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1. TRACXN TOP BUSINESS MODELS REPORT
February 09, 2022
JAPAN TECH

2. Japan Tech - Top Business Models Report Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Contents
JapanJapan Tech Funding - Overview 3
Top Funded Business Models 4
One pagers 9
Appendix 59
2

3. Japan Tech - Top Business Models Report Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Funding in last 1 year
3
Advanced Materials $436M
Life Sciences Platforms and Tools $273M
Internet First Media $230M
NewSpace $206M
HRTech $142M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
ANRI
Global Brain
Animocabrands
2
2
2
Early
Stage
JAFCO
JIC Venture Growth Invest..
Mitsubishi UFJ Capital
7
5
3
Late
Stage
31VENTURES
DBJ Capital
JAFCO
3
2
2
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Spiber
(2007, Yamagata)
$313M - Series E
Smart News
(2012, Tokyo)
$230M - Series F
PHC Holdings
(2014, Minato)
$182M - Series D
SmartHR
(2015, Tokyo)
$142M - Series D
LIMEX
(2006, Tokyo)
$124M - Series D
Paidy
(2014, Tokyo)
$120M - Series D
Astroscale
(2013, Sumida-ku)
$109M - Series F
Linc'well
(2018, Minato)
$69.3M - Series C
NETSTARS
(2008, Chuo)
$66.0M - Series A
Dicalet
(2018, Chiyoda-ku)
$61.6M - Series C
Aculys
(2021, Fujisawa)
$59.9M - Series C
SNKRDUNK
(2016, Shibuya)
$56.5M - Series C
Tokyo (38%)
Minato (15%)
Yamagata (14%)
Shibuya (8%)
Sumida-ku (5%)
Others (22%)

4. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Japan Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1-- Bio Based Textile Materials $313M 1 Spiber | $313M | Series E Link
2-- Life Sciences Research Platforms & Tools $182M 1 PHC Holdings | $182M | Series D Link
3-- HRMS for Enterprises $142M 1 SmartHR | $142M | Series D Link
4-- Internet First Point of Sale Financing $120M 1 Paidy | $120M | Series D Link
5▼1 Space Debris Removal Services $109M 1 Astroscale | $109M | Series F Link
6-- Online Doctor Appointment Booking Platform $69.3M 1 Linc'well | $69.3M | Series C Link
7-- POS Payment Hardwares $66.0M 1 NETSTARS | $66.0M | Series A Link
8▲3 Space Robotics $63.1M 3 ispace | $46.0M | Series C Link
9▲5 Cryptocurrency Banking $61.6M 1 Dicalet | $61.6M | Series C Link
10-- Sleep Disorder Drugs $59.9M 1 Aculys | $59.9M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Japan Tech - Top Funded Business Models - last 1 year (2/5)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11-- P2P Sneakers Marketplace $56.5M 2 SNKRDUNK | $56.5M | Series C Link
12--
Healthcare IT > Value Based Care > Care
Coordination > Care Planning & Management >
Elderly
$50.0M 1 Allm | $50.0M | Series A Link
13-- Mass Spectroscopy Imaging Systems $50.0M 1 Atonarp | $50.0M | Series D Link
14▼4 Rover Manufacturers $46.0M 2 ispace | $46.0M | Series C Link
15<> 0 Drugs for Multiple Cancer Types $39.2M 4 Noile-Immune | $21.9M | Series C Link
16-- Pre School Management Software $36.5M 1 Unifa | $36.5M | Series D Link
17-- Heart Failure Drugs $36.5M 1 Heartseed | $36.5M | Series C Link
18-- OLED Materials $34.3M 1 Kyulux | $34.3M | Series B Link
19-- OLED Components $34.3M 1 Kyulux | $34.3M | Series B Link
20-- Optoelectronic Light Emitting Diodes $34.3M 1 Kyulux | $34.3M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Japan Tech - Top Funded Business Models - last 1 year (3/5)
6
Rank Business Model $ Funding # Rounds Top Funding Round Details
21-- Tours and Activities Booking Platforms $26.3M 1 Asoview | $26.3M | Series E Link
22▼2 Life Sciences Image Analysis $26.0M 1 ThinkCyte | $26.0M | Series B Link
23▼2 Cell Sorting Instruments $26.0M 1 ThinkCyte | $26.0M | Series B Link
24-- Satellite Imagery Data Providers $23.8M 1 Axelspace | $23.8M | Series C Link
25-- Satellite Based Imaging Services $23.8M 1 Axelspace | $23.8M | Series C Link
26-- Travel Agency Management Software $20.3M 1 Reiwa Travel | $20.3M | Series B Link
27-- Decentralized Cryptocurrency Exchanges $18.0M 1 Orca | $18.0M | Series A Link
28-- Space Robots $17.1M 1 GITAI | $17.1M | Series B Link
29▼20 Smart Locks $15.8M 2 Photosynth | $15.8M | Series C Link
30-- Drone Survey Services $14.2M 1 Terra Drone .. | $14.2M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Japan Tech - Top Funded Business Models - last 1 year (4/5)
7
Rank Business Model $ Funding # Rounds Top Funding Round Details
31▲18 Cold Fusion Nuclear Reactors $11.6M 1 Kyoto Fusion.. | $11.6M | Series B Link
32-- Cancer Diagnostic Tests $11.3M 1 Craif | $11.3M | Series B Link
33▲12 Ground Station Networks $10.5M 2 Infostellar | $6.2M | Series B Link
34-- AI based Software Testing $10.0M 1 Autify | $10.0M | Series A Link
35-- P2P Wallet Remittance $10.0M 1 Telcoin | $10.0M | Seed Link
36-- Corneal Disorders Therapy Devices $9.5M 1 Cellusion | $9.5M | Series A Link
37-- Synthetic Biology $7.3M 1 OriCiro Genom.. | $7.3M | Series B Link
38-- Nucleic Acid Synthesis Equipment $7.3M 1 OriCiro Genom.. | $7.3M | Series B Link
39-- Other Affinity-based Assays for Nucleic Acid Analysis $7.2M 1 Molcure | $7.2M | Series C Link
40-- Data Generation Screening $7.2M 1 Molcure | $7.2M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Japan Tech - Top Funded Business Models - last 1 year (5/5)
8
Rank Business Model $ Funding # Rounds Top Funding Round Details
41-- Crypto Based Pool Mining $5.6M 2 IZUMI | $3.5M | Series A Link
42-- Knowledge Management $5.0M 1 NOTA | $5.0M | Series B Link
43-- Knowledge Management $5.0M 1 NOTA | $5.0M | Series B Link
44-- Automatic Speech Recognition Software $4.7M 1 Fairy Devices | $4.7M | Series A Link
45-- Solar Power Plant Monitoring Systems $4.6M 1 PPLC | $4.6M | Series A Link
46-- Stable Cryptocurrencies $4.4M 1 JPYC | $4.4M | Series A Link
47-- SMB Accounting $3.5M 1 First Account.. | $3.5M | Series C Link
48-- Body Chemistry Monitoring Devices $3.2M 1 Bisu | $3.2M | Seed Link
49-- Diabetes Drugs $2.6M 1 Restore Vision | $2.6M | Seed Link
50-- Ophthalmology Drugs $2.6M 1 Restore Vision | $2.6M | Seed Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Spiber (2007, Yamagata)
$313M - Series E - Sep 2021
Bio Based Textile Materials - Japan
01
9
Back to index
Fashion Tech (Locondo)
(# Cos: 144 | $639M)
Innovative Materials (Teijin Frontier)
(# Cos: 2 | $424M)
Sustainable Fabrics (Spiber)
(# Cos: 2 | $424M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$313M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$424M
1
-
2
1
Spiber
(2007, Yamagata, $424M)
Teijin Frontier
(2012, Osaka)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

10. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Life Sciences Research Platforms & Tools
- Japan
02
10
Back to index
Life Sciences Platforms and Tools (Nikon)
(# Cos: 173 | $487M)
Diversified (PHC Holdings)
(# Cos: 5 | $182M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$182M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$182M
3
2
5
0
PHC Holdings
(2014, Minato, $182M)
Medinet
(1995, Shinagawa)
GenoMembrane
(2002, Tsurumi)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PHC Holdings (2014, Minato)
$182M - Series D - Mar 2021

11. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
HRMS for Enterprises - Japan
03
11
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$142M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$213M
3
2
9
1
HRTech (CrowdWorks)
(# Cos: 223 | $358M)
HRMS (Rifcom)
(# Cos: 29 | $218M)
Suite (kao Navi)
(# Cos: 13 | $213M)
Enterprise (SmartHR)
(# Cos: 9 | $213M)
SmartHR
(2015, Tokyo, $212M)
kao Navi
(2008, Minato)
Rifcom
(2014, Tokyo, $485K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
SmartHR (2015, Tokyo)
$142M - Series D - Jun 2021

12. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Internet First Point of Sale Financing -
Japan
04
12
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$120M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$281M
1
-
2
0
Alternative Lending (Net Protections)
(# Cos: 32 | $314M)
Online Lenders (Cloud Credit)
(# Cos: 25 | $314M)
Consumer Loans (Snippet)
(# Cos: 12 | $281M)
Point of Sale Financing (Sumitomo Mitsui
Card)
(# Cos: 2 | $281M)
Direct Lender (Paidy)
(# Cos: 2 | $281M)
Paidy
(2014, Tokyo, $281M)
Sumitomo Mitsui Card
(1967, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Paidy (2014, Tokyo)
$120M - Series D - Mar 2021

13. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Astroscale (2013, Sumida-ku)
$109M - Series F - Nov 2021
Space Debris Removal Services - Japan
05
13
Back to index
NewSpace (ispace)
(# Cos: 21 | $740M)
Space Services (Axelspace)
(# Cos: 8 | $500M)
Removal (Astroscale)
(# Cos: 1 | $308M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$109M(▲114%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$308M
1
-
1
1
Astroscale
(2013, Sumida-ku, $308M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

14. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Online Doctor Appointment Booking
Platform - Japan
06
14
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$69.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$69.3M
1
-
2
1
Healthcare Booking Platforms (Miltel)
(# Cos: 68 | $76.0M)
Doctors (UrDoc)
(# Cos: 36 | $70.8M)
Appointment Booking (Uttaro)
(# Cos: 2 | $69.3M)
Diversified (Linc'well)
(# Cos: 2 | $69.3M)
Linc'well
(2018, Minato, $69.3M)
Uttaro
(2018, Osaka)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Linc'well (2018, Minato)
$69.3M - Series C - Nov 2021

15. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
POS Payment Hardwares - Japan
07
15
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$66.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$140M
2
-
3
1
Payments (Kyash)
(# Cos: 76 | $255M)
Business Payments (MakeLeaps)
(# Cos: 36 | $165M)
POS Payments (Infcurion)
(# Cos: 10 | $162M)
POS Payment Terminal (Coiney)
(# Cos: 7 | $162M)
Hardware (NETSTARS)
(# Cos: 3 | $140M)
NETSTARS
(2008, Chuo, $130M)
Royal gate
(2007, Tokyo, $10.2M)
ANA Digital Gate
(2016, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
NETSTARS (2008, Chuo)
$66.0M - Series A - Apr 2021

16. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Space Robotics - Japan
08
16
Back to index
Professional Service Robots (Geek+)
(# Cos: 43 | $744M)
Space (ispace)
(# Cos: 2 | $218M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$63.1M(▲125%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$218M
2
-
2
2
ispace
(2010, Tokyo, $196M)
GITAI
(2016, Tokyo, $22.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ispace (2010, Tokyo)
$46.0M - Series C - Aug 2021
GITAI (2016, Tokyo)
$17.1M - Series B - Feb 2021
ispace (2010, Tokyo)
Undisclosed - Series C - Oct 2021

17. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Dicalet (2018, Chiyoda-ku)
$61.6M - Series C - Mar 2021
Cryptocurrency Banking - Japan
09
17
Back to index
Cryptocurrencies (Quoine)
(# Cos: 131 | $237M)
Financial Services (bitFlyer)
(# Cos: 77 | $226M)
Banking (Dicalet)
(# Cos: 1 | $118M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$61.6M(▲143%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$118M
1
-
1
0
Dicalet
(2018, Chiyoda-ku, $118M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

18. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Aculys (2021, Fujisawa)
$59.9M - Series C - Oct 2021
Sleep Disorder Drugs - Japan
10
18
Back to index
Neurology (Sosei Heptares)
(# Cos: 24 | $69.9M)
Drugs (Eisai)
(# Cos: 14 | $68.5M)
Sleep (Aculys)
(# Cos: 1 | $59.9M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$59.9M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$59.9M
1
-
1
1
Aculys
(2021, Fujisawa, $59.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

19. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
P2P Sneakers Marketplace - Japan
11
19
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$56.5M( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$56.5M
1
-
1
1
Fashion Tech (Oh My Glasses)
(# Cos: 144 | $639M)
B2C Commerce (Locondo)
(# Cos: 128 | $177M)
Footwear (TENTIAL)
(# Cos: 4 | $56.5M)
Sneakers (TRAQ)
(# Cos: 2 | $56.5M)
P2P Marketplace (SNKRDUNK)
(# Cos: 1 | $56.5M)
SNKRDUNK
(2016, Shibuya, $56.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
SNKRDUNK (2016, Shibuya)
$56.5M - Series C - Jul 2021
SNKRDUNK (2016, Shibuya)
Undisclosed - Series D - Dec 2021

20. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Healthcare IT > Value Based Care > Care Coordination > Care
Planning & Management > Elderly - Japan
12
20
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$50.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$50.0M
2
-
2
1
Healthcare IT (CureApp)
(# Cos: 161 | $335M)
Value Based Care (Triple W Japan)
(# Cos: 32 | $89.6M)
Care Coordination (Embrace)
(# Cos: 8 | $50.0M)
Care Planning & Management (TXP
Medical)
(# Cos: 6 | $50.0M)
Elderly (Allm)
(# Cos: 2 | $50.0M)
Allm
(2001, Shibuya, $50.0M)
Logic
(1995, Ishikawa)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Allm (2001, Shibuya)
$50.0M - Series A - Apr 2021

21. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Mass Spectroscopy Imaging Systems -
Japan
13
21
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$50.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$111M
1
-
1
1
Life Sciences Platforms and Tools (PHC Holdings)
(# Cos: 173 | $487M)
Instruments (Olympus)
(# Cos: 33 | $220M)
Imaging Systems (Nikon)
(# Cos: 9 | $111M)
Spectroscopy (Rigaku)
(# Cos: 2 | $111M)
Mass Spectroscopy (Atonarp)
(# Cos: 1 | $111M)
Atonarp
(2009, Minato, $111M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Atonarp (2009, Minato)
$50.0M - Series D - May 2021

22. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
ispace (2010, Tokyo)
$46.0M - Series C - Aug 2021
ispace (2010, Tokyo)
Undisclosed - Series C - Oct 2021
Rover Manufacturers - Japan
14
22
Back to index
NewSpace (Astroscale)
(# Cos: 21 | $740M)
Space Hardware (SPACE WALKER)
(# Cos: 5 | $196M)
Rovers (ispace)
(# Cos: 1 | $196M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$46.0M(▲64.3%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$196M
1
-
1
1
ispace
(2010, Tokyo, $196M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

23. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Noile-Immune (2015, Tokyo)
$21.9M - Series C - Mar 2021
Prism Biolab (2006, Yokohama)
$11.8M - Series C - Sep 2021
J-Pharma (2005, Yokohama)
$5.5M - Series D - Jul 2021
KORTUC (2015, Minato)
Undisclosed - Seed - Jul 2021
Drugs for Multiple Cancer Types - Japan
15
23
Back to index
Oncology (ThinkCyte)
(# Cos: 69 | $308M)
Drugs (Anaeropharma)
(# Cos: 49 | $228M)
Diversified (Eisai)
(# Cos: 34 | $156M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$39.2M(▲85%)
4( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$156M
25
8
34
3
Eisai
(1941, Tokyo)
Anaeropharma
(2004, Chiyoda-ku, $49.3M)
SymBio Pharma
(2005, Minato, $24.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

24. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Unifa (2013, Nagoya)
$36.5M - Series D - Jun 2021
Pre School Management Software -
Japan
16
24
Back to index
Mom & Baby Care (Smart Education)
(# Cos: 58 | $79.1M)
ChildCare Providers (Smart Sitter)
(# Cos: 6 | $68.9M)
Management Softwares (Unifa)
(# Cos: 2 | $68.9M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$36.5M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$68.9M
1
-
2
1
Unifa
(2013, Nagoya, $68.9M)
News
(2021, Fukuoka)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

25. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Heartseed (2015, Shinjuku)
$36.5M - Series C - Jun 2021
Heart Failure Drugs - Japan
17
25
Back to index
Cardiac and Vascular Disorders (Metcela)
(# Cos: 29 | $99.1M)
Drugs (Daiichi Sankyo)
(# Cos: 5 | $76.4M)
Heart Failure (Heartseed)
(# Cos: 1 | $74.9M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$36.5M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$74.9M
1
-
1
1
Heartseed
(2015, Shinjuku, $74.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

26. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Kyulux (2015, Fukuoka)
$34.3M - Series B - Feb 2021
OLED Materials - Japan
18
26
Back to index
Display Technology (JOLED)
(# Cos: 18 | $1.2B)
Material Provider (AvanStrate)
(# Cos: 3 | $84.4M)
OLED Materials (Kyulux)
(# Cos: 1 | $84.4M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$34.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$84.4M
1
-
1
1
Kyulux
(2015, Fukuoka, $84.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

27. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
OLED Components - Japan
19
27
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$34.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$84.4M
1
-
1
1
Energy Efficiency Tech (Nature global)
(# Cos: 30 | $1.2B)
Lighting Products (JOLED)
(# Cos: 9 | $1.2B)
Optical Components (QD Laser)
(# Cos: 2 | $135M)
OLED (Kyulux)
(# Cos: 1 | $84.4M)
Kyulux
(2015, Fukuoka, $84.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Kyulux (2015, Fukuoka)
$34.3M - Series B - Feb 2021

28. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Optoelectronic Light Emitting Diodes -
Japan
20
28
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$34.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$84.4M
2
-
4
1
Photonics (ThinkCyte)
(# Cos: 29 | $181M)
Optoelectronics (Fuji Electric)
(# Cos: 13 | $84.4M)
Diode (Nitride Semiconductor)
(# Cos: 4 | $84.4M)
Light Emitting Diodes (Kyulux)
(# Cos: 4 | $84.4M)
Kyulux
(2015, Fukuoka, $84.4M)
Nitride Semiconductor
(2000, Tokushima)
Nichia Corporation
(1956, Tokushima)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Kyulux (2015, Fukuoka)
$34.3M - Series B - Feb 2021

29. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Asoview (2011, Shibuya)
$26.3M - Series E - Dec 2021
Tours and Activities Booking Platforms -
Japan
21
29
Back to index
Online Travel (Relux)
(# Cos: 173 | $124M)
Tours & Activities (Voyagin)
(# Cos: 16 | $56.7M)
Online Agency (Asoview)
(# Cos: 7 | $56.2M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$26.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$56.2M
5
1
7
1
Asoview
(2011, Shibuya, $33.2M)
VELTRA
(1991, Tokyo)
Tavinaka Corporation
(2014, Shibuya)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

30. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
ThinkCyte (2016, Bunkyo)
$26.0M - Series B - May 2021
Life Sciences Image Analysis - Japan
22
30
Back to index
Life Sciences Tech (Agatha)
(# Cos: 36 | $51.7M)
Research & Development (Tupac)
(# Cos: 31 | $47.7M)
Image Analysis (ThinkCyte)
(# Cos: 5 | $45.0M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$26.0M(▲73.3%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$45.0M
2
-
5
1
ThinkCyte
(2016, Bunkyo, $45.0M)
CoLocalization Researc.. Innotek
(1996, Minami)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

31. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Cell Sorting Instruments - Japan
23
31
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$26.0M(▲73.3%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$45.0M
1
-
2
1
Life Sciences Platforms and Tools (Olympus)
(# Cos: 173 | $487M)
Instruments (Nikon)
(# Cos: 33 | $220M)
Cell Biology (CYBO)
(# Cos: 4 | $45.0M)
Cell Sorting (ThinkCyte)
(# Cos: 2 | $45.0M)
ThinkCyte
(2016, Bunkyo, $45.0M)
CYBO
(2018, Koto)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ThinkCyte (2016, Bunkyo)
$26.0M - Series B - May 2021

32. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Axelspace (2008, Chuo)
$23.8M - Series C - May 2021
Satellite Imagery Data Providers - Japan
24
32
Back to index
Data as a Service (Uzabase)
(# Cos: 27 | $96.4M)
Geography (SmartDrive)
(# Cos: 3 | $72.3M)
Satellite Imagery Data (Axelspace)
(# Cos: 1 | $63.3M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$23.8M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$63.3M
1
-
1
1
Axelspace
(2008, Chuo, $63.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

33. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Satellite Based Imaging Services - Japan
25
33
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$23.8M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$184M
3
-
5
2
NewSpace (ispace)
(# Cos: 21 | $740M)
Space Services (Astroscale)
(# Cos: 8 | $500M)
Imaging (Synspective)
(# Cos: 5 | $184M)
Satellite Based (Axelspace)
(# Cos: 5 | $184M)
Axelspace
(2008, Chuo, $63.3M)
Synspective
(2018, Koto, $99.7M)
iQPS
(2005, Fukuoka, $20.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Axelspace (2008, Chuo)
$23.8M - Series C - May 2021

34. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Travel Agency Management Software -
Japan
26
34
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$20.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$20.3M
1
-
1
1
Online Travel (Relux)
(# Cos: 173 | $124M)
Technology Enablers (tripla)
(# Cos: 8 | $22.5M)
Travel Agency IT (TRAVESENS)
(# Cos: 2 | $20.3M)
Suite (Reiwa Travel)
(# Cos: 1 | $20.3M)
Reiwa Travel
(2021, Shibuya, $20.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Reiwa Travel (2021, Shibuya)
$20.3M - Series B - Jul 2021

35. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Decentralized Cryptocurrency Exchanges
- Japan
27
35
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$18.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$18.0M
3
-
3
1
Cryptocurrencies (Cryptact)
(# Cos: 131 | $237M)
Financial Services (Dicalet)
(# Cos: 77 | $226M)
Investment Industry (Quoine)
(# Cos: 58 | $94.8M)
Crypto Exchanges (bitFlyer)
(# Cos: 24 | $52.0M)
Decentralized Exchanges (Orca)
(# Cos: 3 | $18.0M)
Orca
(2020, Tokyo, $18.0M)
SushiSwap PancakeSwap
(2020, Hiroshima)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Orca (2020, Tokyo)
$18.0M - Series A - Sep 2021

36. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
GITAI (2016, Tokyo)
$17.1M - Series B - Feb 2021
Space Robots - Japan
28
36
Back to index
NewSpace (Astroscale)
(# Cos: 21 | $740M)
Support Engineering (Pale Blue)
(# Cos: 4 | $22.4M)
Space Robots (GITAI)
(# Cos: 1 | $22.4M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$17.1M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.4M
1
-
1
1
GITAI
(2016, Tokyo, $22.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

37. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Smart Locks - Japan
29
37
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$15.8M(▼52.1%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$76.9M
4
1
7
1
Smart Homes (Nature global)
(# Cos: 35 | $76.9M)
Home Security (Safie)
(# Cos: 14 | $76.9M)
Access Control (Akerun)
(# Cos: 9 | $76.9M)
Smart Lock and Key (Photosynth)
(# Cos: 8 | $76.9M)
Locks (Bitkey)
(# Cos: 7 | $76.9M)
Bitkey
(2018, Chuo, $20.6M)
Photosynth
(2014, Minato, $52.6M)
Akerun
(2014, Tokyo, $3.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Photosynth (2014, Minato)
$15.8M - Series C - Jul 2021
Bitkey (2018, Chuo)
Undisclosed - Series A - May 2021

38. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Terra Drone Corp (2017, Shibuya)
$14.2M - Series A - Feb 2021
Drone Survey Services - Japan
30
38
Back to index
Drones (Sensyn Robotics)
(# Cos: 37 | $109M)
Tech Enabled Services (Metroweather)
(# Cos: 9 | $16.1M)
Aerial Surveying (Terra Drone Corp)
(# Cos: 2 | $14.2M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$14.2M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$14.2M
1
-
2
1
Terra Drone Corp
(2017, Shibuya, $14.2M)
Awa Drone
(2015, Tokushima)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

39. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Cold Fusion Nuclear Reactors - Japan
31
39
Back to index
Nuclear Energy (Japan Atomic Power Company)
(# Cos: 5 | $14.5M)
Cold Fusion (Kyoto Fusioneering)
(# Cos: 1 | $14.5M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$11.6M(▲358%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$14.5M
1
-
1
0
Kyoto Fusioneering
(2019, Uji, $14.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Kyoto Fusioneering (2019, Uji)
$11.6M - Series B - Feb 2022

40. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Craif (2018, Bunkyo)
$11.3M - Series B - Nov 2021
Cancer Diagnostic Tests - Japan
32
40
Back to index
Oncology (Eisai)
(# Cos: 69 | $308M)
In-Vitro Diagnostic Tests (Miltel)
(# Cos: 15 | $35.3M)
Pan Cancer (LPixel)
(# Cos: 3 | $18.3M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$11.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$18.3M
3
-
3
0
LPixel
(2014, Tokyo, $7.0M)
Craif
(2018, Bunkyo, $11.3M)
Icaria
(2018, Bunkyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

41. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Infostellar (2016, Tokyo)
$6.2M - Series B - Oct 2021
Infostellar (2016, Tokyo)
$4.3M - Series B - Jan 2022
Ground Station Networks - Japan
33
41
Back to index
NewSpace (Astroscale)
(# Cos: 21 | $740M)
Network Operators (Skyagte Technologies)
(# Cos: 2 | $21.3M)
Ground Stations (Infostellar)
(# Cos: 2 | $21.3M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$10.5M(▲199%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$21.3M
2
-
2
1
Infostellar
(2016, Tokyo, $21.3M)
Skyagte Technologies
(2020, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

42. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Autify (2016, Chuo)
$10.0M - Series A - Oct 2021
AI based Software Testing - Japan
34
42
Back to index
Software Testing Tools (DeployGate)
(# Cos: 12 | $13.1M)
Automated Testing Tools (Rocro)
(# Cos: 6 | $13.1M)
AI based (Autify)
(# Cos: 1 | $13.1M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$10.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.1M
1
-
1
1
Autify
(2016, Chuo, $13.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

43. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
P2P Wallet Remittance - Japan
35
43
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$10.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.0M
1
-
6
1
Remittance (Digital Wallet)
(# Cos: 14 | $10.0M)
Internet First Platforms (Money Tap)
(# Cos: 13 | $10.0M)
P2P Remittance (pring)
(# Cos: 13 | $10.0M)
Wallet Transfer (Telcoin)
(# Cos: 6 | $10.0M)
Telcoin
(2013, Shibuya, $10.0M)
Digital Wallet
(2014, Chiyoda-ku)
Webllet
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Telcoin (2013, Shibuya)
$10.0M - Seed - Jul 2021

44. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Corneal Disorders Therapy Devices -
Japan
36
44
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$9.5M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$14.7M
1
-
1
0
Ophthalmology (Healios)
(# Cos: 16 | $50.6M)
Medical Devices (Clute Medical Systems)
(# Cos: 7 | $14.7M)
Therapy (SeikoVision)
(# Cos: 4 | $14.7M)
Corneal Disorders (Cellusion)
(# Cos: 1 | $14.7M)
Cellusion
(2015, Minato, $14.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Cellusion (2015, Minato)
$9.5M - Series A - Jan 2022

45. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
OriCiro Genomics (2018, Tokyo)
$7.3M - Series B - Jul 2021
Synthetic Biology - Japan
37
45
Back to index
Genomics (LPixel)
(# Cos: 89 | $247M)
Applied Genomics (Molcure)
(# Cos: 38 | $160M)
Synthetic Biology (OriCiro Genomics)
(# Cos: 1 | $12.8M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$7.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$12.8M
1
-
1
1
OriCiro Genomics
(2018, Tokyo, $12.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

46. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Nucleic Acid Synthesis Equipment -
Japan
38
46
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$7.3M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$12.8M
2
1
3
1
Life Sciences Platforms and Tools (Olympus)
(# Cos: 173 | $487M)
Instruments (Nikon)
(# Cos: 33 | $220M)
Genomics (Quantum Biosystems)
(# Cos: 7 | $47.8M)
Nucleic Acid Synthesis (OriCiro
Genomics)
(# Cos: 3 | $12.8M)
OriCiro Genomics
(2018, Tokyo, $12.8M)
Precision System Science
(1985, Matsudo)
BEX
(1990, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
OriCiro Genomics (2018, Tokyo)
$7.3M - Series B - Jul 2021

47. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Other Affinity-based Assays for Nucleic Acid
Analysis - Japan
39
47
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$7.2M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$11.7M
1
-
1
1
Genomics (LPixel)
(# Cos: 89 | $247M)
Applied Genomics (OriCiro Genomics)
(# Cos: 38 | $160M)
Clinical Genomics (Modalis Therapeutics)
(# Cos: 27 | $104M)
Diagnostics (Craif)
(# Cos: 13 | $23.1M)
Hybridization-based (KUBIX)
(# Cos: 2 | $11.7M)
Other Affinity-based Assays
(Molcure)
(# Cos: 1 | $11.7M)
Molcure
(2013, Tokyo, $11.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Molcure (2013, Tokyo)
$7.2M - Series C - Aug 2021

48. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Data Generation Screening - Japan
40
48
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$7.2M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$11.7M
1
-
3
1
Life Sciences Platforms and Tools (Nikon)
(# Cos: 173 | $487M)
Research Assays (Synplogen)
(# Cos: 11 | $11.7M)
Drug Discovery (Carna Biosciences)
(# Cos: 9 | $11.7M)
High Throughput Screening (HTS)
(Molcure)
(# Cos: 3 | $11.7M)
Molcure
(2013, Tokyo, $11.7M)
Primetech Corporation
(1988, Bunkyo)
Veneno Technologies
(2020, Tsukuba)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Molcure (2013, Tokyo)
$7.2M - Series C - Aug 2021

49. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
IZUMI (2021, Tokyo)
$3.5M - Series A - Dec 2021
IZUMI (2021, Tokyo)
$2.1M - Seed - Nov 2021
Crypto Based Pool Mining - Japan
41
49
Back to index
Cryptocurrencies (bitFlyer)
(# Cos: 131 | $237M)
Mining (Sanka Network)
(# Cos: 6 | $5.6M)
Pool Mining (IZUMI)
(# Cos: 2 | $5.6M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$5.6M( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$5.6M
1
-
2
0
IZUMI
(2021, Tokyo, $5.6M)
Sanka Network
(2019, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

50. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Knowledge Management - Japan
42
50
Back to index
Enterprise Collaboration (BeaTrust)
(# Cos: 83 | $52.7M)
Knowledge Management (NOTA)
(# Cos: 1 | $7.0M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$5.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.0M
1
-
1
1
NOTA
(2007, Kyoto, $7.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
NOTA (2007, Kyoto)
$5.0M - Series B - Apr 2021

51. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
NOTA (2007, Kyoto)
$5.0M - Series B - Apr 2021
Knowledge Management - Japan
43
51
Back to index
Customer Service Software (Empath)
(# Cos: 40 | $36.7M)
Customer Self Service (Cinnamon)
(# Cos: 21 | $33.0M)
Knowledge Management (NOTA)
(# Cos: 1 | $7.0M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$5.0M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.0M
1
-
1
1
NOTA
(2007, Kyoto, $7.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

52. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Automatic Speech Recognition Software
- Japan
44
52
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$4.7M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.9M
4
1
4
1
Speech and Voice Recognition (Cinnamon)
(# Cos: 13 | $37.7M)
Technology Providers (Hmcomm)
(# Cos: 4 | $7.9M)
Software (Fairy Devices)
(# Cos: 4 | $7.9M)
Automatic Speech Recognition
(Studio Ousia)
(# Cos: 4 | $7.9M)
Studio Ousia
(2007, Chiyoda-ku, $3.2M)
Fairy Devices
(2008, Tokyo, $4.7M)
Hmcomm
(2012, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Fairy Devices (2008, Tokyo)
$4.7M - Series A - Feb 2021

53. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Solar Power Plant Monitoring Systems -
Japan
45
53
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$4.6M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$15.4M
2
-
3
1
Renewable Energy Tech (NextDrive)
(# Cos: 21 | $65.8M)
Solar Energy (QD Laser)
(# Cos: 14 | $65.8M)
Monitoring (PPLC)
(# Cos: 4 | $15.4M)
Power Plant Monitoring (Sensyn
Robotics)
(# Cos: 3 | $15.4M)
Sensyn Robotics
(2015, Tokyo, $10.9M)
PPLC
(2017, Bunkyo, $4.6M)
TAOKE
(2010, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PPLC (2017, Bunkyo)
$4.6M - Series A - Aug 2021

54. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
JPYC (2019, Chiyoda-ku)
$4.4M - Series A - Nov 2021
Stable Cryptocurrencies - Japan
46
54
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Cryptocurrencies (bitFlyer)
(# Cos: 131 | $237M)
Coins (BitClout)
(# Cos: 27 | $4.4M)
Stable Coins (JPYC)
(# Cos: 5 | $4.4M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$4.4M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.4M
3
-
5
1
JPYC
(2019, Chiyoda-ku, $4.4M)
Ichi Soteria
(2019, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

55. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
SMB Accounting - Japan
47
55
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$3.5M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$148M
5
3
6
1
Finance & Accounting Tech (LayerX)
(# Cos: 39 | $190M)
Accounting Solutions (MakeLeaps)
(# Cos: 27 | $179M)
Accounting Suite (MJS)
(# Cos: 6 | $148M)
SMBs (freee)
(# Cos: 6 | $148M)
freee
(2012, Tokyo, $143M)
MJS
(1977, Tokyo)
Bizer
(2013, Tokyo, $815K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
First Accounting (2016, Minato)
$3.5M - Series C - Jan 2022

56. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Body Chemistry Monitoring Devices -
Japan
48
56
Back to index
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$3.2M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.3M
2
-
2
0
Disease Self Management (CureApp)
(# Cos: 94 | $75.1M)
Body Health Parameters (A&D)
(# Cos: 11 | $4.3M)
Monitoring (Omron)
(# Cos: 11 | $4.3M)
Body Chemistry (Symax)
(# Cos: 2 | $4.3M)
Device (Bisu)
(# Cos: 2 | $4.3M)
Bisu
(2003, Tokyo, $4.3M)
Symax
(2014, Tokyo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Bisu (2003, Tokyo)
$3.2M - Seed - Oct 2021

57. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Diabetes Drugs - Japan
49
57
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Diabetes (Symax)
(# Cos: 6 | $2.6M)
Drugs (Restore Vision)
(# Cos: 2 | $2.6M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$2.6M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$2.6M
1
-
2
0
Restore Vision
(2016, Shinjuku, $2.6M)
Eli Lilly Japan
(1975, Kobe)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Restore Vision (2016, Shinjuku)
$2.6M - Seed - Feb 2022

58. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Japan Tech - Top Business Models Report
Recent Funding Rounds
Ophthalmology Drugs - Japan
50
58
Back to index
Ophthalmology (Cellusion)
(# Cos: 16 | $50.6M)
Drugs (Healios)
(# Cos: 8 | $35.9M)
Taxonomy
$ Invested in last 1 year in Japan Tech
Key Stats
# Funding Rounds in last 1 year in
Japan Tech
$2.6M( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$35.9M
6
3
8
0
Healios
(2011, Tokyo, $29.2M)
D.Western Therapeutics..
(1999, Nagoya)
AQUA Therapeutics Co.
(2012, Kobe, $4.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Restore Vision (2016, Shinjuku)
$2.6M - Seed - Feb 2022

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Japan Tech - Top Business Models Report
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