# Rakuten Medical

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/rakuten-medical

- Industry: Biotechnology
- Headquarters: San Mateo, US
- Website: www.rakuten-med.com
- Total disclosed funding: $237M
- Latest round: Series F (Jan 7, 2026)
- Investors on record: 14

## About

Founded in 2010 and based in California, US, Rakuten Medical, Inc., formerly known as Aspyrian Therapeutics, Inc., is a privately funded clinical-stage biotechnology company that develops is a biotechnology company that develops tumor-targeted precision therapies based on the Photoimmunotherapy platform. The company was founded by its CEO Hiroshi Mikitani, along with Dr. Miguel Garcia Guzman. In quarter 1 of 2019, Aspyrian Therapeutics, Inc. rebranded into Rakuten Medical, Inc. In January 2026, Rakuten Medical, Inc. raised USD 70 million in Series F funding led by Taiwania Capital, with participation from Axil Capital, Daiwa Securities Group, Mitsui Sumitomo Insurance, Sumitomo Mitsui Banking Corporation, OEP Group, ABIES Capital, and NEXUS CVC Partners, SBI Investment, and Rakuten Group, Inc. The round was part of a larger USD 100 million equity and debt funding.

The company offers tumor-targeted precision therapies based on the Photoimmunotherapy platform called Illuminox, an investigational treatment platform based on a cancer therapy called photoimmunotherapy that consists of an investigational drug, device, and other related components. It develops ASP-1929 and ASP-1929+Anti PD-1, an antibody-drug conjugate of cetuximab and IRDye 700DX that targets epidermal growth factor (EGFR). It also formulates RM-1995, a therapeutical solution for recurrent solid tumors.

The company's revenue is generated by the sales of its therapeutical products such as ASP-1929 and ASP-1929+Anti PD-1.

The company plans to use the January 2026 funding to advance its lead therapy through late-stage trials and support regulatory preparations.

## Funding rounds

- Series F, Jan 7, 2026, $70M — Mitsui Sumitomo Insurance, Daiwa Securities Group, Rakuten Group, Inc., SBI Investment, Taiwania Capital, Axil Capital, SMBC Capital Partners, ABIES Capital, NEXUS CVC Partners, OEP Group
- Series E, Mar 6, 2024, $1M — Dai-ichi Life Insurance, Rakuten Group, Inc., Hikma Pharmaceuticals PLC, Mizuho Bank, SBI Investment
- Series D, Jul 28, 2021, $166M — General Catalyst Partners, Rakuten Group, Inc., SBI Investment

## Investors

- General Catalyst Partners (https://capitalatlas.ai/funds/general-catalyst-partners) — Series D
- Rakuten Group, Inc. — Series D, Series E, Series F
- SBI Investment (https://capitalatlas.ai/funds/sbi-investment) — Series D, Series E, Series F
- Dai-ichi Life Insurance — Series E
- Hikma Pharmaceuticals PLC — Series E
- Mizuho Bank — Series E
- Mitsui Sumitomo Insurance — Series F
- Daiwa Securities Group — Series F
- Taiwania Capital (https://capitalatlas.ai/funds/taiwania-capital) — Series F
- Axil Capital (https://capitalatlas.ai/funds/axil-capital) — Series F
- SMBC Capital Partners (https://capitalatlas.ai/funds/smbc-capital-partners) — Series F
- ABIES Capital (https://capitalatlas.ai/funds/abies-capital) — Series F
- NEXUS CVC Partners (https://capitalatlas.ai/funds/nexus-cvc-partners) — Series F
- OEP Group — Series F