Rakuten Medical Valuation, Funding & Investors
Rakuten Medical is valued at $1.7B as of July 2021.
Last Rakuten Medical valuation
$1.7B
Series D · Jul 2021
Last Rakuten Medical funding round
Undisclosed stage
Amount undisclosed · Apr 2026
Cumulative funding Rakuten Medical raised
$838M
across 12 funding rounds
Key investors in Rakuten Medical
Rakuten
SBI Holdings
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Mickey MikitaniGeneral Catalyst
Sumitomo Mitsui Trust Bank
Mizuho Financial Group
About Rakuten Medical
Rakuten Medical is a clinical-stage biotechnology company developing photoimmunotherapy for cancer treatment using its Alluminox platform. Its lead product, ASP-1929, gained approval in Japan for head and neck cancer. Rakuten Medical conducts global trials and offers expanded access programs via rakuten-med.com across multiple countries.
Founded
2010
HQ
San Diego, CAWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$1.7B (Jul 2021)
Rakuten Medical Valuation
Rakuten Medical is currently valued at $1.7B, based on its Series D in July 2021.
The $166M round was led by General Catalyst, with participation from Rakuten Capital and SBI Holdings.
Rakuten Medical's valuation has grown 25x from $68M at its Series A in July 2015 to $1.7B in July 2021, across 2 priced rounds.
Rakuten Medical valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2021 | Series D | $1.7B |
| Jul 2015 | Series A | $68M |
Rakuten Medical Funding History
Rakuten Medical has raised a total of $838M across 12 funding rounds.
Rakuten Medical's first fundraising round was a $9M Series A in January 2015. The most recent completed round was a undisclosed-stage round in April 2026.
Rakuten Medical funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2026 | Undisclosed stage | LOTTE HB (lead) | - | - | - |
| Jan 2026 | Series F | TaiAx (lead); Mickey Mikitani; SBI Holdings; ABIES Capital; Qi Fu Capital; Rakuten; Daiwa Securities Group; NEXUS CVC Partners; Mitsui Sumitomo Insurance Company; Orient Europharma Co; Sumitomo Mitsui Trust Bank | $100M | - | Rakuten Medical, a global biotechnology company headquartered in San Diego, develops and commercializes the proprietary Alluminox platform-based photoimmunotherapy for precision cancer treatment. The platform uses light-activatable conjugates that selectively target and destroy cancer cells while sparing healthy tissue. Its lead investigational drug, ASP-1929, is in a global Phase 3 trial (ASP-1929-381, NCT06699212) evaluating photoimmunotherapy in combination with pembrolizumab as first-line treatment for recurrent head and neck cancer, with sites in the U.S., Taiwan, Japan, Ukraine, and Poland. In Japan, the therapy is approved and commercialized as Akalux with the BioBlade Laser System, providing real-world evidence to support international filings. On January 7, 2026, Rakuten Medical closed an oversubscribed $100 million Series F financing, comprising $70 million in new capital and $30 million conversion of convertible promissory notes. The round was led by TaiAx Life Science Fund L.P., a joint venture between Taiwan's Taiwania Capital Management and Japan's Axil Capital Group, marking the largest institutional investor group in company history. Participants included Japanese institutions like Daiwa Securities Group, Mitsui Sumitomo Insurance Company, Sumitomo Mitsui Banking Corporation, SBI Group, Rakuten, and Rakuten CEO Mickey Mikitani, plus Taiwanese firms ABIES Capital, NEXUS CVC Partners, Qi Fu Capital, and Orient Europharma Co. This follows prior rounds: $150M Series C (2018), $100M Series C-1 (2019), $166M Series D (2021), and $119M Series E (2024). Proceeds will fund acceleration of the Phase 3 trial toward a U.S. Biologics License Application submission to the FDA in 2028, expand operational capacity, speed enrollment, and support global regulatory efforts leveraging Japanese approval data. The company, founded in 2010 with over 200 employees, remains investigational outside Japan and emphasizes strategic partnerships for regional expansion. |
| Mar 2024 | Series E | Mickey Mikitani; Hikma Pharmaceuticals; Mizuho Financial Group; SBI Holdings; Rakuten; Daiichi Life Group | $119M | - | Rakuten Medical, a global biotechnology company headquartered in San Diego, develops and commercializes precision cell-targeting therapies based on its proprietary Alluminox platform, including photoimmunotherapy treatments like ASP-1929 (branded as Akalux IV in Japan), RM-1995, and RM-0256. The company, founded in 2010 as Aspyrian Therapeutics, closed a $119 million Series E preferred stock financing on March 6, 2024, comprising $45 million in new capital and conversion of $74 million in convertible promissory notes with accrued interest. Investors included new participants Hikma Pharmaceuticals, Mizuho Bank, and Dai-ichi Life, alongside additional investments from Rakuten Group, its Chairman and CEO Mickey Mikitani, and SBI Group. This round brought total capital raised to approximately $800 million. Proceeds from the Series E are allocated to support ongoing Phase 3 clinical trials for ASP-1929 globally, including combination therapy with anti-PD-1 showing promising early data, initiation of new studies for its three key assets, in-house drug discovery under the Alluminox Palette program, and development of new medical devices. The company aims to accelerate enrollment in Phase 3 trials by 2025, pursue U.S. approval potentially in 2026 or 2027, and expand geographically to the United States, Taiwan, and India. ASP-1929 is already approved and commercialized in Japan paired with the BioBlade laser system. Rakuten Medical operates with co-CEOs Mickey Mikitani and Takashi Toraishi, maintaining a global presence in biotechnology. The financing occurred amid a challenging 2023 biotech market, highlighting investor confidence in the company's achievements. Mazen Darwazah from Hikma joined the board. A subsequent $100 million oversubscribed Series F round closed in January 2026, including $70 million new capital, to advance U.S. approval of ASP-1929 via Phase 3 trial NCT06699212 in head and neck cancer. |
| Jul 2021 | Series D | General Catalyst (lead); Rakuten Capital; SBI Holdings | $166M | $1.7B | Rakuten Medical, Inc. is a global clinical-stage biotechnology company focused on developing and commercializing innovative oncology products using its proprietary Illuminox platform for photoimmunotherapy, which targets cancer cells with light-activatable conjugates. On July 28, 2021, the company closed a $166 million Series D preferred stock financing led by General Catalyst, including $75 million in new capital and the conversion of $91 million in convertible promissory notes plus accrued interest, with participation from existing investors Rakuten Group and SBI Group. The post-money valuation for this round was $1.71 billion as reported in secondary market data. Proceeds were designated to support ongoing clinical trials of lead candidate ASP-1929 across multiple oncologic indications and further research and development of additional pipeline therapies. CEO Mickey Mikitani highlighted the financing as validation of the Illuminox platform's potential and the company's commitment to impactful cancer treatments globally. General Catalyst's Managing Director Paul Kwan emphasized the platform's extensibility to redefine clinical care. This Series D followed prior rounds, including a $150 million Series C in 2018 and a $100 million Series C-1 in 2019, both supported by Rakuten Group. Rakuten Medical continued aggressive expansion post-Series D, raising a $119 million Series E in 2024 and a $100 million oversubscribed Series F in January 2026 led by TaiAx Life Science Fund, with broad institutional participation. The Series F funds ongoing global Phase 3 trials of ASP-1929 combined with pembrolizumab for recurrent head and neck cancer, targeting U.S. FDA BLA submission in 2028, and pipeline advancement including CD25 and PD-L1 programs. The company has received approval and commercialized therapies in Japan, demonstrating execution over 15 years since founding in 2010. |
| Jul 2020 | Pre-seed | - | $800K | - | - |
| Aug 2019 | Series C | Rakuten (lead) | $100M | - | Rakuten Medical is a global biotechnology company developing cancer therapies based on its proprietary Photoimmunotherapy (PIT) platform. The company focuses on precision-targeted cancer treatments using light-activated dyes conjugated to antibodies. On July 31, 2019, Rakuten Medical raised $100 million in a Series C-1 Preferred Stock financing from Rakuten, Inc., a Tokyo-based internet services company. This investment increased Rakuten's equity ownership stake in Rakuten Medical to 22.6 percent. The proceeds were intended to expand development of the company's oncology-focused PIT platform, strengthen business and commercial functions, and identify new investigational compounds and indications for cancer treatment. As a clinical-stage biotech at the time of the 2019 round, Rakuten Medical had not disclosed revenue or EBITDA figures in public sources. The company had been founded in 2010 and was developing its lead candidate based on photoimmunotherapy technology, which would eventually become Akalux, approved in Japan, and ASP-1929, advancing toward U.S. FDA submission targeting 2028. |
| Dec 2018 | Series C | Rakuten (lead); SBI Holdings (lead) | $134M | - | Rakuten Medical, formerly Rakuten Aspyrian and Aspyrian Therapeutics, is a biotechnology company developing precision-targeted cancer therapies based on its proprietary Photoimmunotherapy platform, now evolved into the Alluminox platform. The company announced on December 20, 2018, the closing of a second tranche of $134 million in its Series C financing from new investors Rakuten Inc. and SBI Group, Japan, bringing the total Series C amount to $284 million for advancing its late-stage oncology pipeline. This 2018 raise followed a prior $150 million Series C portion and preceded a $100 million Series C-1 in 2019 led by Rakuten, which increased Rakuten's equity share to 22.5%. The funding supported development of assets like ASP-1929, with ongoing clinical trials and regulatory pursuits, including Japan approval for Akalux and aims for U.S. FDA BLA in 2028. Rakuten Medical has continued raising capital across multiple rounds, including $166 million Series D in 2021, $119 million Series E in 2024 (with $45 million new and $74 million note conversion, involving SBI Group among others), and $100 million Series F in January 2026 (led by Taiwania Capital, with $70 million new and $30 million note conversion). Total funding exceeds $800 million over 17+ rounds from 12+ investors, focused on global clinical expansion in head and neck cancer and beyond. |
| Aug 2018 | Series C | Mickey Mikitani (lead) | $150M | - | Rakuten Medical, formerly Aspyrian Therapeutics, is a global biotechnology company developing precision cell-targeting therapies based on its proprietary Alluminox platform, initially focused on photoimmunotherapy (PIT) for cancer treatment. The company, founded around 2015, has received extensive backing from Rakuten Group and its Chairman and CEO Mickey Mikitani, who serves as Co-CEO. In 2018, then-named Rakuten Aspyrian, it raised $150 million in a Series C round, with Mikitani as a key investor. This was followed by a $100 million Series C-1 round in July 2019 from Rakuten, Inc., increasing Rakuten's equity stake to 22.6 percent. The 2018 Series C round supported early clinical development of its PIT platform, which conjugates antibodies to light-activatable dyes for targeted cancer therapy. Subsequent rounds included a $166 million Series D in 2021, $119 million Series E in 2024 (including conversions of $74 million in notes, with investors like Hikma Pharmaceuticals, SBI Group, Rakuten Group, and Mikitani), and a $100 million oversubscribed Series F in January 2026 led by TaiAx Life Science Fund, with participation from Japanese financial institutions, Taiwanese VCs, and returning investors including Mikitani. Total funding exceeds $800 million across multiple rounds. Rakuten Medical has advanced its lead asset toward regulatory milestones, including approval of Akalux in Japan and plans for a U.S. FDA Biologics License Application in 2028, with ongoing trials in the U.S., Taiwan, Japan, Ukraine, and Poland. The company emphasizes global expansion, leveraging partnerships and a diverse investor base across the U.S., Japan, and Taiwan. |
| Jul 2017 | Series B | Rakuten (lead) | $15M | - | Rakuten Medical (then operating as Aspyrian Therapeutics) closed $15.1 million as part of a Series B-1 financing round in July 2017, with the full round expected to reach approximately $19 million. The biotechnology company was developing precision-targeted cancer therapies based on its proprietary Photoimmunotherapy (PIT) platform, later rebranded as Alluminox. At the time of this financing, the company was in pre-clinical and early development stages, advancing its lead candidate RM-1929 toward late-stage clinical trials. The company subsequently achieved significant milestones, including world-first regulatory approval of ASP-1929 in Japan and establishment of commercial operations there before pursuing global expansion. |
| Mar 2016 | Series B | Rakuten (lead) | $40M | - | Rakuten Medical, formerly Aspyrian Therapeutics (founded 2010 or launched 2015), is a global biotechnology company developing precision cancer treatments using its proprietary Alluminox platform, including photoimmunotherapy with compounds like ASP-1929 (Akalux IV in Japan) paired with BioBlade laser systems, and investigating RM-1995 and RM-0256. The company, headquartered in San Diego with co-CEOs Mickey Mikitani and Takashi Toraishi (or Mikitani as CEO later), focuses on global expansion, drug discovery via Alluminox Palette, and new devices, with Japanese approval for Akalux and ongoing US commercialization efforts. The company has raised substantial funding totaling around $800-921 million across 20 rounds. A $100 million Series C-1 Preferred Stock financing from Rakuten in 2019 increased Rakuten's equity share to 22.5%, bringing cumulative funding near $500 million at that time. Earlier rounds noted include Series A in July 2015 ($14.32 million at $68.25 million post-money implied) and Series B October 2016. Later financings include a $119 million Series E in September 2023-March 2024 (including $45 million new capital and $74 million note conversion), led by investors like Hikma Pharmaceuticals, Rakuten Group, Mickey Mikitani, SBI Group, Mizuho Bank, and Dai-ichi Life Insurance, to advance phase 3 trials globally aiming for US approval in 2026-2027. A $100 million oversubscribed Series F closed January 2026 ($70 million new capital, $30 million note conversion) to accelerate US, Taiwan, Japan, Ukraine, and Poland trials toward a 2028 FDA BLA submission. |
| Jul 2015 | Series A | Rakuten (lead) | $4M | $68M | Rakuten Medical, formerly Aspyrian Therapeutics, is a clinical-stage biotechnology company developing precision-targeted cancer therapies using its proprietary photoimmunotherapy platform. The company launched in 2015 and focuses on oncology products for multiple indications, including its first drug ASP-1929 (RM-1929) for recurrent head and neck cancer. In Q1 2015, Rakuten Medical completed a Series A funding round totaling approximately $14.32 million from undisclosed investors. Sources list the post-money valuation at $68.25 million, with a price per share of $0.46 and 31,127,769 shares outstanding. This aligns closely with the query's approximate date of July 27, 2015, though the investor is noted as undisclosed rather than Rakuten, which participated in later rounds. The company filed an IND in Q2 2015 for a Phase 1/2a study evaluating RM-1929 in the US. Subsequent financings include a $12.75M Series A referenced in corporate timeline, $100M Series C-1 from Rakuten in 2019 increasing Rakuten's stake to 22.5-22.6%, $166M Series D in 2021 led by General Catalyst, and further rounds up to Series F in 2026, with total funding exceeding $800M. |
| Jan 2015 | Series A | - | $9M | - | Rakuten Medical, originally known as Aspyrian Therapeutics, is a clinical-stage biotechnology company developing precision-targeted cancer therapies based on its proprietary Photoimmunotherapy platform. In Q1 2015, the company raised $12.75M in Series A funding. A Series A extension financing of $4.25M was closed on July 17, 2015, to support Phase 1 clinical studies of RM-1929. Following the initial Series A, in Q2 2015, Rakuten Medical filed an IND for a Phase 1/2a study evaluating RM-1929 in recurrent head and neck squamous cell carcinoma (HNSCC) in the US. The company continued raising capital in subsequent rounds, including additional Series A in December 2014 ($8.46M) and Series B rounds in 2016. |
Who has invested in Rakuten Medical?
17 investors have backed Rakuten Medical across its funding rounds, including Rakuten, SBI Holdings, Mickey Mikitani, General Catalyst, Sumitomo Mitsui Trust Bank and Mizuho Financial Group.
Lead investors include LOTTE HB, TaiAx, General Catalyst, Rakuten, SBI Holdings and 1 other investor.
Rakuten Medical Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 7 | Lead | Jul 2015 | |
| Tokyo | 4 | Lead | Dec 2018 | |
| Mickey Mikitani | Tokyo | 3 | Lead | Aug 2018 |
| San Francisco, CA | 1 | Lead | Jul 2021 | |
 London | 1 | Participant | Mar 2024 | |
| Tokyo | 1 | Participant | Jul 2021 | |
| Tokyo | 1 | Participant | Mar 2024 | |
 Taipei | 1 | Participant | Jan 2026 | |
| Taipei | 1 | Participant | Jan 2026 | |
| Tokyo | 1 | Participant | Mar 2024 | |
| Japan | 1 | Participant | Jan 2026 | |
| NEXUS CVC Partners | Taiwan | 1 | Participant | Jan 2026 |
 Seoul | 1 | Lead | Apr 2026 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Rakuten Medical
Rakuten Medical has acquired 1 company to date.
Last acquisition by Rakuten Medical was on August 19th 2020. Rakuten Medical acquired Medlight for undisclosed valuation.
Latest Acquisitions by Rakuten Medical
| Description | Medlight is a Switzerland-based medical device company founded in 1997 that manufactures catheters for endoscopic illumination in Photodynamic Therapy. Approved for widespread PDT uses, its products support optimal light delivery in treatments, with ongoing designs for emerging applications through medlight.com. |
| HQ Country |  |
| HQ City | Lausanne |
| Deal Date | 19 Aug 2020 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Investments by Rakuten Medical
Rakuten Medical has invested in 1 company to date.
Latest investment by Rakuten Medical was on October 21st 2021. Rakuten Medical invested in Karkinos Healthcare in their $30M Strategic investment round.
Latest Investments by Rakuten Medical
| Description | - |
| HQ Country |  |
| HQ City | - |
| Deal Date | 21 Oct 2021 |
| Round | Strategic investment |
| Raised | $30M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Rakuten Medical Competitors
Rakuten Medical competitors include listed companies like Immunocore Holdings and Jafron Biomedical, and private ones like ArsenalBio, BioRay Pharmaceuticals, FibroGen and BenevolentAI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $400M | ($20M) | $1.6B | 2.7x | |
 China | Publicly listed | $300M | $123M | $1.8B | 5.2x | |
| United States | Private | - | - | $1.9B | - | |
| Shanghai | Private | $131M | - | $1.9B | 14.5x | |
| San Francisco, CA | Private | $108M | - | $1.2B | 11.3x | |
| London | Private | $10M | - | $1B | 100.0x |
Rakuten Medical Public Comps
Rakuten Medical is still privately-owned, but its public comps include Mabwell, Edge Medical, Intellia Therapeutics, Jiangxi Fushine Pharma, Yifan Pharmaceutical, Alembic Pharmaceuticals, Cohance Lifesciences, SKAN Group, Hugel and ANI Pharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $99M | ($98M) | 19.1x | 15.4x | (19.3x) | - | |||
| $68M | ($10M) | 23.3x | 14.5x | (156.3x) | 247.7x | |||
| $68M | ($432M) | 19.8x | 24.3x | (3.1x) | (3.2x) | |||
| $177M | $24M | 10.7x | 6.5x | 77.4x | 17.3x | |||
| $766M | $121M | 2.5x | 2.5x | 15.8x | 13.8x | |||
| $752M | $115M | 2.5x | 2.3x | 16.2x | 14.6x | |||
| $230M | $44M | 7.7x | 7.4x | 39.8x | 39.0x | |||
| $405M | $43M | 4.5x | 3.9x | 42.1x | 28.5x | |||
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Common questions about Rakuten Medical
| When was Rakuten Medical founded? | Rakuten Medical was founded in 2010. |
| Where is Rakuten Medical headquartered? | Rakuten Medical is headquartered in San Diego, CA, United States. |
| Is Rakuten Medical publicly listed? | No, Rakuten Medical is a private, VC-backed company. |
| What is Rakuten Medical's valuation? | Rakuten Medical was last valued at $1.7B in its Series D in July 2021. |
| How much funding has Rakuten Medical raised? | Rakuten Medical has raised $838M across 12 funding rounds. |
| What was Rakuten Medical's last funding round? | Rakuten Medical's last funding round was a undisclosed-stage round in April 2026, led by LOTTE HB. |
| Who are Rakuten Medical's investors? | Rakuten Medical's investors include Rakuten, SBI Holdings, Mickey Mikitani, General Catalyst, Hikma Pharmaceuticals, Rakuten Capital, Mizuho Financial Group, ABIES Capital, Qi Fu Capital, Daiichi Life Group and 7 others. |
| Which companies are comparable to Rakuten Medical? | Companies comparable to Rakuten Medical include Immunocore Holdings, Jafron Biomedical, ArsenalBio, BioRay Pharmaceuticals, FibroGen and BenevolentAI. |
| How many companies has Rakuten Medical acquired? | Rakuten Medical has acquired 1 company, including Medlight. |
| How many companies has Rakuten Medical invested in? | Rakuten Medical has invested in 1 company, including Karkinos Healthcare. |
| What was Rakuten Medical's last investment? | In October 2021, Rakuten Medical invested in Karkinos Healthcare's $30M strategic investment round. |
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