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
URL: atonarp.com

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
URL: incj.co.jp

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
URLwrvcapital.com

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)
URL: necap.co.jp/english/service/innovative

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.

INCJ to invest in Atonarp Inc.

Tokyo, July 19, 2016

Company develops and manufactures miniature equipment for molecular-level composition analysis

Innovation Network Corporation of Japan (“INCJ”) announced today the decision to jointly invest in Atonarp Inc. (“Atonarp”), together with existing shareholders Silicon Valley venture capital firm Walden Riverwood Ventures, L.L.P., and the Innovative Venture Fund. Atonarp is engaged in the development, manufacture, and sales of analytical equipment.

This joint investment through a third-party allocation of shares will provide Atonarp with a maximum of US$16 million in growth capital to fund its research and development. Of this, INCJ will invest up to US$7.5 million.

Atonarp’s analytical instruments are used to determine the properties and measure the quantity of gases or liquids during processes such as energy and semiconductor production management and food quality control. Traditionally, these kind of analytic devices capable of conducting analysis at the molecular level have been similar in size to a multifunction office printer-copier or a fridge. Moreover, they required quite lengthy measurement time and had difficulty achieving both high- precision and high-speed measurements. There has been a growing need to miniaturize analytical instruments to take measurements in the field and for high-accuracy, continuous, real-time measurement over an extended period of time.

Atonarp was established in November 2009 to fill the gap in the market for a compact analyzer that can take measurements in the field. Atonarp has already successfully created two prototypes; the Smart Mass Spectrometer AMS Series, which measures gas molecules by using high-performance electronic circuits and advanced analysis algorithms, and the Smart Optical Spectrometer AOS Series, which measures liquid and solid molecules using a laser beam. This equipment is compact, the size of a laptop or smaller, and has the ability to understand and measure data in the field in real time. The applications of these analyzers are widespread – for example, they can analyze natural gas composition in real time and, immediately calculate energy usage based on those results. In the medical field they enable rapid measurement of the composition of patient fluids and exhalation, whilst reducing the physical burden. There are high expectations for a wide range of applications for these instruments for their ability to improve on-site efficiency by conducting analysis in real time.

Atonarp will leverage this investment to strengthen its technological development capabilities and its sales support forces to facilitate commercialization. Ultimately, Atonarp aims to supply businesses with the Smart Mass Spectrometer AMS-P1 prototype and finish development of the

Smart Spectrometer AOS-P1 prototype by Summer 2016. In the future, Atonarp anticipates that this analytical equipment will be miniaturized to the size of a chip, and hopes to expand its business into wearable devices and automotive applications.

INCJ will provide management support through the appointment of outside directors and by strengthening Atonarp’s business development framework. The investment will help drive digitization of the industry for analytical equipment and through open innovation with other companies in the sector will strengthen Atonarp’s competitiveness on the international stage. The Japanese and U.S. co-investors will continue to actively support Atonarp’s business development.

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
URL: atonarp.com

About Innovation Network Corporation of Japan (INCJ)

Established: July 2009
Headquarters: Chiyoda-ku, Tokyo
President and COO: Mikihide Katsumata
URL: incj.co.jp

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.

Press Contacts

Atonarp, Inc.
Japan Country Manager, Katsuhiko Nakazawa
9th Floor, PMO Building
1-10-8 Shibadaimon, Minato-ku, Tokyo
Tel. (03) 6435-6234

Innovation Network Corporation of Japan
Corporate Planning Group, Communications, Irie, Sakai
21st Floor, Marunouchi Eiraku Building
1-4-1 Marunouchi, Chiyoda-ku, Tokyo
Tel. (03) 5218-7202

Atonarp Inc. Raises $8M Series A Round Led by Walden Riverwood Ventures

TOKYO, Aug. 19, 2014 | PRNewswire

Atonarp announces $8 million in funding led by Walden Riverwood Ventures to accelerate the development of its Smart Spectrometer platform, which will enable next-generation oil & gas and healthcare measurement instruments.

Tokyo-based Atonarp Inc. announced today $8 million in a Series A funding round led by Walden Riverwood Ventures with participation from other co-investors. The funding accelerates the development of Atonarp’s Smart Spectrometer technology platform, which will enable a broad range of applications. The company has targeted the oil & gas and healthcare industries for its initial products.

“We are excited to partner with Atonarp in pursuing the commercialization of its Smart Spectrometer platform. Atonarp has a unique combination of engineering, semiconductor and data analysis talent and fundamental technologies. These are being used by Atonarp to create disruptive, next generation measurement instruments,” said Nicholas Brathwaite, co-founder of Walden Riverwood Ventures and Chairman of Atonarp, Inc.

Atonarp is pioneering the field of chemical composition analysis by combining state-of-the-art electronics and data processing algorithms. Atonarp’s Smart Spectrometer will enable manufacturers of gas-composition analysis instruments, such as field-based gas chromatography equipment, to achieve breakthrough improvements in cost, size, accuracy and maintenance-free operation. The Smart Spectrometer platform is also enabling novel use cases and applications for manufacturers of medical equipment and patient devices, including non-invasive personal healthcare monitoring.

Atonarp is currently sampling its Smart Spectrometer platform to leading manufacturers of oil & gas and healthcare instruments, and will enter volume production early next year.

About Walden Riverwood Ventures

Walden Riverwood Ventures is a venture capital firm focused on investing in core technology companies globally. It was formed as a collaboration between Walden International, a leading international venture capital firm, and Riverwood Capital, a global, technology-focused private equity firm. The firm’s founding partners provide its portfolio companies with unique access to deep industry knowledge, relationships and management experience. The two firms have an established history of investing together in several successful companies such as GoPro, Ambarella, Inc., and Aptina Imaging, Inc. Walden Riverwood Ventures leads early stage investments in companies developing fundamental technologies that have the potential to benefit multiple industry verticals. For further information, please visit www.waldenintl.com and www.riverwoodcapital.com.