Aroma Bit Inc issued the following announcement on Oct. 21.
Aroma Bit, Inc. (Representative Director & CEO: Shunichiro Kuroki, headquarters: Chuo-ku, Tokyo, hereinafter "Aroma Bit"), a company which plans and develops compact odor imaging sensors and innovative services using these sensors, has undertaken an third-party allocation of new shares, up to 350 million yen in total, with Japan Tobacco Inc. (President & CEO: Masamichi Terabatake, headquarters: Minato-ku, Tokyo, hereinafter "JT") and existing shareholder East Ventures, in order to acquire the growth funds needed for future equipment development, business development, etc.
Purpose of the capital increase: Miniaturization and functionality enhancements for the purpose of expanding the digital olfactory market
The compact odor imaging sensor developed by Aroma Bit is a unique odor imaging sensor which, unlike conventional gas sensors that can only detect specific substances, is able to generate a visualization pattern from a variety of odor inputs, similar to an animal's sense of smell.
Recently, there has been an increase in the number of inquiries and business discussions coming from both domestic and overseas customers, covering a wide range of possible applications beyond our initial assumptions, including food, daily necessities, cosmetics, industrial machinery, robotics, mobility, monitoring and health care, agriculture, marketing, and more. This is proof of our company's advanced technology and first-mover advantages. Furthermore, the sense of smell is the least digitized of the five senses, and the market for digital olfactory technology is about to enter the takeoff phase.
Through this third-party allocation of new shares, Aroma Bit plans to strengthen the development process in order to achieve the further miniaturization and increased functionality of our compact odor imaging sensors, and develop a mass production system. In addition, we plan to strengthen and expand our management system to support the development and enhancement of new products and services that leverage our odor sensor hardware as well as the world's first digital odor database, and to expand our sales and marketing systems globally.
We will also continue to pursue the Aroma Bit vision of "Enriching society by achieving a world where odors and aromas are digitized through odor imaging technology."
The advance release of a teaser version of the Aroma Bit "Brand Vision Movie" will take place on October 21st
Aroma Bit has produced a Brand Vision Movie, which imagines the future brought about by technology that can visualize odors and convert them into data. We hope you will watch the video to see a part of the future lifestyle we envision and are working to create.
Accordingly, prior to the release of the full version, we will publish an advance teaser video on our website (www.aromabit.com).
About Aroma Bit
Aroma Bit is a company that plans, develops, and sells electronic devices such as compact odor imaging sensors, as well as innovative new services that use these devices.
Company name: Aroma Bit, Inc.
Location: Sagami Bldg. 2 fl, 7-13-6 Ginza, Chuo-ku, Tokyo
Representative: Representative Director & CEO Shunichiro Kuroki
Established: February 2014
Business description: Aroma Bit develops, manufactures, and sells electronic devices and systems, mainly compact odor sensors. The company also plans, develops, and sells products that use these sensors, as well as innovative odor services, as well as related businesses that include the above.
Original source can be found here.