i-nest Capital Co Invests in PRISM Developer Things, Inc.

i-nest capital Co., Ltd. made an investment in Things Co., Ltd. through its second fund, i-nest II Investment Limited Partnership.

Things provides “PRISM,” a product knowledge utilization platform that uses generative AI to convert technical information buried in internal documents into a usable database.

Things was founded in September 2021 and provides PRISM, an AI-assisted PLM (product lifecycle management) cloud for mid-engineering plastics manufacturing.

The domestic PLM market in 2022 is on a growth trend, increasing 5.2% from the previous year to 294,059 million yen (according to Yano Research Institute), and the DX market for manufacturing is expected to expand to 387 billion yen in 2023 and 906 billion yen in 2030 (according to Fuji Chimera Research Institute).

Since the official release in May 2023, as the first SaaS-native PLM in Japan, the number of companies adopting it has been steadily increasing, as it has been highly evaluated for its simple UI that even beginners can intuitively operate and its flexible customizability that reduces implementation costs by more than half.

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Meanwhile, the rapid progress of generative AI has led to a fundamental rethinking of how data is used in the manufacturing industry. Unstructured data such as drawings and document table-type reports, which were previously difficult to convert into databases, has suddenly attracted attention, and the definition and value of PLM systems, which are centered on CAD files and BOM management, is about to change dramatically. We see these changes as not a temporary trend, but a structural turning point that will encourage the reconstruction of information infrastructure at manufacturing sites.

Things will use the funds raised this time to develop the next-generation PLM platform “PRISM” and to recruit excellent engineers and data scientists in order to accelerate the realization of its mission of “democratizing the data of things.” In order to promote the use of AI in the design information, maintenance records, and procurement and quality data that have been accumulated in “PRISM” to date, the company will expand functions using AI/RAG technology, strengthen engineering chain collaboration, and build a platform that seamlessly connects design, manufacturing, and after-sales service. The company aims to expand “PRISM” while solving the issues faced by manufacturing companies both in Japan and overseas.

i-nest capital supports growth with its extensive know-how and network

One of i-nest capital’s key investment areas is supporting ventures that aim to create new industries and solve social issues through the use of cutting-edge technology. With the development of technologies such as AI and IoT and the accelerated distribution of data, the source of value that will generate future cash flows is shifting from tangible fixed assets to intangible assets such as intellectual property.

We believe that Things’ greatest strengths are its management’s deep manufacturing domain knowledge, outstanding product development capabilities, and organizational ability to perform advanced analysis of vast amounts of design, procurement, and quality data using AI/RAG, and to expand functions in a short period of time and at low cost. We believe that these capabilities will enable Things to establish a position to lead the global manufacturing PLM/manufacturing data platform market as a Japanese industrial DX company, which led to this investment.

In addition to providing this funding, i-nest capital will leverage each partner’s extensive support track record and extensive network to contribute to increasing Things’ corporate value.

SOURCE: PRTimes