB database platform, announced today that IPO application to the Tokyo Stock Exchange (TSE) has been approved.

The company will be listed on the TSE Mothers Market on March 13 with plans to offer 200,000 shares for public subscription and to sell 120,000 shares in over-allotment options for a total of about 600,000 shares. The underwriting will be led by Nomura Securities while the company’s ticker code will be 7089.

Based on the estimated IPO price of 1,520 yen (about $13.8) a share, the company’s market valuation will be about 4.7 billion yen (about $42.8 million).

Its share price range will be released on February 21 with bookbuilding scheduled to start on February 26 and pricing on March 3. According to the consolidated statement as of March 2019, they posted revenue of 1.045 billion yen (about $9.5 million) with an ordinary profit of 274 million yen (about $2.5 million).

In order to strengthen an executive and talent search service focused on startups, the company was spun off from Saint Media (now known as Willof Work) and launched back in September of 2016 under their previous name of Net Jinzaibank. Their main shareholders include Willgroup (92%, TSE:6089, Willof Work’s parent company) and For Startups’ CEO Yuichiro Shimizu (8%).

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Translated by Masaru Ikeda

Japanese consulting matchmaking platform VisasQ files for IPO

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See the original story in Japanese. Tokyo-based VisasQ (VQ), the Japanese startup behind a consulting matchmaking platform under the same name, announced today that IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on March 10 with plans to offer 500,000 shares for public subscription and to sell about 426,400 shares in over-allotment options for a total of about 2.3 million shares. The underwriting will be led by Mizuho Securities while VQ’s ticker code will be 4490. Based on the estimated IPO price of 2,100 yen (about $19.4) a share, the company’s market valuation will be about 17 billion yen (about $156.6 million). Its share price range will be released on February 19 with bookbuilding scheduled to start on February 20 and pricing on February 27. According to the consolidated statement as of February 2019, they posted revenue of 614 million yen (about $5.7 million) with an ordinary profit of 24 million yen (about $221,000). See also: Circuit board design tool ‘Quadcept’ wins Innovation Weekend Grand Finale in Tokyo Launched back in March of 2010 under the previous name of Walkntalk, VQ has been offering an online matchmaking…

Image credit: VisasQ

See the original story in Japanese.

Tokyo-based VisasQ (VQ), the Japanese startup behind a consulting matchmaking platform under the same name, announced today that IPO application to the Tokyo Stock Exchange (TSE) has been approved.

The company will be listed on the TSE Mothers Market on March 10 with plans to offer 500,000 shares for public subscription and to sell about 426,400 shares in over-allotment options for a total of about 2.3 million shares. The underwriting will be led by Mizuho Securities while VQ’s ticker code will be 4490.

Based on the estimated IPO price of 2,100 yen (about $19.4) a share, the company’s market valuation will be about 17 billion yen (about $156.6 million).

Its share price range will be released on February 19 with bookbuilding scheduled to start on February 20 and pricing on February 27. According to the consolidated statement as of February 2019, they posted revenue of 614 million yen (about $5.7 million) with an ordinary profit of 24 million yen (about $221,000).

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VQ CEO EIko Hashiba

Launched back in March of 2010 under the previous name of Walkntalk, VQ has been offering an online matchmaking platform where companies can get consultation and advice from appropriate professionals (the company call them ‘advisors’) according to their expertise. It’s mainly used for industrial research and market analysis.

VQ Interview, one of the products that VQ’s representative first analyzes a client’s request and then link up to an appropriate professional, has received 44,000 orders from clients as of December 2019, which accounts for 80% of the total orders across their entire product line. The company has 86,000 registered professionals in 500 different business sectors and 423 clients (as of 2020 Q3).

Led by founder and CEO Eiko Hashiba (59.33%), the company’s major shareholders include VC firm DCM (14.19%), Venture United (11.13%), CyberAgent Capital (7.22%), DBJ Capital (2.83%), Mizuho Capital (2.83%), Naoki Aoyagi (0.91%), and CTO Soshi Hanamura (0.78%).

Translated by Masaru Ikeda

Japanese online classifieds startup Jimoty files for IPO

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See the original story in Japanese. Tokyo-based Jimoty, the Japanese startup behind online classifieds site under the same name, announced in late December that the IPO application to the Tokyo Stock Exchange (TSE) has been approved. Jimoty provides listings in a wide range of categories, including items for sale, job listings, services, and events. The company will be listed on the TSE Mothers Market on Feb 7 with plans to offer 50,000 shares for public subscription and to sell 190,600 shares in over-allotment options for a total of 1,220,700 shares. The underwriting will be led by Daiwa Securities while Jimoty’s ticker code will be 7082. Its share price range will be released on January 22 with bookbuilding scheduled to start on January 23 and pricing on January 29. According to the consolidated statement as of December 2018, they posted revenue of 935.89 million yen (about $9 million) with an ordinary profit of 7.06 million yen (about $64,000). Led by Opt Holdings (30.68%), their major shareholders include NTT Docomo (16.22%), Infinity Venture Partners (14.23%), Proto Corporation (10.71%), Energy & Environment Investment (9.51%), Jimoty CEO Takahiro Kato (8.71%), Lifull (4.29%), Japan Best Rescue System (2.14%), and Seibu Shinkin Capital. See also: Japanese…

Jimoty Headquarters in Tokyo
Image credit: Jomoty

See the original story in Japanese.

Tokyo-based Jimoty, the Japanese startup behind online classifieds site under the same name, announced in late December that the IPO application to the Tokyo Stock Exchange (TSE) has been approved. Jimoty provides listings in a wide range of categories, including items for sale, job listings, services, and events.

The company will be listed on the TSE Mothers Market on Feb 7 with plans to offer 50,000 shares for public subscription and to sell 190,600 shares in over-allotment options for a total of 1,220,700 shares. The underwriting will be led by Daiwa Securities while Jimoty’s ticker code will be 7082.

Its share price range will be released on January 22 with bookbuilding scheduled to start on January 23 and pricing on January 29. According to the consolidated statement as of December 2018, they posted revenue of 935.89 million yen (about $9 million) with an ordinary profit of 7.06 million yen (about $64,000).

Led by Opt Holdings (30.68%), their major shareholders include NTT Docomo (16.22%), Infinity Venture Partners (14.23%), Proto Corporation (10.71%), Energy & Environment Investment (9.51%), Jimoty CEO Takahiro Kato (8.71%), Lifull (4.29%), Japan Best Rescue System (2.14%), and Seibu Shinkin Capital.

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Translated by Masaru Ikeda

Japanese crowdsourcing startup Lancers files for IPO

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See the original story in Japanese. Tokyo-based Lancers, the Japanese startup providing a major crowdsourcing platform under the same name, announced on Wednesday that the IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 16 with plans to offer 2,270,000 million shares for public subscription and to sell up to 1,100,600 shares in over-allotment options, for a total of 5,067,400 shares. Daiwa Securities will lead the underwriting. Its share price range will be released on November 17 with bookbuilding scheduled to start on November 29 and pricing on December 6. According to the consolidated statement as of March 2019, they posted revenue of 2.52 billion yen (about $23.2 million) with an ordinary loss of 93 million yen ($854,000), serving 33,000 companies in Japan while unit sales per client reaches 194,000 yen (about $1,780). See also: Can crowdsourcing startups change Japan’s employment landscape? Lancers CEO Yosuke Akiyoshi on obstacles facing crowdsourcing in Japan Japanese crowdsourcing startup Lancers launches matchmaking platform for regional businesses Since its launch back in 2008, the company has been offering a platform allowing companies outsource tasks to freelancers. The traditional concept of crowdsourcing…

Lancers CEO Yosuke Akiyoshi

See the original story in Japanese.

Tokyo-based Lancers, the Japanese startup providing a major crowdsourcing platform under the same name, announced on Wednesday that the IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 16 with plans to offer 2,270,000 million shares for public subscription and to sell up to 1,100,600 shares in over-allotment options, for a total of 5,067,400 shares. Daiwa Securities will lead the underwriting.

Its share price range will be released on November 17 with bookbuilding scheduled to start on November 29 and pricing on December 6. According to the consolidated statement as of March 2019, they posted revenue of 2.52 billion yen (about $23.2 million) with an ordinary loss of 93 million yen ($854,000), serving 33,000 companies in Japan while unit sales per client reaches 194,000 yen (about $1,780).

See also:

Since its launch back in 2008, the company has been offering a platform allowing companies outsource tasks to freelancers. The traditional concept of crowdsourcing has been that someone in a remote location helps you finish minor tasks at an affordable rate. But platforms like Lancers are being used for more, serving as a primary income stream for some.

Led by CEO Yosuke Akiyoshi (62.47%), the company’s major shareholders include Globis Capital Partners (15.62%), KDDI (5.95%), Persol Holdings (5.38%), GMO Venture Partners (3.05%), Shinsei Bank (2.3%), and Gree Ventures (1.18%, now known as Strive).

Japan’s luxury brand consignment app Reclo raises $34M to boost China expansion

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See the original story in Japanese. Tokyo-based Active Sonar, the startup behind luxury brand consignment app Reclo, announced on Thursday that it has raised 3.6 billion yen (about $33.8 million US) from CITIC Capital, SBI Investment, and SBI Securities with loans from Mizuho Bank. Using the funds, the company will strengthen its China expansion. CITIC Capital is the asset management arm of Chinese largest financial conglomerate CITIC Group. Other details, such as the investment ratio of each investor and market cap, payment dates, were not diclosed. When you have a luxury brand item which is no longer needed, the Reclo platform allows you to ask experts for the appropriate value and price to sell it online. The platform will handle all other time-consuming processes such as selling the item, receiving payments from and shipping to the buyer so that all you have to do is just send the item to the platform. If you are not satisfied with the expert’s assessment, the platform would send you back your item for free. Unlike typical auction platforms or flea market apps, Reclo is not a C2C (consumer-to-consumer) marketplace and can prevent users from buying knock-off items which is often seen in the…

reclo-mobile-app
Reclo
Image credit: Active Sonar

See the original story in Japanese.

Tokyo-based Active Sonar, the startup behind luxury brand consignment app Reclo, announced on Thursday that it has raised 3.6 billion yen (about $33.8 million US) from CITIC Capital, SBI Investment, and SBI Securities with loans from Mizuho Bank. Using the funds, the company will strengthen its China expansion. CITIC Capital is the asset management arm of Chinese largest financial conglomerate CITIC Group. Other details, such as the investment ratio of each investor and market cap, payment dates, were not diclosed.

When you have a luxury brand item which is no longer needed, the Reclo platform allows you to ask experts for the appropriate value and price to sell it online. The platform will handle all other time-consuming processes such as selling the item, receiving payments from and shipping to the buyer so that all you have to do is just send the item to the platform.

reclo-on-taobao
Reclo’s Chinese version on Taobao

If you are not satisfied with the expert’s assessment, the platform would send you back your item for free. Unlike typical auction platforms or flea market apps, Reclo is not a C2C (consumer-to-consumer) marketplace and can prevent users from buying knock-off items which is often seen in the luxury second-hand market.

The company started the platform’s Chinese version last year, which greatly contributed to the growth of the transactions and doubling the company’s overall sales compared to last year. In addition, over half of the total transactions comes from outside Japan, with China accounting for 70%. With the further business expansion in China, the company set up a local subsidiary in Shanghai last year, planning to curating luxury items in addition to the consignment sales business.

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Translated by Masaru Ikeda

Japan’s social gifting and e-voucher rewards platform Giftee files for IPO

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See the original story in Japanese. Tokyo-based Giftee, the Japanese startup behind the platform allowing users to send friends an e-voucher which they can then redeem at selected retailers, announced on Friday that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 20 September with plans to offer 800,000 shares for public subscription and to sell 658,000 shares in over-allotment options, for a total of 3.59 million shares. Nomura Securities will lead the underwriting. Its share price range will be released on 30 August with bookbuilding scheduled to start on 3 September and pricing on 9 September. According to the consolidated statement as of December 2018, they posted revenue of 1.12 billion yen (about $10.5 million) with an ordinary profit of 283 million yen ($2.7 million). Given that the tentative share price will be set at 1,250 yen and the company has issued a total of 24.03 million shares to date, their market cap is expected to be around 31 billion yen ($290 million). Founded in October of 2008, Giftee started the social gifting platform under the same name back in March of 2011. Subsequently the…

giftee-tealive-malaysia
In addition to its home turf of Japan, Giftee’s eGift system is now available in Malaysia.
Image credit: Giftee

See the original story in Japanese.

Tokyo-based Giftee, the Japanese startup behind the platform allowing users to send friends an e-voucher which they can then redeem at selected retailers, announced on Friday that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on 20 September with plans to offer 800,000 shares for public subscription and to sell 658,000 shares in over-allotment options, for a total of 3.59 million shares. Nomura Securities will lead the underwriting.

Its share price range will be released on 30 August with bookbuilding scheduled to start on 3 September and pricing on 9 September. According to the consolidated statement as of December 2018, they posted revenue of 1.12 billion yen (about $10.5 million) with an ordinary profit of 283 million yen ($2.7 million). Given that the tentative share price will be set at 1,250 yen and the company has issued a total of 24.03 million shares to date, their market cap is expected to be around 31 billion yen ($290 million).

Founded in October of 2008, Giftee started the social gifting platform under the same name back in March of 2011. Subsequently the company launched a B2B service called Giftee for Business back in April of 2016, which allows companies to send an e-voucher to their clients and now accounts for 62% of the total revenue. They formed a capital and business tie-up with Japanese credit card giant JCB and department store operator Marui Group.

Gifttee had attracted a total of 1.1 million users with its original consumer-focused service since its launch to December of 2018, which eventually reached 1.25 million users back in June this year. Led by founder and CEO Mutsumi Ota (20.46%), the company’s major shareholders include telco giant KDDI (15.46%) and VC firm Jafco (15.05%).

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Translated by Masaru Ikeda

Japanese mobile analytics startup Repro sets up shop in Singapore for SEA expansion

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See the original story in Japan. Tokyo-based Repro, the provider of mobile analytics tool under the same name, announced today that it has established a wholly-owned subsidiary in Singapore to strengthen business expansion into Southeast Asian (SEA) markets. The subsidiary, namely Repro Singapore Pte. Ltd., aims to cultivate the client base in Indonesia, India, Thailand, Malaysia, Vietnam and among others, while it intends to employ five to ten people in each of these respective markets by the end of 2021. See also: Japan’s mobile analytics and marketing tool Repro gets $2.6 million to expand to US Japan’s mobile analytics company Repro secures $835,000 from DG Incubation, others Marking five years since its launch, the tool has been used by 6,500 companies across 59 countries in the world, which has been good enough for the startup to see the potential in the markets outside Japan. In the SEA market, which the startup will be focused on, the growing penetration of mobile devices has much contributed to promoting e-commerce and other online services among local people. The launch of the subsidiary was based on their conviction that there would be more demand in user-focused marketing measure in the region. Translated by Masaru…

repro-team-in-singapore
The Repro Singapore team
Image credit: Repro

See the original story in Japan.

Tokyo-based Repro, the provider of mobile analytics tool under the same name, announced today that it has established a wholly-owned subsidiary in Singapore to strengthen business expansion into Southeast Asian (SEA) markets. The subsidiary, namely Repro Singapore Pte. Ltd., aims to cultivate the client base in Indonesia, India, Thailand, Malaysia, Vietnam and among others, while it intends to employ five to ten people in each of these respective markets by the end of 2021.

See also:

Marking five years since its launch, the tool has been used by 6,500 companies across 59 countries in the world, which has been good enough for the startup to see the potential in the markets outside Japan. In the SEA market, which the startup will be focused on, the growing penetration of mobile devices has much contributed to promoting e-commerce and other online services among local people. The launch of the subsidiary was based on their conviction that there would be more demand in user-focused marketing measure in the region.

Translated by Masaru Ikeda

Pixie Dust Technologies, phased array and digital fabrication startup, secures $44M

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See the original story in Japanese. Tokyo-based Pixie Dust Technologies, the Japanese startup developing digital fabrication and AI-based solutions, announced on Thursday that it has secured series B round funding. Participating investors in this round include INCJ, SBI Investment, Toppan Printing, SMBC Venture Capital, CSV Venture Fund (managed by NEC Capital Solution and Venture Labo Investment), Mizuho Capital, KDDI Open Innovation Fund (managed by Global Brain), K4 Ventures, Dai-ichi Life Insuarance, and Dentsu. In addition to raising 3.85 billion yen ($35.1 million US) from these investors, the company has secured a loan commitment worth up to 1 billion yen ($9.1 million US) from Shoko Chukin Bank. When altogether, the company can make the most of up to 4.85 billion yen ($44.3 million US) financing. Pixie Dust Technologies will use the funds to hire people, strengthen R&D facilitates, invest in IP strategies as well as enhance technology portfolio to promote co-development of solutions centered on Hagen, the company’s proprietary ultrasonic phased array system, Founded back in May of 2017, the company was led by two CEO Yoichi Ochiai, Associate Professor at University of Tsukuba, and COO Taiichiro Murakami who previously worked at a strategy consulting firm.  Translated by Masaru Ikeda

Pixie-Dust

See the original story in Japanese.

Tokyo-based Pixie Dust Technologies, the Japanese startup developing digital fabrication and AI-based solutions, announced on Thursday that it has secured series B round funding.

Participating investors in this round include INCJ, SBI Investment, Toppan Printing, SMBC Venture Capital, CSV Venture Fund (managed by NEC Capital Solution and Venture Labo Investment), Mizuho Capital, KDDI Open Innovation Fund (managed by Global Brain), K4 Ventures, Dai-ichi Life Insuarance, and Dentsu.

In addition to raising 3.85 billion yen ($35.1 million US) from these investors, the company has secured a loan commitment worth up to 1 billion yen ($9.1 million US) from Shoko Chukin Bank. When altogether, the company can make the most of up to 4.85 billion yen ($44.3 million US) financing.

Pixie Dust Technologies will use the funds to hire people, strengthen R&D facilitates, invest in IP strategies as well as enhance technology portfolio to promote co-development of solutions centered on Hagen, the company’s proprietary ultrasonic phased array system,

Founded back in May of 2017, the company was led by two CEO Yoichi Ochiai, Associate Professor at University of Tsukuba, and COO Taiichiro Murakami who previously worked at a strategy consulting firm.

Translated by Masaru Ikeda