Photosynth, the Japan-based creator of a smart lock app dubbed Akerun that counts a host of corporates among its investors, has received approval to float on the Tokyo Stock Exchange (TSE).
The company is set to list on TSE’s Mothers Market on November 5 and will issue 700,000 shares, with 947,000 additional shares reserved for the greenshoe option. The price range will be fixed on October 19, with bookbuilding scheduled for the following day and pricing on October 26.
The shares are estimated to be priced at ¥1,500 ($13.40) apiece, giving Photosynth a valuation of about $204m. Daiwa Securities, Credit Suisse Securities (Japan), Mizuho Securities, SBI Securities and Ichiyoshi Securities are lead underwriters for the initial public offering.
Founded in 2014, Photosynth has built a suite of keyless lock subscription tools including Akerun Access Intelligence, an app used to unlock doors. It had closed an $15.8m round in July 2021 that took its overall funding to $63.3m.
NTT Docomo Ventures, JR East Start Up, 31Ventures and NN Corporate Capital all took part in the July round, representing mobile network NTT Docomo, rail operator JR East and real estate developers Mitsui Fudosan and Nomura Real Estate respectively.
Office supplies and furniture manufacturer Kokuyo participated directly in the round, which included financial services and investment group Fidelity International and SBI Investment, a subsidiary of financial services group SBI.
Financial services firm Norinchukin Bank led a $33m round for the company in August 2020 that also featured 31Ventures and NTT Docomo Ventures.
Consultancy Business Strategic Partners, printing service Toppan, professional school operator Globis, messaging app Line (now part of internet group Z Holdings) and financial services firm Mebuki Financial Group also invested, the last three through respective subsidiaries Globis Capital Partners, Line Ventures (reorganised into Z Venture Capital) and Joyo Industrial Research.
Scrum Ventures filled out the participants in the August 2020 round, which included debt financing supplied by Shinsei Bank, Japan Finance Corporation, Mizuho Bank and Joyo Bank.
Globis Capital Partners had chipped into a $9.1m round for Photosynth in 2018, with contributions from internet company Yahoo Japan’s YJ Capital unit (now also under Z Venture Capital’s auspices) and Daiwa Corporate Investment.
The 2018 round additionally included debt financing from Japan Finance Corporation and Orix, and it came in the wake of a $3.7m round three years before featuring YJ Capital, Beta Catalyst, Gaiax and Jafco.
