Atonarp Inc. Completes up to $16 Million in Funding Round Led by Innovative Network Corporation of Japan

Tokyo, July 26, 2016

Tokyo-based Atonarp Inc., an innovative developer of advanced spectroscopic instruments, announced that it has raised up to $16 million in capital led by Innovative Network Corporation of Japan (INCJ) with participation from Walden-Riverwood Ventures and Innovative Venture Fund Investment. The funds will be used to commercialize Atonarp’s first generation of Smart SpectrometersTM. Please visit the investor websites listed below.

“The company’s innovative technology and product performance is creating a groundswell of customer support; some are referring to our products as ‘game changers’ in their industry and they are keenly anticipating the introduction of our first generation Smart SpectrometersTM”, said Prakash Murthy, Chief Executive Officer. “This funding will allow us to ramp into unit volume to meet our customer’s production schedules.”

Atonarp’s miniaturized Smart SpectrometerTM is revolutionizing molecular analysis. The traditional instrument componentry in the Atonarp spectrometer has been miniaturized and optimized for an ultra small form factor. At the core of Atonarp’s Smart SpectrometerTM technology platform is powerful processor coupled with proprietary software algorithms, which deliver speed, sensitivity, resolution and accuracy. The result is a highly configurable, flexible, real-time data analytic tool, which has the versatility to be used across a wide variety of applications.

Atonarp’s first Smart SpectrometerTM introduction will focus on industrial gas process analytics applications in the energy, pharmaceutical, petrochemical and semiconductor industries. Using the same Smart SpectrometerTM technology platform, Atonarp will follow with a spectrometer for molecular compositional analysis of liquids and solids targeted at the medical and food and beverage industries.

About Atonarp Inc.

Established: November 2009
Business Outline: Development, manufacturing and sales of analytical equipment
Headquarters: Minato-ku, Tokyo
CEO, CTO & Founder: Sreedhar Prakash Murthy

Atonarp is a scientific instrumentation company that designs & manufactures Smart Spectrometers.

About Innovation Network Corporation of Japan (INCJ)

Established: July 2009
Headquarters: Chiyoda-ku, Tokyo
President and COO: Mikihide Katsumata

INCJ was established in July 2009 as a public-private partnership that provides financial, technological and management support for next-generation businesses. INCJ specifically supports those projects that combine technologies and varied expertise across industries and materialize open innovation. INCJ has the capacity to invest up to \2 trillion (approx. US$20 billion).

INCJ’s management team is drawn from the private sector with diverse experience in investment, technologies and management. Through its Innovation Network Committee, INCJ assesses investment opportunities that contribute to industrial innovation in Japan in line with criteria set by the government.

About Walden Riverwood Ventures

Established: 2014
Headquarters: San Francisco, California
Founders: Nicholas Brathwaite, Michael Marks, Lip-Bu Tan

Walden Riverwood Ventures is a venture capital firm focused on investing in core technology companies globally. The firm’s partners provide its portfolio companies with unique access to deep industry knowledge, relationships and management experience. Walden Riverwood Ventures leads early stage investments in companies developing core technologies that have the potential to create new product categories or benefit multiple industry verticals.

About Innovative Venture Fund Investment Limited Partnership

Established: 25 April 2012
Headquarters: Tokyo, Japan
Management Companies: NEC Capital Solutions Limited (General Partner); SMBC Venture Capital Co., Ltd. (General Partner)

Innovative Venture Fund is the venture capital fund that is jointly managed by NEC Capital Solutions Limited and SMBC Venture Capital Co., Ltd.

It aims to invest in technology venture companies oriented towards changing market paradigms through groundbreaking innovation or breakthroughs in the world market.