Japan's JPIC backs $33m round for Atonarp
Japan Post Investment Corporation (JPIC) has backed a $33 million Series C round for Atonarp, a Tokyo-based molecular diagnostics systems developer that uses artificial intelligence (AI).
JPIC is a direct investment unit of Japan Post Bank and Japan Post Insurance that was set up last year with a JPY120 billion ($1.1 billion) fund, about 30% of which was earmarked for domestic growth-stage technology companies.
Innovation Network Corporation of Japan (INCJ) led the round with additional support from SBI Investment, Northwestern Mutual Future Ventures, and Innovative Venture Fund, a joint venture between NEC Capital Solutions and SMBC Venture Capital. An unnamed medical equipment company also contributed.
Atonarp develops miniature AI-enabled analytical tools, including spectroscopy equipment, that enable high-accuracy molecular measurements for process monitoring and diagnostics in electronics, energy, food quality and healthcare-related fields. A significant emphasis has been placed on blood testing in the biopharmaceuticals sector.
"Atonarp is the healthcare diagnostics entrant with the best chance of disrupting the conventional status quo of the medical lab testing industry," Mikihide Katsumata, president and COO of INCJ, said in a statement. "This financing round positions Atonarp well to capitalize on its transformational engineering approach to medical diagnostics in order to revolutionize patient experience through a smart personalized healthcare business model empowered by real-time actionable data."
The company has raised $61 million since 2014, including a $16 million Series B in 2016 led by INCJ and an $8 million Series A in 2014 led by Walden Riverwood Ventures, a partnership between Walden International and Riverwood Capital. Other investors include Medical Net Communications, a Japan-based IT services provider for the healthcare industry, and Venture Labo Investment, a Japanese VC focused on medical, robotics and high-end manufacturing technologies.
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