East Ventures-backed Japanese tech firm Aroma Bit raises $2.2m in funding
Sony Innovation Fund, the corporate venture capital arm of Sony Corporation, has taken part in a JPY250 million ($2.23 million) Series A round for Tokyo-based Aroma Bit Inc, according to an announcement.
Aroma Bit develops low-cost compact odor sensors that it claims can convert virtually any odor into visualized patterns, mimicking the human olfactory system. Potential applications range from sniffing different beverage brands to disease detection.
Its Series A financing was joined by an undisclosed existing investor.
Aroma Bit plans to use the proceeds of the financing to accelerate the development and commercialisation of its compact odor sensors.
According to Market Research Future, the digital scent technology market is expected to grow at a compound annual growth rate of 30 per cent from 2017 to reach $1 billion by 2023. North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period.
The company’s major shareholders include East Ventures and Innovation & Future Creation Inc.
Aroma Bit recently launched two new products – Aroma Coder, a high-speed measurement system that results in a pattern of 35 different sensor output data; and SDK-1Q, a development kit that can detect the target smell. The products can be used for quality control, ambient monitoring, healthcare, home appliance, and industrial and machinery applications.