# elleThermo

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ellethermo

- Industry: Power & Utilities
- Headquarters: Tokyo, Japan
- Website: https://ellethermo.com
- Total disclosed funding: $5.6M
- Latest round: Series A (Aug 26, 2026)
- Investors on record: 9

## About

Founded in 2023 and based in Tokyo, Japan, elleThermo, Ltd., a startup focuses on energy technology and specializes in Semiconductor-Sensitized Thermal Cell (STC) technology, which is capable of transforming unused low-temperature waste heat into electrical energy. The company produces and sells renewable energy equipment and offers maintenance and consulting services pertaining to energy technologies. As of August 2026, elleThermo is under the leadership of its founder and CEO, Ubukata Shoko. In August 2026, elleThermo, Ltd. raised JPY 830 million in series A funding led by Spiral Capital, with participation from JIC Venture Growth Investments, TAKUMA Co., Ltd., Keio Innovation Initiative, Hulic Startup, Energy & Environment Investment, Mizuho Capital, SBI Investment and Sony Innovation Fund.

The company offers the production and distribution of power generation using renewable energy. Additionally, the firm provides electrical appliances and equipment, and other energy products and equipment, as well as their maintenance, consulting, and societal knowledge dissemination. The firm uses steam turbines and Seebeck devices to convert thermal energy into electricity by using waste heat from transport equipment, factories, power plants, electronics fever, etc.

The company plans to use the August 2026 funding to advance STC thermal power generation technology, build a pilot production line, and expand hiring to support commercialization and growth.

## Funding rounds

- Series A, Aug 26, 2026, $5.2M — Mizuho Capital, Energy & Environment Investment, SBI Investment, Keio Innovation Initiative, Sony Innovation Fund, Spiral Capital, JIC Venture Growth Investments, Hulic Startup
- Seed, Nov 13, 2023 — Sony Innovation Fund, Miraisozo Investments
- Seed, Mar 1, 2023, $0.4M — Miraisozo Investments

## Investors

- Miraisozo Investments (https://capitalatlas.ai/funds/miraisozo-investments) — Seed
- Sony Innovation Fund (https://capitalatlas.ai/funds/sony-innovation-fund) — Seed, Series A
- Mizuho Capital (https://capitalatlas.ai/funds/mizuho-capital) — Series A
- Energy & Environment Investment (https://capitalatlas.ai/funds/energy-environment-investment) — Series A
- SBI Investment (https://capitalatlas.ai/funds/sbi-investment) — Series A
- Keio Innovation Initiative (https://capitalatlas.ai/funds/keio-innovation-initiative) — Series A
- Spiral Capital (https://capitalatlas.ai/funds/spiral-capital) — Series A
- JIC Venture Growth Investments (https://capitalatlas.ai/funds/jic-venture-growth-investments) — Series A
- Hulic Startup (https://capitalatlas.ai/funds/hulic-startup) — Series A