THE BRIDGE

Startups

Japanese VTuber studio Brave group secures $13.7M to strengthen global expansion

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Tokyo-based Brave group, a Japanese VTuber studio and working on other intellectual property (IP)-related businesses, announced on Wednesday that it has secured 1.99 billion yen (about $13.7 million) in the 1st close of its series D round. This was led by Simplex Capital Investment with participation from Tokyo University of Science Innovation Capital, Money Forward Venture Partners (HIRAC FUND), Revamp, and Adways Ventures. The latest round brought the company’s funding sum up to date to 5.03 billion yen ($34.5 million). Some of our readers may recall that the company secured 300 million (about $2 million) from Animoca Brands Japan back in January. Brave group was founded in 2017 by Japanese serial entrepreneur Keito Noguchi. The company produces and operates VTuber groups, including the virtual music label BlitzWing, and has developed IP-related businesses, a platform business using the Brave Engine metaverse engine in addition to pioneering emerging areas such as e-sports and Web3. The company established a US subsidiary in June to launch V4Mirai, a VTuber project focused on English-speaking markets. Brave group acquired Virtual Entertainment and MateReal in June. Virtual Entertainment operates manages Buisseppo! e-sports-focused VTuber group while MateReal manages the Palette Project female virtual idol group. In July, the…

Image credit: Brave group

Tokyo-based Brave group, a Japanese VTuber studio and working on other intellectual property (IP)-related businesses, announced on Wednesday that it has secured 1.99 billion yen (about $13.7 million) in the 1st close of its series D round. This was led by Simplex Capital Investment with participation from Tokyo University of Science Innovation Capital, Money Forward Venture Partners (HIRAC FUND), Revamp, and Adways Ventures.

The latest round brought the company’s funding sum up to date to 5.03 billion yen ($34.5 million). Some of our readers may recall that the company secured 300 million (about $2 million) from Animoca Brands Japan back in January.

Brave group was founded in 2017 by Japanese serial entrepreneur Keito Noguchi. The company produces and operates VTuber groups, including the virtual music label BlitzWing, and has developed IP-related businesses, a platform business using the Brave Engine metaverse engine in addition to pioneering emerging areas such as e-sports and Web3. The company established a US subsidiary in June to launch V4Mirai, a VTuber project focused on English-speaking markets.

Brave group acquired Virtual Entertainment and MateReal in June. Virtual Entertainment operates manages Buisseppo! e-sports-focused VTuber group while MateReal manages the Palette Project female virtual idol group. In July, the company acquired Geek Hive which offers digital transformation support for enterprises. The company will use the funds to strengthen overseas expansion and more aggressively merge and acquire other companies to further diversify revenue stream.

via PR Times    Summarized by ChatGPT

Xpression Chat lets you talk with ChatGPT-powered virtual human of your favor

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Tokyo-based EmbodyMe, the Japanese startup behind VR and deepfake technologies, launched a new app called Xpression Chat on Thursday, which allows you talk to any virtual human of your favor through ChatGPT integration. The app is available for for iOS and Android. According to the company’s CEO Issay Yoshida, the most popular response from beta users has been to create avatars from celebrity photos and have them talk. Xpression Chat is taking on the realm of the virtual human. By simply uploading a photo of a person of your choice, you’ll be allowed to experience the realm of the virtual human in your mobile. The company hopes to use the app as a starting point to propose use cases to various businesses. For this reason, the company will also start offering SDKs (software developer kits) for multiple platforms – iOS, Android, Windows, and Mac. According to Yoshida, the technology’s use cases for business may include virtual customer representative using digital signage. In the scene like, let’s say, asking for product recommendations in a store or getting directions to a location in the airport, representative will be replaced by virtual human sooner or later, because of the need for multilingual support…

Tokyo-based EmbodyMe, the Japanese startup behind VR and deepfake technologies, launched a new app called Xpression Chat on Thursday, which allows you talk to any virtual human of your favor through ChatGPT integration. The app is available for for iOS and Android. According to the company’s CEO Issay Yoshida, the most popular response from beta users has been to create avatars from celebrity photos and have them talk.

Xpression Chat is taking on the realm of the virtual human. By simply uploading a photo of a person of your choice, you’ll be allowed to experience the realm of the virtual human in your mobile. The company hopes to use the app as a starting point to propose use cases to various businesses. For this reason, the company will also start offering SDKs (software developer kits) for multiple platforms – iOS, Android, Windows, and Mac.

Xpression Chat
Image credit: EmbodyMe

According to Yoshida, the technology’s use cases for business may include virtual customer representative using digital signage. In the scene like, let’s say, asking for product recommendations in a store or getting directions to a location in the airport, representative will be replaced by virtual human sooner or later, because of the need for multilingual support and labor shortage. If the LLM (large language model) used here has an access to more information sources to refer to, you’ll be never told that “I have no idea. Would you like to ask someone else?” Yoshida says “Virtual humans will definitely answer you in a smarter way”.

He also thinks it could be applied to education and other areas. In addition, they may offer services to influencers who constantly stream live programs. For example, a virtual chatbot that can behave as if the influencer is could expand the possibilities of his/her activities. Compared to traditional chatbot services, which are often text or voice only, Xpression Chat would allow them to keep their own appearance making it easier to keep engaging with their fans even in a form of virtual human.

Yoshida says,

If we develop a virtual human-based chatbot, it will be much more personal rather than existing virtual performers such as Vocaloid or VTuber.

EmbodyMe will focus on cultivating business demand by presenting the app combining the company’s own technology with the latest AI technology. The app is offered on a freemium basis, but if users choose a paid premium option, the number of conversations will be unlimited. The premium plan also allows more easily users to import images for their avatar from mobile photo storage and image searches. The premium plan includes a 7-day free trial period.

Fake Busters raises $5.6M to strengthen AI-powered authenticity check for branded goods

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Tokyo-based IVA, the Japanese startup behind the Fake Busters AI-powered authenticity detection service for branded goods, announced on Wednesday that it has secured about 800 million yen (about $5.8 million US) in the latest round. The amount includes loans from Mizuho Bank and Resona Bank. This is the first funding for the five-year-old startup. Participating investors are Mercari (TSE:4385), De Capital family office, and four angel investors – Shogo Kawada (co-founder of DeNA), Yuzuru Honda (founder of Freakout Holdings), Eiko Matsumura, and Yusuke Masuda. Fake Busters offers product authenticity services by combining a team of experienced appraisers with diverse backgrounds, state-of-the-art specialized equipment, and AI-powered authenticity detection technology. The company is capable of appraising 88 brands in the fields of sneakers, luxury goods, apparel, and accessories, which have large secondary distribution demand. The company has appraised a total of 1.5 million items to date, and offers appraisal services tailored to customer needs, such as quick appraisals based on images as well as complete appraisals based on actual items. The company uses the funds to plans to further enhance its AI capability, which currently has a 99.9% authenticity rate, to speed up the process, and to add an express option that…

Image credit: IVA

Tokyo-based IVA, the Japanese startup behind the Fake Busters AI-powered authenticity detection service for branded goods, announced on Wednesday that it has secured about 800 million yen (about $5.8 million US) in the latest round. The amount includes loans from Mizuho Bank and Resona Bank. This is the first funding for the five-year-old startup. Participating investors are Mercari (TSE:4385), De Capital family office, and four angel investors – Shogo Kawada (co-founder of DeNA), Yuzuru Honda (founder of Freakout Holdings), Eiko Matsumura, and Yusuke Masuda.

Fake Busters offers product authenticity services by combining a team of experienced appraisers with diverse backgrounds, state-of-the-art specialized equipment, and AI-powered authenticity detection technology. The company is capable of appraising 88 brands in the fields of sneakers, luxury goods, apparel, and accessories, which have large secondary distribution demand. The company has appraised a total of 1.5 million items to date, and offers appraisal services tailored to customer needs, such as quick appraisals based on images as well as complete appraisals based on actual items.

The company uses the funds to plans to further enhance its AI capability, which currently has a 99.9% authenticity rate, to speed up the process, and to add an express option that will provide results in 60-90 minutes, previously within 48 hours. The company will expand applying the AI-based authenticity detection into further product categories such as luxury brand bags, jewelry, and trading cards.

Launched a Taiwanese office in June, the company plans to set up a subsidiary in Mainland China in August with consideration of expanding into the South Korea, Southeast Asia, and North America markets in the future. The service supports Japanese, English, Simplified Chinese, Traditional Chinese, Korean, and nine major currencies.

via PR Times

Japan’s Ecbo launches ‘Airbnb of baggage storage’ in Taiwan as first overseas expansion

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Tokyo-based Ecbo, the Japanese startup offering the Ecbo Cloak luggage storage service and the Ecbo Pickup service, held a press conference in Taipei on Friday to announce the launch of the luggage storage service in Taiwan as its first overseas expansion. Our readers may recall that the company stated that it is looking at the expansion into 50 countries by 2025 when it announced its Series B round in June. The Taiwan expansion is made possible through partnership with local travel trading company Sanpu Travel Group (三普旅遊集團) and H.I.S. Taiwan (三賢旅行社). According to the Japan National Tourism Organization, or simply JNTO, more than 21 million Japanese visited Taiwan last year, and it is said that about 70% of them were forced to spend 15 to 30 minutes to find available coin lockers. Thinking about Taiwan Main Station, for example, only a few hundred coin lockers are available within its neighborhood while approximately 500,000 people use the public transit gateway every day. By bringing the Ecbo Cloak service into Taiwan, it may help not only Japanese and other foreign visitors but also local people leave and store their luggage safely and comfortably. In Taiwan, the service is initially offered at 30…

From left: Tomokazu Saze / 佐瀬友一 (Taipei Branch Manager, H.I.S. Taiwan / 三賢旅行社) – Shinichi Kudo / 工藤慎一 (CEO, Ecbo) – Mic Inoue Hsieh / 謝長成 (CEO, Sanpu Travel / 三普旅行社)

Tokyo-based Ecbo, the Japanese startup offering the Ecbo Cloak luggage storage service and the Ecbo Pickup service, held a press conference in Taipei on Friday to announce the launch of the luggage storage service in Taiwan as its first overseas expansion. Our readers may recall that the company stated that it is looking at the expansion into 50 countries by 2025 when it announced its Series B round in June. The Taiwan expansion is made possible through partnership with local travel trading company Sanpu Travel Group (三普旅遊集團) and H.I.S. Taiwan (三賢旅行社).

According to the Japan National Tourism Organization, or simply JNTO, more than 21 million Japanese visited Taiwan last year, and it is said that about 70% of them were forced to spend 15 to 30 minutes to find available coin lockers. Thinking about Taiwan Main Station, for example, only a few hundred coin lockers are available within its neighborhood while approximately 500,000 people use the public transit gateway every day. By bringing the Ecbo Cloak service into Taiwan, it may help not only Japanese and other foreign visitors but also local people leave and store their luggage safely and comfortably.

In Taiwan, the service is initially offered at 30 locations in Taipei, including Jing Sheng Yu flagship store / 京盛宇 旗艦店 (Taiwanese tea), Jin Yu Tang City Hall store / 金玉堂 市府店 (stationery), and Lohas Pottery flagship store on Dihua Street / 陸寶 迪化街旗艦店 (ceramic tea utensils). In addition to aiming to make the service available at 500 locations in Taiwan by 2025, the company want to allow customers to easily order delivering their luggage through the app.

Founded in May of 2015 by CEO Shinichi Kudo (工藤慎一), who speaks both Japanese and Chinese fluently, Ecbo began offering its service in January of 2017, matching people who want to leave their luggage with places to store it. The service allows tourists to leave their luggage at on-street locations such as cafes, beauty salons, and manga cafes. Now available at more than 1,000 locations, it can also offer a reservation function and insurance for checked luggage while all payments can be made by credit card.

via PR Times

Japan’s Pixie Dust Technologies, wave-control tech startup, makes NASDAQ debut on Tuesday

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Tokyo-based Pixie Dust Technologies, the Japanese startup focused on commercialization of innovative products and meta-materials utilizing its proprietary HAGEN wave-control technology, announced today that it will be listed on the Nasdaq market. The ticker symbol is PXDT. Specifically, the company decided to issue 1,666,667 American Depository Shares (ADSs) at a price of $9.00 per ADS through an initial public offering (IPO). The listing is expected to begin trading on the Nasdaq Capital Market on August 1, EST. The offering is expected to generate net proceeds of approximately $13.8 million, which will be used primarily for the development and commercialization of the technology and its related products, working capital, and general corporate purposes. The Bloomberg website shows the startup’s share price on standby. In addition, Pixie Dust Technologies has granted the underwriters a 45-day over-allotment option to purchase up to an additional 250,000 ADSs. If this option is exercised, the company will issue an additional 250,000 ordinary shares at a price net of underwriting fees. The company was founded in May 2017 by CEO Yoichi Ochiai, Associate professor at Tsukuba University, and COO Yasuichiro Murakami, who has worked in strategic consulting and other fields. The company secured 645 million yen in…

Image credit: Pixie Dust Technologies

Tokyo-based Pixie Dust Technologies, the Japanese startup focused on commercialization of innovative products and meta-materials utilizing its proprietary HAGEN wave-control technology, announced today that it will be listed on the Nasdaq market. The ticker symbol is PXDT.

Specifically, the company decided to issue 1,666,667 American Depository Shares (ADSs) at a price of $9.00 per ADS through an initial public offering (IPO). The listing is expected to begin trading on the Nasdaq Capital Market on August 1, EST.

The offering is expected to generate net proceeds of approximately $13.8 million, which will be used primarily for the development and commercialization of the technology and its related products, working capital, and general corporate purposes. The Bloomberg website shows the startup’s share price on standby.

In addition, Pixie Dust Technologies has granted the underwriters a 45-day over-allotment option to purchase up to an additional 250,000 ADSs. If this option is exercised, the company will issue an additional 250,000 ordinary shares at a price net of underwriting fees.

The company was founded in May 2017 by CEO Yoichi Ochiai, Associate professor at Tsukuba University, and COO Yasuichiro Murakami, who has worked in strategic consulting and other fields.

The company secured 645 million yen in November of 2017, 3.846 billion yen in a Series B round in May of 2019, and approximately 2.17 billion yen in a Series C round in October of 2022.

Their backers include Incubate Fund, Tohoku University Venture Partners, Shionogi (TSE:4507), Suzuyo, Nomura Co. (TSE:9716), Axiom Asia, INCJ, SBI Investment, Toppan Printing (TSE:7911), SMBC Venture Capital, Value Co-Creation Venture Fund (managed by NEC Capital Solutions and Venture Lab Investment), Mizuho Capital, KDDI Open Innovation Fund (managed by KDDI and Global Brain), K4 Ventures, Dai-ichi Life Insurance, and Dentsu.

via PR TIMES   Summarized by ChatGPT

Spiker secures $600K in series B, develops AI monitoring baby’s heartbeat at birth in Africa

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Based out of Tokyo’s neighboring city of Chiba and Rwanda’s capital Kigali, Japanese startup Spiker has been developing and deploying a solution called Alert-Monitor, comprising of the artificial intelligence (AI) focused on analyzing fetal heart rate labor chart data and its central monitoring software. The company announced on Thursday that it has raised 83 million yen (about $600,000) from Inclusion Japan and DG Incubation in a pre-series A round. The AI technology is capable of analyzing medical data measured by delivery monitoring equipment and providing on-time support for appropriate medical decisions. As many as 3.9 million babies die annually in developing countries, especially in South Asia and Sub-Saharan Africa, which is equivalent to 95% of the world’s perinatal deaths. To solve this problem, appropriate use of cardiotocography (CTG) data is expected. However, it is difficult to provide all midwives and nurses with the training necessary to analyze CTG data in developing countries because of a serious shortage of medical personnel. The Alert-Monitor solution help them make appropriate medical judgment without the need for instruction and training of skilled physicians. It can lead to realizing appropriate intervention at medical institutions suffering from a shortage of personnel. Engineers from Rwanda, India, and…

Image credit: Spiker

Based out of Tokyo’s neighboring city of Chiba and Rwanda’s capital Kigali, Japanese startup Spiker has been developing and deploying a solution called Alert-Monitor, comprising of the artificial intelligence (AI) focused on analyzing fetal heart rate labor chart data and its central monitoring software. The company announced on Thursday that it has raised 83 million yen (about $600,000) from Inclusion Japan and DG Incubation in a pre-series A round.

The AI technology is capable of analyzing medical data measured by delivery monitoring equipment and providing on-time support for appropriate medical decisions. As many as 3.9 million babies die annually in developing countries, especially in South Asia and Sub-Saharan Africa, which is equivalent to 95% of the world’s perinatal deaths.

To solve this problem, appropriate use of cardiotocography (CTG) data is expected. However, it is difficult to provide all midwives and nurses with the training necessary to analyze CTG data in developing countries because of a serious shortage of medical personnel. The Alert-Monitor solution help them make appropriate medical judgment without the need for instruction and training of skilled physicians. It can lead to realizing appropriate intervention at medical institutions suffering from a shortage of personnel.

Engineers from Rwanda, India, and Japan are engaged in developing the AI technology at Spiker. In addition to repeating demonstration tests in Africa, where the number of deliveries is about five times that of Japan, the team is conducting speedy collaboration with Japanese engineers. The company plans to use the funds rto make necessary preparations for sales activities in Africa, AI development, and medical device certification.

via Spiker

YourTrade raises $7M to offer return solution for cross-border e-commerce merchants

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Tokyo-based YourTrade, the Japanese startup aiming to optimize cross-border logistics for e-commerce merchants, announced on Wednesday that it has raised 100 million yen (about $7 million US) in a seed round from Genesia Ventures and Anri. The company offers cross-border e-commerce merchants to resell returned goods and backlogged inventory from overseas sales to local sales channels. It also offers services like the collection and inspection returned goods and resale through local sales channels. The service aims to solve a number of problems in cross-border sales, such as the cost of returning and disposing goods, to avoid the financial burden. Starting with Taiwan, YourTrade plans to expand the service globally, and is currently seeking merchants looking for ways to reduce waste in their overseas sales. CEO Hiroto Yanagisawa is a certified public accountant in the US. Prior to launching YourTrade, he joined Sumitomo Corporation, where he was in charge of overseas exports of steel products, management of operating companies, and investment operations. Prior to coming back to Tokyo to launch YourTrade in 2021, he has been managing a U.S. subsidiary and engaged in new business at the trade major’s Chicago branch from 2015 to 2020. See also: How to make international…

The YourTrade team
Image credit: YourTrade

Tokyo-based YourTrade, the Japanese startup aiming to optimize cross-border logistics for e-commerce merchants, announced on Wednesday that it has raised 100 million yen (about $7 million US) in a seed round from Genesia Ventures and Anri.

The company offers cross-border e-commerce merchants to resell returned goods and backlogged inventory from overseas sales to local sales channels. It also offers services like the collection and inspection returned goods and resale through local sales channels.

The service aims to solve a number of problems in cross-border sales, such as the cost of returning and disposing goods, to avoid the financial burden. Starting with Taiwan, YourTrade plans to expand the service globally, and is currently seeking merchants looking for ways to reduce waste in their overseas sales.

CEO Hiroto Yanagisawa is a certified public accountant in the US. Prior to launching YourTrade, he joined Sumitomo Corporation, where he was in charge of overseas exports of steel products, management of operating companies, and investment operations.

Prior to coming back to Tokyo to launch YourTrade in 2021, he has been managing a U.S. subsidiary and engaged in new business at the trade major’s Chicago branch from 2015 to 2020.

See also:

via PR Times

Japanese Robotics startup Telexistence secures $160M, partners with Softbank, Foxconn

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Tokyo-based Telexistence, the Japanese startup developing remote-controlled robots, announced on Friday that it has secured about 23 billion yen (about $160 million US) in a series B round. Participating investors in this round are Monoful Venture Partners, KDDI Open Innovation Fund, Airbus Ventures, Softbank Group (TSE: 9984), Foxconn, and Globis Capital Partners (GCP). Monoful Venture Partners, KDDI Open Innovation Fund, and Airbus Ventures followed their previous investments in Series A1 and A2 rounds. The latest round brought the robotics startup’s funding sum up to over 27.5 billion yen ($190 million US). Telexistence also secured a strategic partnership with Softbank Robotics Group (SBRG) to promote its robotics business in North America and other regions. In addition, Telexisistence will collaborate with Foxconn to establish mass production technology for the startup’s next model GHOST. In conjunction with the funding, Telexistence invites Kenichi Yoshida of SBRG and Ryohei Nomoto of GCP to the company’s board of directors. Telexistence is developing remotely controlled robots using a variety of technologies, including robotics, telecommunications, VR, tactile sensation, and AI. TX SCARA, the company’s current model, is known for having installed in many FamilyMart convenience stores in Japan. Demand for these robots is increasing in Japan where manpower…

Tokyo-based Telexistence, the Japanese startup developing remote-controlled robots, announced on Friday that it has secured about 23 billion yen (about $160 million US) in a series B round. Participating investors in this round are Monoful Venture Partners, KDDI Open Innovation Fund, Airbus Ventures, Softbank Group (TSE: 9984), Foxconn, and Globis Capital Partners (GCP).

Monoful Venture Partners, KDDI Open Innovation Fund, and Airbus Ventures followed their previous investments in Series A1 and A2 rounds. The latest round brought the robotics startup’s funding sum up to over 27.5 billion yen ($190 million US).

Telexistence also secured a strategic partnership with Softbank Robotics Group (SBRG) to promote its robotics business in North America and other regions. In addition, Telexisistence will collaborate with Foxconn to establish mass production technology for the startup’s next model GHOST. In conjunction with the funding, Telexistence invites Kenichi Yoshida of SBRG and Ryohei Nomoto of GCP to the company’s board of directors.

Telexistence is developing remotely controlled robots using a variety of technologies, including robotics, telecommunications, VR, tactile sensation, and AI. TX SCARA, the company’s current model, is known for having installed in many FamilyMart convenience stores in Japan. Demand for these robots is increasing in Japan where manpower is in short supply, and in North America where labor costs are skyrocketing after COVID-19.

via PR Times

Japan’s Brave group sets up shop in US to develop VTubers for English-speaking markets

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Tokyo-based Brave group, a Japanese VTuber studio, announced that it has founded a US subsidiary to begin full-scale global operations. Their first initiative is V4Mirai, a VTuber production project focused on English-speaking markets, in which two VTubers (Abi Kadabura and Serina Maiko) will debut on June 11. Brave group US plans to use this as a springboard to expand their VTuber business globally. The company was founded in 2017 by Japanese serial entrepreneur Keito Noguchi. The company runs the BlitzWing virtual music label and the V-Spo next-gen virtual eSports project in addition to producing other VTuber groups, IP businesses, platform business utilizing their own Brave metaverse engine, and the development of emerging areas such as eSports and Web3. In January of 2023, Brave group raised 300 million yen (about $2.2 million) from the Japanese subsidiary of Animoca Brands, which brought their funding sum up to date to 3.04 billion yen ($21.9 million). via PR Times    Summarized by ChatGPT

 Image credit: Brave group

Tokyo-based Brave group, a Japanese VTuber studio, announced that it has founded a US subsidiary to begin full-scale global operations. Their first initiative is V4Mirai, a VTuber production project focused on English-speaking markets, in which two VTubers (Abi Kadabura and Serina Maiko) will debut on June 11. Brave group US plans to use this as a springboard to expand their VTuber business globally.

The company was founded in 2017 by Japanese serial entrepreneur Keito Noguchi. The company runs the BlitzWing virtual music label and the V-Spo next-gen virtual eSports project in addition to producing other VTuber groups, IP businesses, platform business utilizing their own Brave metaverse engine, and the development of emerging areas such as eSports and Web3.

In January of 2023, Brave group raised 300 million yen (about $2.2 million) from the Japanese subsidiary of Animoca Brands, which brought their funding sum up to date to 3.04 billion yen ($21.9 million).

via PR Times    Summarized by ChatGPT

EF Polymer secures $4M to develop water absorbent from residues for farmers

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Updated on 7am, May 17: Added a part of the sentence in red. Okinawa-based EF Polymer, the Indian scientists-led startup developing polymer absorbent technology, announced on Thursday that it has secured 550 million yen (about $4 million US) in a Series A round. Participating investors are Universal Materials Incubator (UMI), Nishimoto Wismettac Holdings, MTG Ventures, Beyond Next Ventures, Lime Time Ventures, and Okinawa Development Finance Corporation. MTG Ventures and Beyond Next Ventures followed their seed investment in the startup. Founded by Indian researchers who attended an accelerator program by at Okinawa Institute of Science and Technology (OIST), EF Polymer has developed super absorbent polymer (SAP). Made from inedible parts of fruits such as orange peels,  the polymer is fully organic and biodegradable. When applied to farmland, it is expected to save about 40% of water consumption and 20% of fertilizer dispense, and increase yields by 10-15%. The company has sold about 100 tons of super absorbent polymers to date, mainly to the U.S., India, and Japan, and has successfully upcycled about 1,000 tons of crop residues, since about 10 tons of crop residues are used to produce one ton of the polymer product. The company boasted the product has been…

Image credit: EF Polymer

Updated on 7am, May 17: Added a part of the sentence in red.

Okinawa-based EF Polymer, the Indian scientists-led startup developing polymer absorbent technology, announced on Thursday that it has secured 550 million yen (about $4 million US) in a Series A round. Participating investors are Universal Materials Incubator (UMI), Nishimoto Wismettac Holdings, MTG Ventures, Beyond Next Ventures, Lime Time Ventures, and Okinawa Development Finance Corporation. MTG Ventures and Beyond Next Ventures followed their seed investment in the startup.

Founded by Indian researchers who attended an accelerator program by at Okinawa Institute of Science and Technology (OIST), EF Polymer has developed super absorbent polymer (SAP). Made from inedible parts of fruits such as orange peels,  the polymer is fully organic and biodegradable. When applied to farmland, it is expected to save about 40% of water consumption and 20% of fertilizer dispense, and increase yields by 10-15%.

Founders of EF Polumer. From left: CEO Narayan Lal Gurjar, COO Puran Singh Rajput

The company has sold about 100 tons of super absorbent polymers to date, mainly to the U.S., India, and Japan, and has successfully upcycled about 1,000 tons of crop residues, since about 10 tons of crop residues are used to produce one ton of the polymer product. The company boasted the product has been introduced into about 12,000 farm households in five countries.

The company will use the funds to expand its polymer production capacity, strengthen research and development, and prepare to meet global demand. They also aims to establish research and development capabilities for applications in fields beyond agriculture.

EF Polymer is one of the finalist at the Okinawa Startup Program 2019-2020; it also won the Carbon Tech award at the 2019 Climate Launchpad Award Grand Final.

via EF Polymer