Tokyo, Japan - Sep 02, 2025 (UTC) - LayerX, a Japanese AI SaaS startup that helps enterprises automate back-office workloads, announced it has secured $100 million in Series B funding led by Technology Cross Ventures (TCV), marking the U.S. investment firm’s inaugural investment in a Japanese startup.
The funding round included participation from MUFG Bank, Mitsubishi UFJ Innovation Partners, JAFCO Group, Keyrock Capital, Coreline Venture, and JP Investment, bringing LayerX’s total funding to $192.2 million. While the company declined to disclose its valuation, both the valuation and funding size represent among the largest ever raised by a seven-year-old Japanese startup at the Series B stage.
Founded in 2018 by serial entrepreneur Yoshinori Fukushima, who previously launched the Tokyo Stock Exchange-listed news app Gunosy, LayerX addresses critical inefficiencies in Japan’s enterprise workflows where many companies still rely on paper and Excel for expense reimbursements and invoice processing despite ongoing digitalization efforts.
The startup’s flagship offering, Bakuraku, automates corporate spending workflows including expense management, invoice processing, and corporate card operations for more than 15,000 companies. The platform differentiates itself through AI-driven user experience and continuous automation upgrades. LayerX also operates Alterna, a retail digital securities investment platform developed with Mitsui & Co., and Ai Workforce, a generative AI solution for streamlining enterprise workflows.
“We passed 10,000 customers in February 2024 and reached 15,000 by April 2025, with more enterprise clients coming on board,” CEO Fukushima said. “Headcount has also grown from about 220 employees in October 2023 to around 430 as of the end of July 2025.”
The company’s rapid growth trajectory positions it to reach $68 million in annual recurring revenue faster than any SaaS company in Japan’s history. “The growth benchmark known as T2D3 was achieved ahead of schedule, and we expect to surpass the previous domestic record, which took eight years from product launch, in under five years,” Fukushima explained.
LayerX’s technology addresses Japan’s unique market challenges driven by aging demographics, labor shortages, GenAI adoption, and the 2023 implementation of e-invoicing regulations. The company competes domestically with Money Forward Cloud Keihi, freee, and Rakuraku Seisan, while facing global competition from SAP Concur, Rippling, Brex, Ramp, Spendesk, and Airbase.
The Bakuraku platform offers comprehensive integrated functionality covering “expense management, invoice processing, corporate cards, workflows, e-ledger compliance, attendance, and receivables—all in one solution,” according to Fukushima. The company’s technical team includes “more than 12 former CTOs and a Kaggle Grandmaster,” enabling continuous enhancement of AI-driven automation features.
Notable clients include Ippudo, IRIS Ohyama, the Imperial Hotel, and Sekisui Chemical for Bakuraku, while Ai Workforce serves major enterprises including Mitsui & Co. and MUFG Bank. The company has established strategic partnerships with major Japanese financial institutions, particularly MUFG, which participated in both investment rounds.
LayerX targets approximately $680 million in annual recurring revenue by fiscal year 2030, with roughly half expected to come from its AI agent business. The company plans to expand its workforce to around 1,000 employees by 2028 while continuing to invest in AI agents and AI-enabled business process outsourcing capabilities.
The funding comes less than two years after LayerX secured its Series A round in November 2023, demonstrating strong investor confidence in the company’s ability to capitalize on Japan’s digital transformation needs and potentially expand into international markets.
About LayerX
LayerX is a Tokyo-based AI SaaS startup founded in 2018 by Yoshinori Fukushima that provides enterprise automation solutions for back-office operations. The company’s flagship Bakuraku platform serves over 15,000 companies with AI-driven expense management, invoice processing, and corporate spending workflow automation. LayerX also operates Alterna digital securities platform and Ai Workforce generative AI solution, targeting Japan’s digital transformation needs driven by labor shortages and regulatory changes.
