Japan's LayerX extends Series A to $67.5m

It follows a JPY 2.7bn tranche last June from SBI Investment, UB Ventures, Dimension, Mizuho Capital, MUFG Innovation Partners, and government investor Japan Investment Corporation.

Three months earlier, the company raised JPY 5.5bn from Jafco, Mitsubishi UFJ Capital, Spiral Capital, Z Venture Capital, GMO Venture Partners, Anri, Prime Partners, Mitsui & Co, and Mitsubishi Estate. That investment also included UK-based Dawn Capital and Singapore’s Beenext Capital Management.

Jonathan Shih, founder and CIO of Keyrock, described LayerX as one of Japan’s leading start-ups, observing strengths in leadership and engineering. He said the company would benefit from tailwinds related to local business challenges around inflation, labour shortages, and pressure to update outdated technology.

LayerX developed is core product, Bakuraku, in partnership with Mitsui with a view to comprehensively digitalising expense management for corporate clients. In addition to invoicing, Bakuraku covers areas such as reimbursements, marketing costs, and corporate cards.

The company has also teamed up with sustainability-focused software company Uhuru Corporation to develop internet-of-things (IoT) systems. The idea is that as smart cities and smart supply chains evolve, IoT devices autonomously trading data will be subject to security issues.

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