AROMA BIT Secures 250mn JPY in Series A Funding from Sony and Existing Shareholders

AROMA BIT, Inc. (hereafter Aroma Bit, Chuo-ku Tokyo, Representative
Director Shunichiro Kuroki), a leading provider of compact odor imaging
sensor and innovative service using the sensor, today announced that the
company conducted the allocation of new shares to a third party. The
allottees are Sony Corporation’s corporate venture capital arm, Sony
Innovation Fund (hereafter Sony) and existing investor.

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AROMA BIT, Inc. : http://www.aromabit.com/en/technology/index.html

Purpose of Funding: Reinforcement of corporate operation to
accommodate market liftoff of digital olfactory market
Aroma
Bit developed compact odor imaging sensor is a unique odor sensor device
that outputs visual pattern when exposed to various odor, mimicking
living olfactory system, unlike conventional gas sensors which
specializes in detection of pre-targeted chemical compound gases.

Increasing market tractions from global top tier customers in the area
such as food and beverage, consumer goods, cosmetics, industrial
machineries, robotics, mobilities, healthcare, agriculture, marketing,
among others, is suggesting stronger-than-anticipated rise of digital
olfactory device market and confirmation of Aroma Bit’s technology
competitiveness.

In meeting market’s increasing demand, Aroma Bit has introduced the
following new products in December 2018.

1. High Sensitivity, High Odor Resolution Desktop-type Odor Measurement
Instrument
AROMA CODER
Product ID: [aroma-coder-35Q]
URL: http://aromabit.com/newproduct_aromacoder_20181201_en/

2. Customizable to Target Smell, Embeddable to various Systems
Sensor
Module Development System Development Kit (SDK)
Product ID: SDK-1Q
URL:
http://aromabit.com/newproduct_sdk_20181201_en/

Furthermore, during 2019, Aroma Bit plans to initiate a new technology
and business creation collaboration program. The goal of the program is
to develop and establish industry-specific innovative solutions using
Aroma Bit’s sensor and data with specific partner companies from various
applications and industries.

Aroma Bit, through the allocation of new shares to a third party, plans
to reinforce corporate organization to accelerate compact odor sensor
development for further miniaturization, cost reduction and mass
production, as well as commercialization of the sensor and new
innovative services using the sensor, propel world’s first digital smell
database/analysis cloud development, global expansion of sales/marketing
function, to pursue its corporate vision: “Realizing better society by
visualizing the invisible world of odor/aroma through aroma imaging
technology.”

About Aroma Bit
Aroma Bit designs, develops, manufactures
and sells compact odor imaging sensor and innovative services using the
sensor.

About Sony Innovation Fund
Established in July 2016 by Sony
Corporation, Sony Innovation Fund engages with innovative early stage
startups to help fuel development of ground-breaking technologies and
launch new businesses. In addition to investment, Sony Innovation Fund
closely collaborates with the startups in which it invests, offering
access to Sony and its worldwide network, providing guidance and advice,
and working collaboratively toward common successes.

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