Startups ranked by AI-estimated valuation
Japan’s 50 most valuable startups
A quarterly ranking of non-listed Japanese startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; AI models estimate it.
Listed benchmarks
Mercari · C2C marketplace and fintech · TSE Prime · 4385 (IPO 2018)Visional · HR tech (BizReach) · TSE Prime · 4194 (IPO 2021)Money Forward · Fintech and back-office SaaS · TSE Prime · 3994 (IPO 2017)GO Inc. · Taxi-hailing app · TSE Growth · 581A (IPO June 2026)freee · Accounting and HR SaaS for SMEs · TSE Growth · 4478 (IPO 2019)Timee · On-demand part-time staffing app · TSE Growth · 215A (IPO 2024)
Not ranked: no intention is possible on a listed company.
The market at a glance
50companies ranked
37companies on the radar
USD 5.1bn (JPY 761.3bn)raised in 2025
2,700 companies fundedrounds in 2025
Japanese startups raised JPY 761.3bn (about USD 5.1bn) of equity in 2025 according to Speeda/INITIAL, roughly flat on 2024 (JPY 779.3bn), with 2,700 companies funded (-6%) and the median round falling from JPY 77.6M to JPY 62.4M. In H1 2026 funding rose 12% year on year to JPY 377.9bn (about USD 2.4bn), but only about 2% excluding Sakana AI's JPY 31bn Series D; companies raising JPY 5bn or more rose from 4 to 9. Sources: INITIAL / Speeda, Japan Startup Finance 2025 (preliminary, Jan 2026), Speeda press release, Japan Startup Finance 2025 (20 Jan 2026), INITIAL / Speeda, Japan Startup Finance 2026 H1 (data at 22 Jul 2026). Intention counters will be shown above a threshold of amount and number of Backers.
National ranking · all sectors
Snapshot19 Oct 2026A snapshot taken on 19 Oct 2026
This ranking shows the startups as they stood on 19 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 10 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 19 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 10 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
By sector20% Deeptech & space18% Energy & climate16% Business software14% Healthtech12% AI10% Mobility & logistics8% Media & gaming2% Other
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets, to validated members only. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a partner desk. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|---|
| 1 | Sakana AITokyo · founded 2023 | AI › foundation models | raised Series B · USD 140M · Nov 2025 (MUFG, Khosla, NEA, Lux); valued at about JPY 400bn (USD 2.65bn) |
Last known equity round: Series B · USD 135M · Nov 2025 (MUFG, Khosla, NEA, Lux) Published valuation: USD 2.6bn (Nov 2025)Method |
Be the first | Back |
| 2 | Preferred NetworksTokyo · founded 2014 A press survey of unicorns (Dec 2024) estimated enterprise value at JPY 346.3bn. |
AI › foundation models and AI chips | raised Funding round · amount undisclosed · Dec 2024 (SBI; Mitsubishi Corporation, Development Bank of Japan, Sekisui House, Wacom); valued at more than JPY 300bn (about USD 2bn) |
No equity round with a disclosed amount. Published valuation: USD 2bn (Dec 2024)Method |
Be the first | Back |
| 3 | CADDiTokyo · founded 2017 Used by more than half of Japan's 100 largest manufacturers. |
Software › manufacturing AI and parts sourcing | about USD 234M raised Series D · USD 110M · Sep 2026 (Moore Strategic Ventures, Coreline Ventures, Salesforce Ventures, Woven Capital; Atomico, Globis Capital Partners, JPS Growth); valued at USD 1.2bn (reported) |
Last known equity round: Series D · USD 114M · Sep 2026 (Moore Strategic Ventures, Coreline Ventures, Salesforce Ventures, Woven Capital; Atomico, Globis Capital Partners, JPS Growth) Published valuation: USD 1.2bn (Sep 2026)Method |
Be the first | Back |
| 4 | MujinTokyo · founded 2011 Series D first close of USD 233M including USD 100M of bank debt. |
Robotics › intelligent industrial robots | raised Series D (first close, equity part) · USD 130M · Dec 2025 (NTT Group, Qatar Investment Authority; Salesforce Ventures); valued at over USD 1bn |
Last known equity round: Series D (first close, equity part) · USD 133M · Dec 2025 (NTT Group, Qatar Investment Authority; Salesforce Ventures) Published valuation: USD 1bn (Jun 2026)Method |
Be the first | Back |
| 5 | TBMTokyo · founded 2011 Cumulative funding over JPY 23.4bn; investors include Itochu, DNP, TOPPAN, Goldman Sachs. |
Materials › limestone-based materials | JPY 23.4bn+ raised Valued at about JPY 136.1bn (USD 890M) in a press survey of unicorns (Dec 2024); no recent round amount disclosed |
No equity round with a disclosed amount. Published valuation: USD 889.5M (Dec 2024)Method |
Be the first | Back |
| 6 | TelexistenceTokyo · founded 2017 Robots deployed in FamilyMart convenience stores. |
Robotics › retail and logistics robots | raised Series B · USD 170M · Jul 2023 (SoftBank Group, Foxconn) |
Last known equity round: Series B · USD 170M · Jul 2023 (SoftBank Group, Foxconn)Method | Be the first | Back |
| 7 | SmartHRTokyo · founded 2013 Tokyo IPO pushed back to 2027 (reported Jul 2026). |
Software › HR administration | raised Series E · USD 140M · Jun 2024 (led by KKR and Teachers' Venture Growth) |
Last known equity round: Series E · USD 140M · Jun 2024 (led by KKR and Teachers' Venture Growth)Method | Be the first | Back |
| 8 | newmoTokyo · founded 2024 Cumulative JPY 19.9bn since 2024. |
Mobility › robotaxi and ride-hailing | JPY 19.9bn raised Series A (all closes) · USD 120M · Jul 2025 (Dual Bridge Capital, Nissay Capital) |
Last known equity round: Series A (all closes) · USD 115.4M · Jul 2025 (Dual Bridge Capital, Nissay Capital)Method | Be the first | Back |
| 9 | Interstellar TechnologiesTaiki (Hokkaido) · founded 2003 | Space › small launchers | raised Series F · USD 110M · Jan 2026 (Woven by Toyota; SBI Group, Nomura Real Estate, B Dash Ventures, SMBC Edge) |
Last known equity round: Series F · USD 112M · Jan 2026 (Woven by Toyota; SBI Group, Nomura Real Estate, B Dash Ventures, SMBC Edge)Method | Be the first | Back |
| 10 | TuringTokyo · founded 2021 Series A of JPY 27.89bn including JPY 11.3bn of bank loans. |
Mobility › autonomous driving AI | raised Series A (first close + extension) · USD 110M · Jul 2026 (JIC Venture Growth Investments, Global Brain; AMD Ventures, Mitsubishi Corporation, MUFG Bank, Denso) |
Last known equity round: Series A (first close + extension) · USD 105.2M · Jul 2026 (JIC Venture Growth Investments, Global Brain; AMD Ventures, Mitsubishi Corporation, MUFG Bank, Denso)Method | Be the first | Back |
| 11 | Kyoto FusioneeringTokyo · founded 2019 Kyoto University spin-off; HQ moved to Tokyo (Ota-ku). |
Energy › fusion engineering | raised Series D (first close) · USD 100M · Aug 2026 (IMM Japan Korea-Japan Fusion Fund, DBJ, JR East) |
Last known equity round: Series D (first close) · USD 105M · Aug 2026 (IMM Japan Korea-Japan Fusion Fund, DBJ, JR East)Method | Be the first | Back |
| 12 | LayerXTokyo · founded 2018 TCV's first investment in a Japanese startup. |
Software › finance back-office automation | USD 190M+ raised Series B · USD 100M · Sep 2025 (TCV; MUFG Bank, MUFG Innovation Partners, Coreline Ventures, JAFCO) |
Last known equity round: Series B · USD 102M · Sep 2025 (TCV; MUFG Bank, MUFG Innovation Partners, Coreline Ventures, JAFCO)Method | Be the first | Back |
| 13 | KakehashiTokyo · founded 2016 | Digital health › pharmacy software | raised Series D · amount undisclosed · Jun 2025 (Goldman Sachs; JIC Venture Growth Investments, JP Investment, MUFG Capital, DNX Ventures); post-money about JPY 65.1bn (estimate incl. potential shares) |
No equity round with a disclosed amount. Published valuation: USD 442.9M (Jul 2025)Method |
Be the first | Back |
| 14 | LooopTokyo · founded 2011 Capital alliances with bitkey and Gigalogy in Jan 2026. |
Energy › power retail and storage | raised Third-party allotment · amount undisclosed · Apr 2025 (Tokyu Land Corporation); post-money about JPY 61.7bn (estimate incl. potential shares) |
No equity round with a disclosed amount. Published valuation: USD 396.6M (Dec 2025)Method |
Be the first | Back |
| 15 | SmartNewsTokyo · founded 2012 Layoffs in 2023; declining downloads reported in 2024. |
Consumer internet › news app | about USD 500M raised Series F · USD 230M · Sep 2021 (Princeville Capital; Woodline Partners, JIC); valued at USD 2bn (reported, 2021) |
Last known equity round: Series F · USD 230M · Sep 2021 (Princeville Capital; Woodline Partners, JIC) Published valuation: USD 2bn (Sep 2021)Method |
Be the first | Back |
| 16 | Linc'wellTokyo · founded 2018 | Digital health › digital clinics | raised Series C · USD 70M · Nov 2021 (Bain Capital Private Equity); post-money about JPY 32.1bn (estimate incl. potential shares) |
Last known equity round: Series C · USD 70M · Nov 2021 (Bain Capital Private Equity) Published valuation: USD 225.8M (Jul 2023)Method |
Be the first | Back |
| 17 | Terra ChargeTokyo · founded 2022 | Mobility › EV charging | raised Series D · USD 70M · Aug 2025 |
Last known equity round: Series D · USD 70M · Aug 2025Method | Be the first | Back |
| 18 | GaudiyTokyo · founded 2018 | Consumer internet › fan engagement platform | raised Pre-Series C · USD 69M · May 2025 (Sony group) |
Last known equity round: Pre-Series C · USD 69M · May 2025 (Sony group)Method | Be the first | Back |
| 19 | AI Medical ServiceTokyo · founded 2017 | Medtech › AI endoscopy | raised Series C · USD 62M · Apr 2022; post-money about JPY 40.4bn (estimate incl. potential shares) |
Last known equity round: Series C · USD 62.5M · Apr 2022 Published valuation: USD 310.9M (May 2022)Method |
Be the first | Back |
| 20 | LuupTokyo · founded 2018 | Mobility › micromobility sharing | JPY 21.4bn incl. loans raised Funding round · amount undisclosed · Nov 2025; post-money about JPY 45.0bn (estimate incl. potential shares) |
No equity round with a disclosed amount. Published valuation: USD 298M (Oct 2025)Method |
Be the first | Back |
| 21 | SkyDriveToyota City · founded 2018 Further undisclosed third-party allotment in Aug 2026 (Resona Asset Management). |
Mobility › eVTOL air taxis | raised Pre-Series D · USD 57M · Jul 2025 (MUFG Bank, Suzuki, JR East, JR Kyushu) |
Last known equity round: Pre-Series D · USD 57M · Jul 2025 (MUFG Bank, Suzuki, JR East, JR Kyushu)Method | Be the first | Back |
| 22 | CureAppTokyo · founded 2014 | Digital health › digital therapeutics | raised Series G · USD 52M · Aug 2022; post-money about JPY 49.8bn (estimate incl. potential shares) |
Last known equity round: Series G · USD 52.2M · Aug 2022 Published valuation: USD 368.6M (May 2023)Method |
Be the first | Back |
| 23 | diniiTokyo · founded 2020 | Software › restaurant POS and ordering | raised Series B · USD 52M · Sep 2024 (Bessemer Venture Partners, Hillhouse; Flight Deck Capital, Eclectic Management) |
Last known equity round: Series B · USD 52M · Sep 2024 (Bessemer Venture Partners, Hillhouse; Flight Deck Capital, Eclectic Management)Method | Be the first | Back |
| 24 | ArkEdge SpaceTokyo · founded 2018 University of Tokyo spin-off. |
Space › small satellites | raised Series B · USD 52M · Feb 2025 |
Last known equity round: Series B · USD 52M · Feb 2025Method | Be the first | Back |
| 25 | Rapyuta RoboticsTokyo · founded 2014 | Robotics › warehouse automation | raised Series C · USD 51M · Apr 2022 (Goldman Sachs Asset Management) |
Last known equity round: Series C · USD 51M · Apr 2022 (Goldman Sachs Asset Management)Method | Be the first | Back |
| 26 | enechainTokyo · founded 2019 Utilities JERA, Tokyo Gas, Osaka Gas and Chubu Electric among Series B investors. |
Energy › power trading marketplace | raised Series B (extension) · amount undisclosed · Jan 2026 (Coreline Ventures; DCM Ventures, Minerva Growth Partners, JPS Growth Investment, Soros Capital Management); post-money about JPY 41.1bn (estimate, Jan 2026) |
No equity round with a disclosed amount. Published valuation: USD 263M (Jan 2026)Method |
Be the first | Back |
| 27 | LegalOn TechnologiesTokyo · founded 2017 | Software › legal AI | USD 200M+ raised Series E · USD 50M · Jul 2025 (Goldman Sachs growth equity) |
Last known equity round: Series E · USD 50M · Jul 2025 (Goldman Sachs growth equity)Method | Be the first | Back |
| 28 | atama plusTokyo · founded 2017 | Edtech › adaptive learning | raised Series B · USD 46M · Jul 2021 (DCM Ventures, JAFCO Group, Pavilion Capital) |
Last known equity round: Series B · USD 46M · Jul 2021 (DCM Ventures, JAFCO Group, Pavilion Capital)Method | Be the first | Back |
| 29 | HRBrainTokyo · founded 2016 | Software › talent management | raised Funding round · amount undisclosed · Dec 2025; post-money about JPY 36.3bn (estimate, Nov 2025) |
No equity round with a disclosed amount. Published valuation: USD 236M (Nov 2025)Method |
Be the first | Back |
| 30 | OptQCTokyo Over JPY 20bn raised including public subsidies. |
Quantum › photonic quantum computing | JPY 9.15bn raised Series A2 · USD 44M · Aug 2026 (NTT; Canon Marketing Japan, Kyocera, Shimadzu, Mitsubishi Electric) |
Last known equity round: Series A2 · USD 44.2M · Aug 2026 (NTT; Canon Marketing Japan, Kyocera, Shimadzu, Mitsubishi Electric)Method | Be the first | Back |
| 31 | UbieTokyo · founded 2017 | Digital health › AI symptom checker | JPY 10.7bn+ (2022) raised Series C2 · USD 43M · Oct 2022 |
Last known equity round: Series C2 · USD 43M · Oct 2022Method | Be the first | Back |
| 32 | WOTATokyo · founded 2014 | Climate › water recycling | raised Series C (additional) · amount undisclosed · Apr 2026 (Tokio Marine & Nichido, Persol Holdings); post-money about JPY 34.3bn (estimate incl. potential shares) |
No equity round with a disclosed amount. Published valuation: USD 211.9M (Jul 2026)Method |
Be the first | Back |
| 33 | ElevationSpaceSendai · founded 2021 Tohoku University spin-off. |
Space › reentry satellites | JPY 10.1bn raised Series B · USD 40M · Jun 2026 (Sparks Asset Management, Beyond Next Ventures, Global Brain, Mitsubishi UFJ Capital) |
Last known equity round: Series B · USD 39.9M · Jun 2026 (Sparks Asset Management, Beyond Next Ventures, Global Brain, Mitsubishi UFJ Capital)Method | Be the first | Back |
| 34 | ElephantechTokyo · founded 2014 | Materials › printed electronics | raised Series F · USD 25M · Mar 2026 (Mitsubishi Electric); post-money about JPY 31.3bn (estimate incl. potential shares) |
Last known equity round: Series F · USD 25.3M · Mar 2026 (Mitsubishi Electric) Published valuation: USD 198M (Mar 2026)Method |
Be the first | Back |
| 35 | clusterTokyo · founded 2015 | Consumer internet › metaverse platform | JPY 6.6bn raised Series D · USD 38M · May 2023 (Sparks Asset Management; SBI Investment, Orix, KDDI Open Innovation Fund 3, Skyland Ventures) |
Last known equity round: Series D · USD 38M · May 2023 (Sparks Asset Management; SBI Investment, Orix, KDDI Open Innovation Fund 3, Skyland Ventures)Method | Be the first | Back |
| 36 | EneCoatKyoto · founded 2018 | Energy › perovskite solar | raised Series C · USD 35M · Jul 2024 (Woven Capital, INPEX, Mitsubishi HC Capital) |
Last known equity round: Series C · USD 35M · Jul 2024 (Woven Capital, INPEX, Mitsubishi HC Capital)Method | Be the first | Back |
| 37 | NEWTTokyo · founded 2021 | Consumer internet › travel booking | raised Series A · USD 34M · Sep 2024 (SMBC-GB Growth Fund No.1; PKSHA Technology) |
Last known equity round: Series A · USD 33.8M · Sep 2024 (SMBC-GB Growth Fund No.1; PKSHA Technology)Method | Be the first | Back |
| 38 | CraifTokyo · founded 2018 Nagoya University spin-off. |
Medtech › cancer screening | raised Series D · USD 34M · Aug 2026 |
Last known equity round: Series D · USD 33.5M · Aug 2026Method | Be the first | Back |
| 39 | StockmarkTokyo · founded 2016 | AI › enterprise knowledge AI | JPY 8.8bn+ incl. loans raised Series D · USD 30M · Oct 2024 (Polaris Capital Group) |
Last known equity round: Series D · USD 30M · Oct 2024 (Polaris Capital Group)Method | Be the first | Back |
| 40 | hacomonoTokyo · founded 2013 | Software › fitness facility management | JPY 12bn raised Series D · USD 30M · Jan 2025 (JP Investment, 31VENTURES; Spiral Regional Innovation Fund, ALL STAR SAAS FUND, GMO VenturePartners) |
Last known equity round: Series D · USD 29.5M · Jan 2025 (JP Investment, 31VENTURES; Spiral Regional Innovation Fund, ALL STAR SAAS FUND, GMO VenturePartners)Method | Be the first | Back |
| 41 | Ascent RoboticsTokyo · founded 2016 | Robotics › robot learning software | raised Series B · USD 8.7M · Jan 2022; post-money about JPY 18.4bn (estimate incl. potential shares) |
Last known equity round: Series B · USD 8.7M · Jan 2022 Published valuation: USD 121.1M (Feb 2025)Method |
Be the first | Back |
| 42 | Innovative Space CarrierTokyo · founded 2022 | Space › reusable launchers | raised Funding round · USD 20M · Apr 2026 (Incubate Fund, B Dash Ventures, Angel Bridge, XTech Ventures; JAL Engineering) |
Last known equity round: Funding round · USD 20.5M · Apr 2026 (Incubate Fund, B Dash Ventures, Angel Bridge, XTech Ventures; JAL Engineering)Method | Be the first | Back |
| 43 | AllganizeTokyo · founded 2017 Listing on TSE Growth (Allganize Holdings, 656A) scheduled for 4 November 2026; market cap about JPY 23.8bn at the expected offer price. |
AI › enterprise LLM apps | raised Series B · USD 20M · Nov 2023 (Global Brain, KDDI, Stonebridge Ventures, InterVest) |
Last known equity round: Series B · USD 20M · Nov 2023 (Global Brain, KDDI, Stonebridge Ventures, InterVest)Method | Be the first | Back |
| 44 | MICINTokyo · founded 2015 | Digital health › telemedicine and clinical trials | raised Series C · amount undisclosed · Oct 2023; post-money about JPY 16.0bn (estimate incl. potential shares) |
No equity round with a disclosed amount. Published valuation: USD 101.5M (May 2026)Method |
Be the first | Back |
| 45 | ATOMTokyo | Robotics › humanoid robots | raised Seed · USD 19M · May 2026 (ANRI, Beyond Next Ventures, JAFCO) |
Last known equity round: Seed · USD 19M · May 2026 (ANRI, Beyond Next Ventures, JAFCO)Method | Be the first | Back |
| 46 | estieTokyo · founded 2018 IPO on TSE Growth scheduled for 6 Nov 2026 (code 658A). |
Software › commercial real estate data | raised Series B · USD 18M · Oct 2024 |
Last known equity round: Series B · USD 18.5M · Oct 2024Method | Be the first | Back |
| 47 | Helical FusionTokyo · founded 2021 | Energy › fusion | raised Series B (first close) · USD 17M · Apr 2026 (Ecrowd NEXT, NICHIAS) |
Last known equity round: Series B (first close) · USD 16.9M · Apr 2026 (Ecrowd NEXT, NICHIAS)Method | Be the first | Back |
| 48 | EX-FusionOsaka · founded 2021 | Energy › laser fusion | raised Series A · USD 16M · Jun 2025 (Osaka University Venture Capital, MPower, MUFG Capital, Fujikura) |
Last known equity round: Series A · USD 15.5M · Jun 2025 (Osaka University Venture Capital, MPower, MUFG Capital, Fujikura)Method | Be the first | Back |
| 49 | NottaTokyo · founded 2020 Used by 5,000 companies and over 15 million people (Dec 2025). |
AI › meeting transcription | raised Series B · USD 15M · Dec 2025 (Granite-Integral Capital) |
Last known equity round: Series B · USD 15M · Dec 2025 (Granite-Integral Capital)Method | Be the first | Back |
| 50 | Fairy DevicesTokyo · founded 2007 | AI › industrial wearables and voice AI | JPY 3.6bn raised Series B (2nd close) · USD 15M · Jun 2023 (Daikin, Yanmar Ventures, NTT TechnoCross) |
Last known equity round: Series B (2nd close) · USD 15M · Jun 2023 (Daikin, Yanmar Ventures, NTT TechnoCross)Method | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in Japan. Request a correction
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Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
AI & software
Foundation models, manufacturing AI, HR and back-office SaaS, legal AI and enterprise agents.
Coming soon · Top 10
Robotics & mobility
Industrial and retail robots, autonomous driving, robotaxis, eVTOL and EV charging.
Coming soon · Top 10
Space & energy
Launchers, small satellites, fusion engineering, perovskite solar and power trading.
Coming soon · Top 10
Health & materials
Pharmacy software, digital clinics, AI endoscopy, limestone materials and printed electronics.
FintechBiotechEdtechProptechAgritech
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Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- KG Motors · Mobility › micro EVsThird-party allotment · USD 3.1M · Sep 2026 (Chugin Capital, NTT Docomo Ventures, Mitsuba, Toho Gas)Back
- Jij · Quantum › optimisation softwareFunding round · USD 5.3M · Aug 2026Back
- WAKU · Agritech › biological inputsPre-Series A · USD 2.2M · Aug 2026 (Chugin Capital Partners, Asahi Media Lab Ventures, Nanto Capital Partners, Tottori Capital)Back
- JEPLAN · Climate › chemical recyclingStrategic equity (third-party allotment) · amount undisclosed · Aug 2026 (GX Acceleration Agency (Japan))Back
- Bitkey · Software › access and ID platformAdditional round · JPY 4bn incl. mezzanine (equity share not disclosed) · Jul 2026 (JIC Venture Growth Investments (Fund No. 2))Back
- Asuene · Climate › carbon accounting softwareSeries D · amount undisclosed · Jul 2026 (Decarbonization Partners (BlackRock-Temasek))Back
- Kyash · Fintech › consumer payments appStrategic investment (primary and secondary) · amount undisclosed · Jun 2026 (giftee)Back
- Qubitcore · Quantum › ion-trap hardwareFunding round · USD 9.6M · Apr 2026Back
- ADDress · Consumer internet › coliving subscriptionEquity · amount undisclosed · Apr 2026 (ANA Future Creation Fund, Gaiax)Back
- AstroX · Space › small launchersSeries A · USD 8.8M · Nov 2025 (Alpha Corporation; Daiwa Corporate Investment, Shizuoka Capital, Deepcore)Back
- IVRy · AI › voice agents for SMBsSeries D · JPY 4bn (equity share not disclosed) · Nov 2025Back
- EdgeCortix · Semiconductors › edge AI chipsSeries B (final close) · amount undisclosed · Nov 2025 (SBI Investment, Global Hands-On VC; Yanmar Ventures, NTT Finance, Pacific Bays Capital, TDK Ventures)Back
- Shippio · Software › digital freight forwardingSeries C · USD 12M · Oct 2025 (DNX Ventures; Japan Energy Investment, Suzuyo, New Commerce Ventures, YMFG Capital)Back
- ECOMMIT · Marketplace › circular resaleSeries B · amount undisclosed · Sep 2025Back
- Pale Blue · Space › satellite propulsionSeries C · USD 10M · Aug 2025Back
- Felo · AI › consumer search assistantSeries A · USD 10M · Jul 2025 (Peak XV Partners, Mirae Asset Venture Investment)Back
- Hacobu · Software › logistics SaaSFunding round · JPY 700M (equity share not disclosed) · May 2025 (Mercuria Investment, Konoike Transport)Back
- TOWING · Climate › biocharSeries B · amount undisclosed · May 2025Back
- Blossom Energy · Energy › fusionSeed · USD 2M · 2025Back
- Smartbank · Fintech › consumer money appSeries B first close · JPY 2.93bn (equity share not disclosed) · Nov 2024Back
- Leaner Technologies · Software › procurementSeries B · USD 10M · Oct 2024 (Globis Capital Partners; Bessemer Venture Partners, GMO VenturePartners)Back
- Ookuma Diamond Device · Semiconductors › diamond devicesPre-Series A · amount undisclosed · Oct 2024Back
- Sales Marker · Software › sales intelligenceSeries A extension · JPY 1.51bn incl. debt (equity share not disclosed) · Jul 2024Back
- Matsuri Technologies · Software › short-term rental managementSeries D · USD 8.5M · Jun 2024 (Vertex Ventures Southeast Asia & India)Back
- Planet Savers · Climate › direct air captureSeed · USD 1.6M · Apr 2024 (JAFCO Group, Spiral Capital)Back
- Orizuru Therapeutics · Biotech › iPS cell therapiesSeries B · USD 22M · Feb 2024 (Global Brain, Kyoto University Innovation Capital)Back
- SNKRDUNK · Marketplace › resale sneakers and cardsStake taken by KREAM (Naver group) · amount undisclosed · Dec 2023 (KREAM)Back
- Asoview · Consumer internet › activities bookingGrowth round incl. loan facility · JPY 1.5bn incl. loans (equity share not disclosed) · Jul 2023Back
- folofly · Mobility › electric vansSeries A · USD 8.3M · Jan 2023 (SBS Holdings, ENEOS, Osaka Gas, Kansai Electric Power)Back
- ASF · Mobility › electric vansThird-party allotment · USD 8.5M · Sep 2022Back
- Andpad · Software › construction managementSeries D · JPY 12.2bn incl. loans (equity share not disclosed) · Sep 2022 (Tokyo Gas, Cainz, DBJ)Back
- Voicy · Consumer internet › audio platformSeries D · USD 20M · Jul 2022 (Global Brain; Dentsu Ventures, SKIYAKI, PR TIMES, Mizuho Growth Support)Back
- overflow · HR › freelance tech talent marketplaceSeries A · USD 2.7M · Dec 2021 (FFG Venture Business Partners, DNX Ventures)Back
- stand.fm · Consumer internet › audio platformSeries A · USD 9M · Oct 2021 (Z Venture Capital)Back
- Kaminashi · Software › frontline operationsSeries A · USD 10M · Mar 2021 (ALL STAR SAAS FUND, Coral Capital)Back
- bitFlyer · Crypto › exchangeThird-party allotment · amount undisclosed · Feb 2017Back
- Kyulux · Materials › OLED emittersSeries C · USD 29MBack
Born in Japan, based elsewhere
Companies of Japanese origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- Startale Group · Fintech › blockchain infrastructure
Grew out of Astar Network, started in Tokyo in 2019; Startale founded in 2023 with its HQ in SingaporeSeries A · USD 63M · Mar 2026 (SBI Group, Sony Innovation Fund)Back
Not ranked
- Paidy · Bought by PayPal (100%) in Oct 2021 for about USD 2.7bn
- ELYZA · KDDI took majority control and made it a consolidated subsidiary in March 2024
- Moneytree · Bought by MUFG Bank (consolidated subsidiary since Aug 2025)
- Timee · Listed on TSE Growth in July 2024 (215A)
- GO Inc. · Listed on TSE Growth on 16 June 2026 (581A)
- PayPay · Created by SoftBank and Yahoo Japan (2018); listed on Nasdaq on 12 March 2026 (PAYP)
- Axelspace · Listed on TSE Growth on 13 August 2025 (402A)
- Synspective · Listed on TSE Growth in December 2024
- Astroscale · Listed on TSE Growth in June 2024 (186A)
- Kurashiru (dely) · LY Corporation subsidiary; listed on TSE Growth in December 2024 (299A)
- Rapidus · Created in 2022 by Toyota, Sony, NTT, NEC, SoftBank, Denso, Kioxia and MUFG, mainly state-funded
- LeapMind · Dissolved on 31 July 2024
- UPSIDER · Made a consolidated subsidiary of Mizuho Bank in 2025 for about JPY 46bn
- Algomatic · DMM.com group company, funded by DMM only
- Spiber · Business transferred in Apr 2026 to a new company (CRANE); the former company is being restructured and liquidated
- Preferred Robotics · Subsidiary of Preferred Networks (created by a group)
- Preferred Computational Chemistry · Joint venture of Preferred Networks, ENEOS and Mitsui & Co
- Quemix · Subsidiary of the listed TerraSky group
- Umami United · Funded by a government award (grant); no outside equity of USD 1M or more
- Terra Motors India · Subsidiary of Terra Charge
The method in Japan
Calendar. Quarterly ranking, published on the 10th of January, April, July and October. Next edition: January 10, 2027.
Eligibility: at least $1M raised in equity, non-listed company, main operations in Japan.
Fundraising Desk sought. An adviser registered with the FSA (Financial Services Agency of Japan) as a financial instruments business operator.
Sources. Japanese and international business and technology press (Nikkei, Nikkei Asia, The Bridge, PR Times, Diamond, Toyo Keizai, TechCrunch, Bloomberg, Reuters), INITIAL and STARTUP DB data, company and investor announcements.