Autonomous Control Systems Laboratory (ACSL), a Japan-based drone manufacturer backed by e-commerce firm Rakuten, has successfully applied to list on the Tokyo Stock Exchange Mothers Market, The Bridge has reported.
Founded in 2013, ACSL is developing drones for enterprise and government clients. The underlying flight control technology is based on research by Kenzo Nonami, who was a professor at Chiba University before founding the spinout.
The company has so far raised about $25m in equity funding, securing $6.3m in an early 2016 series A round co-led by Rakuten and University of Tokyo Edge Capital (Utec), the university venture vehicle for University of Tokyo.
Utec returned for an $18.8m round in January 2018 led by Mirai Creation Investment, the investment partnership for carmaker Toyota, financial services provider Sumitomo Mitsui Banking Corporation and asset manager Sparx.
The round also featured Mizuho Capital, a subsidiary of banking firm Mizuho Financial Group, as well as VC firm iGlobe Partners and specialist investment fund Chiba Drone Investment.
Utec owns 19.9% of ACSL ahead of the flotation, while a vehicle called Nonami holds 14.2%, Rakuten 12.8% and manufacturing services provider Kikuchi 9.7%. It is unclear when or how much Kikuchi invested, but the corporate owned shares in the company as of March 2016.
The original version of this article appeared on our sister site, Global University Venturing.
