Japanese printed circuit board manufacturer Elephantech announced in a press release that it has raised approximately 3.9 billion yen (approximately 25.71 million dollars) through third-party allotment. This brings the cumulative amount raised by Elephantech since its founding to approximately 10 billion yen (approximately 65.93 million dollars), which includes 6.5 billion yen (approximately 42.86 million dollars) through capital increases and 3.4 billion yen (approximately 22.42 million dollars) through loans and subsidies.

Elephantech stated that this fundraising is a continuation of their ongoing Series D funding round that began in September 2022. The company plans to use the funds raised to expand the production of P-Flex®, which is their FPC product that uses inkjet printing technology, and has minimal environmental impact. Additionally, Elephantech will use the funds to strengthen their domestic and international sales, as well as to develop metal inkjet printing technology.

In addition to Elephantech's existing shareholder, ME Innovation Fund LP, the company received investments from new shareholders including Ajinomoto Co., Ltd., Mizuho Leasing Company, Limited, and other institutions in this funding round.

Elephantech was founded in 2014 and is the world's first PCB manufacturer to successfully use metal inkjet printing technology. The metal inkjet printing technology significantly reduces the environmental impact without affecting product performance, reducing CO2 emissions by 75%, water consumption by 95%, and copper consumption by 70%. The technology has been approved by the Ministry of the Environment. The project will receive a subsidy of up to 750 million yen from 2023 to 2025.

（1＄=151.67 yen, based on exchange rate on November 13）

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