The Venture Codex

Participated · Series B · Dec 2025

Polyuse develops and provides the Polyuse One, a domestically produced, mass-production construction 3D printer that precisely layers specialized mortar from 3D data to create concrete structures and formworks. The Polyuse One is designed to be foldable and portable for adaptability to on-site conditions and has been used in over 300 construction projects, primarily in public works. Financially, the company has raised roughly ¥5 billion in total funding, including a roughly ¥2.7 billion Series B equity round led by Globis Capital Partners completed in December and the recent ¥1.1 billion unsecured debt financing. Polyuse is advancing "Physical AI" to enable continuous learning from construction data accumulated on sites and to build a construction platform. The company plans to use the newly raised funds to develop and disseminate the Polyuse One and to strengthen overall business operations, and it intends to accelerate technological development through deeper co-creation with partners and on-site teams.

Participated · Series A · Sep 2025

Fermenta develops a proprietary synthetic biology platform to produce functional compounds—pharmaceutical, cosmetic and industrial ingredients—through microbial fermentation as environmentally and economically preferable alternatives to plant extraction. The platform centers on multi-stage gene introduction and precise control technology, enabling rapid design of production strains across molecule classes. The company aims to mass-produce high-performance substances that are difficult to obtain with conventional methods, balancing economic rationality and quality. Raised funds will be used to expand the development pipeline, strengthen scale-up from lab to pilot, and accelerate business development toward commercialization. Fermenta plans mass production demonstrations of multiple pipelines in collaboration with external CDMOs and, after completing pilot scale work, to construct a commercial-scale production line. Financially, the company has reached a cumulative ¥4.8 billion in funding since its May 2023 seed round.

Led · Series A · Aug 2025

Fermelanta engineers bacteria to produce high-value plant secondary metabolites, including benzylisoquinoline alkaloids such as morphine, by reconstructing multi-step enzymatic pathways in microbial cells. The company reports introducing up to 20 heterologous plant genes into a single bacterial genome to enable complex metabolic cascades. At laboratory and bench scales it can obtain tens of grams per batch and is working with external CDMOs to scale production to tens–hundreds of kilograms per batch. Its pipeline spans pharmaceutical and agricultural alkaloids, flavonoids, carotenoids, pigments, polysaccharides, vitamins and peptides. Fermelanta positions microbial fermentation as faster and cheaper than plant cell culture for many targets and aims to develop “synthetic organisms” capable of producing a wide range of compounds at low cost. The firm plans to use new capital to expand R&D pipelines, enhance scale-up capabilities from lab to pilot stage, and pursue business development and partnerships for commercialization. Fermelanta engineers bacterial strains to reproduce complex plant enzymatic pathways and produce benzylisoquinoline alkaloids such as morphine, codeine, berberine and magnoflorine via precision fermentation. The team reports having introduced up to 20 heterologous plant genes into a single bacterial genome to enable multi-step metabolic pathways, including the 12-step route to S-reticuline and further steps to opium alkaloids. The company draws on 15 years of research from Ishikawa University and says the university's patents have been transferred to Fermelanta. Cofounder and CEO Shogo Fukizaki said the startup plans to strengthen its core technology with about 1.5 years of R&D and then move to prototyping and scale-up. Its business plan is to produce some molecules in-house and partner with contract manufacturers under licensing arrangements for others. Fermelanta highlighted that the molecules it makes are identical to existing market chemicals, which it says affects regulatory strategy compared with novel drug discovery.

Participated · Series B · Apr 2025

EF Polymer, headquartered in Onna Village and led by CEO Narayan Lal Gurjar, focuses on the research and development of polymer technologies. The company plans to channel newly raised capital into expanding its internal R&D capabilities. Although the article does not elaborate on specific products or revenue figures, the scale of its recent fundraising suggests preparations for a broader commercialization phase. EF Polymer secured a sizeable Series B round that positions it to deepen its technology pipeline and accelerate innovation. Management emphasized that strengthening research functions is the immediate priority. Local financial institutions have played a key role in backing the company, underscoring regional support for its growth trajectory. No additional operating metrics were provided in the coverage.

Participated · Equity · Sep 2024

Puraffinity develops Puratech®, a patented adsorbent media that captures PFAS from water and can be tailored to specific PFAS compounds. Puratech is a configurable, plug-in solution designed to fit into existing water treatment systems and meet differing regulatory standards across markets. The company plans to use the new funding to scale up production of Puratech and expand its business globally. Puraffinity was founded in 2015, spun out of Imperial College, and was co-founded by Henrik Hagemann and Gabi Santosa. Vincent Caillaud was appointed CEO to boost market access; he has more than 20 years' experience in the water sector and previously led Veolia Water Technologies & Solutions. The company emphasizes a technology-led approach to remove PFAS, substances linked to health risks including cancer.