Aroma Bit Secures Follow-on Financing from the Sony Innovation Fund by IGV

Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites.
Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. For avoidance of any doubts and to make it easier, you may consider any links to external websites as sponsored links. Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Aroma Bit, Inc. (Representative Director & CEO: Shunichiro Kuroki, headquarters: Chuo-ku, Tokyo, hereinafter “Aroma Bit”), a company which plans and develops compact odor imaging sensors and innovative services using these sensors, has undertaken a third-party allocation of new shares with the Sony Innovation Fund by IGV (Innovation Growth Fund I, operated by Innovation Growth Ventures, Inc., founded by Sony Corporation and Daiwa Capital Holdings ) in order to acquire the growth funds needed for future miniaturization and functionality enhancements to the company’s compact odor sensors, as well as development of mass production capability, business development, etc. With this round, together with the capital increase from Japan Tobacco Inc. and East Ventures announced on October 21, 2019, the company has raised a total of 450 million yen. This investment will also be a follow-on to the investment by the Sony Innovation Fund (operated by Sony Corporation) announced on March 4th, 2019.

Aroma Bit, Inc.: https://www.aromabit.com

Purpose of capital increase: Accelerate the miniaturization and functionality enhancement of the company’s sensor through semiconductorization, in order to expand the digital olfactory market

The compact odor imaging sensor developed by Aroma Bit is unique in that, unlike conventional gas sensors that can only detect specific substances, it is able to generate a visualization pattern from various odor inputs, similar to an animal’s sense of smell.

Recently, there has been an increase in the number of inquiries and business discussions coming from both domestic and overseas customers, covering a wide range of possible applications beyond the company’s initial assumptions, including food and agriculture, daily necessities, cosmetics, industrial machinery, robotics, mobility, monitoring and health care, marketing, and more. This is proof of the company’s advanced technology and first-mover advantages.

With the July 23, 2019 announcement of full-scale development of the ultimate next-generation compact odor sensor, which is small, inexpensive, and has high odor resolution (a next-generation CMOS-type odor imaging sensor capable of achieving odor resolution as high as a dog’s nose, on a 1 mm square), approaches from technology equipment manufacturers and IT companies around the world regarding collaboration projects, not only for odor sensor hardware, but also for the utilization of digital odor data, are increasing rapidly.

Furthermore, the sense of smell is the least digitized of the five senses, and the market for digital olfactory technology is about to enter the takeoff phase.

Through this third-party allocation of new shares, Aroma Bit plans to use their technical strength to achieve further miniaturization and increased functionality of their compact odor imaging sensor, and strengthen development for mass production. In addition, the company plans to strengthen and expand its management system to support the development and enhancement of new products and services that leverage its odor sensor hardware as well as the world’s first digital odor database, and to expand its sales and marketing systems globally.

Aroma Bit will also continue to pursue the company’s vision of “Enriching society by achieving a world where odors and aromas are digitized through odor imaging technology.”

Today, Aroma Bit released their “Brand Vision Movie”, which portrays future life where smell is visualized – something that even Hollywood has not envisioned.

Aroma Bit today released their Brand Vision Movie, which imagines the future brought about by technology that can visualize odors and convert them into data. A top-tier Japanese creative team has created the world’s first video that envisions the future that Aroma Bit aims to create, where the world of odors and aromas is digitized and visualized.

Please watch the video to see a part of the future lifestyle that Aroma Bit imagines and is working to create.

It is available starting today on our company website (www.aromabit.com).

Principal Creators

Creative Director and Art Director Tomohiko Ushiro WHITE DESIGN

Creative Director and Copywriter Kenji Saito Honshitsu

Director Shinichiro Kanagawa WHITE Co.

Producer Yuya Matsuzaka Tohokushinsha

About Aroma Bit

Aroma Bit is a company that plans, develops, and sells electronic devices such as compact odor imaging sensors, as well as innovative new services that use these devices.

Company Profile Company name: Aroma Bit, Inc. Location: Sagami Bldg. 13 fl, 6-2-7 Ginza, Chuo-ku, Tokyo Representative: Representative Director & CEO Shunichiro Kuroki Established: February 2014 Business description: Aroma Bit develops, manufactures, and sells electronic devices and systems, mainly compact odor sensors. The company also plans, develops, and sells products that use these sensors, as well as innovative odor services and related businesses that include the above.

URL: https://www.aromabit.com

About the Sony Innovation Fund by IGV

The Sony Innovation Fund by IGV is one of the Sony Group’s venture investment programs. Sony Corporation and Daiwa Capital Holdings established Innovation Growth Ventures Corporation as part of this program. This venture capital fund was launched in June 2019 by recruiting investors from among both Sony and Daiwa’s group companies in addition to external investors.

For inquiries regarding this announcement, please contact:

Aroma Bit, Inc.

Public Relations Department: (Contact: Yuko Motoki)

Tel: +81-3-6380-7920

Email: [email protected]