- Companies
- Asuene
Asuene Valuation, Funding & Investors
Asuene is valued at $630M as of June 2024.
Last Asuene valuation
$630M
Series C · Jun 2024
Last Asuene funding round
$42M
Series D · Jul 2026
Cumulative funding Asuene raised
$110M
across 8 funding rounds
Key investors in Asuene
Incubate Fund
GLIN Impact Capital
Global Brain Corporation
SBI Investment
Energy & Environment Investment
Pavilion Capital
About Asuene
Asuene is a Tokyo-based SaaS provider for carbon management and ESG reporting serving Japanese corporations in manufacturing and finance. Its Sustana platform automates Scope 1-3 emissions calculations compliant with SBTi and TCFD standards. Asuene integrates with SAP, Oracle, and procurement systems for supply chain decarbonization. The company facilitates carbon credit trading via its EX marketplace with J-Credits. Founded in 2021, Asuene supports over 300 clients including Toyota and Mitsubishi UFJ toward net-zero targets by 2050.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$630M (Jun 2024)
Asuene Valuation
Asuene is currently valued at $630M, based on its Series C in June 2024.
The $27M round was led by SBI Investment, SPARX Group and Sumitomo Mitsui Trust Bank.
Asuene valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2024 | Series C | $630M |
Asuene Funding History
Asuene has raised a total of $110M across 8 funding rounds, plus 2 secondary share sales.
Asuene's first fundraising round was a $700K seed round in December 2019. The most recent completed round was a $42M Series D in July 2026.
Asuene funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Secondary | - | $23M | - | ASUENE raised US$87 million in Series D funding led by Decarbonization Partners, the BlackRock-Temasek joint venture, with the round including US$43.8 million in new capital and US$19.3 million in debt financing from Sumitomo Mitsui Banking Corporation; the company said the financing brought total funding to US$161 million. The round included eight new and existing domestic and international investors, including DAIKIN and RICOH, and was described as supporting ASUENE’s M&A and international expansion efforts. The company positioned the financing as support for expansion across the U.S., UK, and EU sustainability disclosure markets, and an acquisition announcement followed, indicating the capital was tied to inorganic growth. ASUENE describes itself as an all-in-one decarbonisation and sustainability management solutions company based in Japan. ASUENE is an enterprise AI sustainability platform focused on carbon accounting, decarbonization, and sustainability management. Public materials show it had previously raised US$64 million in Series C funding, and later disclosed fundraising totals exceeding US$160 million, reflecting continued capital formation across multiple rounds. |
| Jul 2026 | Series D | Decarbonization Partners (lead); Ricoh; Twin Towers Ventures; Energy & Environment Investment; Incubate Fund; Daikin Industries; GLIN Impact Capital; Hiroaki Sugita; SPARX Asset Management | $42M | - | Daikin Industries invested in ASUENE in a strategic capital and business alliance announced in June 2025, structured as a third-party allotment of new shares as part of ASUENE’s Series C2 second close. The round was reported at US$34.6 million for the Series C2 close, and ASUENE said total funding reached US$73.7 million after the transaction. The companies said the partnership is intended to accelerate global expansion in decarbonization and energy efficiency by combining ASUENE’s carbon accounting, ESG management, and emissions reduction services with Daikin’s HVAC and energy management capabilities. The alliance was described as targeting global markets including North America and Japan, with a focus on circular decarbonization solutions. ASUENE is a Tokyo-based climate tech company that provides enterprise software and consulting services for measuring, reducing, disclosing, and verifying carbon emissions. The company said the investment formed part of its Series C2 second close and was positioned as both capital support and a business alliance with a major global HVAC manufacturer. |
| Oct 2025 | Series C | Global Brain Corporation; SMBC Group | $15M | - | Asuene Inc., a climate tech company, provides the carbon accounting platform ASUENE and cloud services for ESG evaluation of supply chains. On October 23, 2025, it closed its Series C2 funding round, raising ¥2,980,000,000 total, including ¥780,000,000 from new investors JGC MIRAI Innovation Fund, SFV-GB Fund II, and returning investor Sumitomo Mitsui Financial Group, with Global Brain Corporation involved via managed funds. The funding comprised ¥780,000,000 through new share issuance and ¥2,200,000,000 through secondary share transfer, bringing cumulative funding to ¥11,500,000,000. The round coincided with Asuene's acquisition and integration of Sustana, a GHG emissions management platform from Sumitomo Mitsui Banking Corporation, strengthening their strategic alliance for decarbonization solutions. This positions Asuene as a leading carbon accounting platform in Asia, with plans for global expansion including the US. Previously in Series C (June 2024), Asuene raised $26.7 million in the first close toward $31.8 million total, led by Sumitomo Mitsui Banking Corporation, SBI Investment, and others, reaching $64 million cumulative at that time, amid rapid growth with over 6,000 client companies and 140 partners in Japan. |
| Oct 2025 | Secondary | Global Brain Corporation; SMBC Group | $15M | - | Asuene Inc. is a climate technology company providing carbon accounting and ESG management solutions, including its flagship ASUENE platform and the acquired Sustana service. The company has established a significant market position in Japan, serving over 10,000 corporate clients with a reported churn rate below 1%. In October 2025, Global Brain Corporation invested in Asuene as part of the company's Series C2 funding round, which also included participation from SMBC Group. Asuene had previously raised $26.7 million in the first close of Series C (June 2024), with plans to raise a total of $31.8 million across both closes, bringing cumulative Series C funding to approximately $64 million. The company reported 30x growth in monthly recurring revenue orders compared to its Series B period and has expanded its partnership network to over 140 companies. SMBC Group, the lead investor in the initial Series C round, deepened its strategic alliance with Asuene by investing additional capital and facilitating the acquisition and integration of Sustana, positioning the combined entity as Asia's leading GHG emissions management platform. |
| Aug 2024 | Series C | Hideki Kojima; Japan International Cooperation Agency; Nippon Life Insurance Company of Japan; JERA; Pavilion Capital | $6M | - | - |
| Jun 2024 | Series C | SBI Investment (lead); SPARX Group (lead); Sumitomo Mitsui Trust Bank (lead) | $27M | $630M | Asuene Inc. is a Tokyo-based climate tech startup providing 'ASUENE,' a cloud platform for GHG emission visualization, reduction, and reporting, alongside 'ASUENE ESG' for supply chain ESG evaluation and 'Carbon EX,' a carbon credit exchange JV with SBI Holdings. In the first close of its Series C round on June 13-14, 2024, Asuene raised ¥4.2 billion (approx. $26.7 million) through third-party allotment to 17 investors, led by Sumitomo Mitsui Banking Corporation, SBI Investment, and Mirai Creation Fund III (managed by SPARX Asset Management), with participants including KDDI, Ricoh, Nippon Express, Murata, Tybourne, MetaProp, IGNITIONPOINT, salesforce.com, RICOH Innovation Fund, and returning investors like Sony Ventures, Energy & Environment Investment, STRIVE, GMO Venture Partners, Salesforce Ventures, and GLIN Impact Capital. The investors took a roughly 17% stake, with a second close planned to bring total round to ¥5 billion ($31.8 million), pushing cumulative funding to ¥10.1 billion ($64 million). The round supports global expansion, including ASUENE APAC in Singapore, ASUENE USA, a Philippines development center, and US acquisitions like NZero and Iconic Air for GHG visualization and methane leak SaaS. Traction includes over 10,000 companies evaluated on ASUENE ESG, 250 members on Carbon EX (fivefold growth), and dozens of overseas customers with international partnerships. Asuene has formed capital and business alliances with the lead investors and others like Murata and Ricoh to enhance decarbonization solutions, supply chain CO2 measurement, and ESG management. Post-first close, Asuene continued fundraising, announcing a Series C2 final close raising additional ¥780 million in new equity (plus ¥2.2 billion secondary), reaching ¥11.5 billion total, with investors like JGC Mirai Investment and Sony Financial Ventures. Capital stands at 6.7 billion yen as of mid-2024. |
| Mar 2023 | Series B | GMO VenturePartners; Masayuki Mochida; GLIN Impact Capital; Sony Innovation Fund | $1M | - | - |
| Sep 2022 | Series B | Salesforce Ventures; Tybourne Capital Management; SBI Investment; Axiom Asia Private Capital; Masayuki Mochida; GLIN Impact Capital; Pavilion Capital | $17M | - | - |
| Mar 2021 | Series A | Incubate Fund (lead); STRIVE; Energy & Environment Investment | $3M | - | - |
| Dec 2019 | Seed | Incubate Fund (lead) | $700K | - | - |
Who has invested in Asuene?
26 investors have backed Asuene across its funding rounds, including Incubate Fund, GLIN Impact Capital, Global Brain Corporation, SBI Investment, Energy & Environment Investment and Pavilion Capital.
Lead investors include Decarbonization Partners, SBI Investment, SPARX Group, Sumitomo Mitsui Trust Bank and Incubate Fund.
Asuene Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2019 | ||
| 3 | Participant | Sep 2022 | ||
| 2 | Participant | Oct 2025 | ||
| 2 | Lead | Sep 2022 | ||
| 2 | Participant | Oct 2025 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Participant | Sep 2022 | ||
| 2 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Lead | Jun 2024 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Mar 2021 | ||
| 1 | Participant | Jul 2026 | ||
This data is available for Pro users. Sign up to see all 26 Asuene investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Asuene
Asuene has acquired 5 companies to date.
Last acquisition by Asuene was on July 22nd 2026. Asuene acquired Secaro for $37M.
Latest Acquisitions by Asuene
| Description | Secaro is a cloud software provider that supplies manufacturers with analytics to reduce operating expenses and resource consumption. | Iconic Air is a Morgantown-headquartered platform delivering real-time emissions mapping and analytics for aviation and maritime sectors. Founded in 2018, it tracks CO2 outputs using satellite data and blockchain verification, serving airlines and shipping firms across North America with dashboards for compliance reporting under ICAO CORSIA standards. | nZero is a Carson City, Nevada-headquartered software platform for real-time carbon emissions tracking. Founded in 2017, it aggregates Scope 1, 2, and 3 data from utility bills, energy meters, and public sources to deliver auditable GHG inventories. The platform serves enterprises like Ben E. Keith and Sun Country Airlines, enabling 20-30% emissions reductions through insights. nZero integrates with ERP systems and supports CDP and CSRD reporting standards across North America. | Anyflow is a Tokyo-headquartered cloud-native iPaaS founded in 2016 for no-code workflow automation. It connects SaaS apps like Salesforce, Slack, and Google Workspace with visual builders, supporting 300+ connectors for Japanese enterprises. Anyflow handles data syncing, notifications, and API orchestration in finance and retail sectors. | |
| HQ Country | |||||
| HQ City | Oxford | Morgantown, WV | Reno, NV | Tokyo | |
| Deal Date | 22 Jul 2026 | 23 Oct 2025 | 12 May 2025 | 10 Dec 2024 | |
| Valuation | $37M | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Asuene acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Asuene
Asuene has invested in 1 company to date.
Latest investment by Asuene was on March 13th 2025. Asuene invested in Carbon EX in their $2M Strategic investment round.
Latest Investments by Asuene
| Description | Carbon EX is a Tokyo-based online marketplace connecting carbon credit generators with corporate buyers in Japan. The platform lists J-Credits, Joint Crediting Mechanism offsets, and voluntary credits from forestry and renewable projects. Features include auction formats, compliance reporting, and API integration for automated procurement. Carbon EX serves manufacturers under Japan's cap-and-trade system and GX League participants. Founded in 2022, it partners with registries like Japan GHG Credit Exchange. |
| HQ Country | |
| HQ City | Tokyo |
| Deal Date | 13 Mar 2025 |
| Round | Strategic investment |
| Raised | $2M |
| Investors | SBI Holdings |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Asuene investments and their VC round multiples. Start Free Trial | |
Asuene Competitors
Asuene competitors include listed companies like Hansen Technologies, PSI Software, eVISO and Computer Modelling Group, and private ones like JustCarbon and Hydrosat.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $200M | - | ||
| Private | - | - | $180M | - | ||
| Publicly listed | $275M | $52M | $491M | 1.9x | ||
| Publicly listed | $329M | ($7M) | $836M | 2.5x | ||
| Publicly listed | $363M | $12M | $277M | 0.6x | ||
| Publicly listed | $90M | $25M | $214M | 2.5x |
Asuene Public Comps
Asuene is still privately-owned, but its public comps include Zhejiang Netsun, Suzhou Thvow Technology, Array Technologies, JinkoSolar, CW Enerji, Chrysos Corp., NYAB, Kalyon Güneş Teknolojileri, Ballard Power Systems and Hansen Technologies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $79M | ($2M) | 7.4x | - | (289.0x) | - | |||
| $380M | $32M | 2.8x | - | 32.4x | - | |||
| $1.3B | $34M | 1.2x | 1.1x | 47.5x | 7.5x | |||
| $9.8B | ($44M) | 0.6x | 0.6x | (139.6x) | 25.8x | |||
| $336M | $74M | 2.2x | - | 10.0x | - | |||
| $63M | $19M | 8.9x | 8.5x | 29.1x | 26.6x | |||
| $630M | $41M | 0.8x | 0.7x | 12.3x | 9.8x | |||
| - | - | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Asuene competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Asuene
| When was Asuene founded? | Asuene was founded in 2019. |
| Where is Asuene headquartered? | Asuene is headquartered in Tokyo, Japan. |
| Is Asuene publicly listed? | No, Asuene is a private, VC-backed company. |
| What is Asuene's valuation? | Asuene was last valued at $630M in its Series C in June 2024. |
| How much funding has Asuene raised? | Asuene has raised $110M across 8 funding rounds. |
| What was Asuene's last funding round? | Asuene's last funding round was a $42M Series D in July 2026, led by Decarbonization Partners. |
| Who are Asuene's investors? | Asuene's investors include Incubate Fund, GLIN Impact Capital, Global Brain Corporation, SBI Investment, SMBC Group, Energy & Environment Investment, Masayuki Mochida, Pavilion Capital, Salesforce Ventures, SPARX Group and 16 others. |
| Which companies are comparable to Asuene? | Companies comparable to Asuene include JustCarbon, Hydrosat, Hansen Technologies, PSI Software, eVISO and Computer Modelling Group. |
| How many companies has Asuene acquired? | Asuene has acquired 5 companies, including Secaro, Iconic Air, nZero, Anyflow and E4G. |
| What was the largest acquisition by Asuene? | The $37M acquisition of Secaro in July 2026 is the largest acquisition Asuene has made to date. |
| How many companies has Asuene invested in? | Asuene has invested in 1 company, including Carbon EX. |
| What was Asuene's last investment? | In March 2025, Asuene invested in Carbon EX's $2M strategic investment round alongside SBI Holdings. |
See companies similar to Asuene
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




