Atonarp Secures $33 Million Series C Funding to Advance Product Design and Commercialization

On August 27, 2019, VCBeat (WeChat ID: vcbeat) learned that Atonarp, a high-tech molecular diagnostics company, had completed a $33 million Series C financing round, which was oversubscribed. The round attracted five new investors, including Japan Post Investment Co., Ltd., SBI Investment Co., Ltd., and Northwestern Mutual Future Ventures, as well as existing investors INCJ, NEC Capital Solutions Innovation Venture Fund, and a major medical device manufacturer.

This Series C financing round will strengthen Atonarp’s balance sheet, and the company will leverage the proceeds to advance product prototyping and commercialization.

Atonarp is a high-tech molecular diagnostics company founded in 2010, headquartered in Minato City, Tokyo. By combining cutting-edge electronics with advanced data processing algorithms, Atonarp has pioneered new frontiers in chemical composition analysis. The company is reshaping the application of sensing and diagnostic devices to generate real-time, actionable data.

Since early 2014, Atonarp has raised approximately $61 million through three rounds of equity financing. The company aims to lead the next generation of process monitoring and medical diagnostic technologies with its AI-powered mass spectrometry and spectroscopy platform. Atonarp’s medical diagnostic technology delivers real-time, actionable data through painless, instant blood tests while ensuring accuracy. These advantages are expected to reduce costs for both patients and healthcare providers.

Prakash Murthy, CEO of Atonarp, stated, “Atonarp will continue to advance toward its goal of transforming the traditional medical diagnostic model, which is time-consuming, painful, and costly. Based on current progress, the product roadmap is expected to be completed by 2020. Both the general public and healthcare professionals are ready to embrace this significant transformation in the medical experience, particularly when offered at competitive prices. We are honored to welcome these long-term investors into the Atonarp community. We also believe that our company’s products and services will continue to improve, and we are striving diligently toward this objective.”

Yusuke Matsumoto, Deputy General Manager of the Investment Division at SBI Investment, stated, “As a growth-oriented investment fund, SBI Investment is seeking opportunities to invest in companies with strong momentum that leverage technology to transform customer experiences. Atonarp has not only demonstrated this through its innovative technology platform, but the integration of artificial intelligence with its data analytics models also holds the potential to create personalized health portfolios for millions of people, which will inevitably reshape our current understanding of medicine.”

Yuichi Kawakami, Partner at NEC Capital Solutions Innovation Venture Fund, stated, “Atonarp’s differential mass spectrometry platform is addressing long-standing challenges in the complex manufacturing processes of the pharmaceutical and semiconductor industries. In the healthcare sector, Atonarp is poised to deliver high-quality, integrated, and affordable laboratory-grade diagnostic services to the general public. We are pleased to provide funding to support Atonarp, Inc.’s next stage of growth.”

Michio Saito, President and Chief Operating Officer of INCJ, stated, “Atonarp is a participant in the medical diagnostics sector and is best positioned to disrupt the traditional status quo of the medical laboratory testing industry. By leveraging its transition engineering approach to medical diagnostics, Atonarp can revolutionize the patient experience through an intelligent, personalized healthcare business model supported by real-time actionable data.”

SBI Investment is the core company responsible for asset management under the Strategic Business Innovator (SBI) Group. SBI Investment focuses on investing in sectors such as information technology, biotechnology, and life sciences.

NEC Capital Solutions is a venture capital firm established in 1978, headquartered in Tokyo, Japan. Its core business activities include leasing information and communications equipment, office equipment, and industrial equipment; installment sales; commercial lending; factoring services; business process outsourcing; and the sale of used equipment.

Northwestern Mutual Future Ventures is the investment arm of Northwestern Mutual, a U.S. life insurance provider. Founded in 1857 and headquartered in Milwaukee, Northwestern Mutual offers life insurance, disability and long-term care insurance, pensions, investments, and investment advisory services.

(Compiled by Tian Shuhang)