Hmcomm Inc.
265A・Growth Market・Information & Communication
Business
Hmcomm Inc. was founded in 2012 and certified as an AIST technology transfer venture in 2014, positioning itself as a research and development-oriented venture specializing in "Sound × AI." Under its single-segment "AI × Sound" science business, the company operates two pillars: the AI Products business (38.8% of revenue), which offers the contact center speech recognition product "Voice Contact," the AI voice auto-response system "Terry/Terry2," the AI meeting minutes tool "ZMEETING," and the abnormal sound detection system "FAST-D"; and the AI Solutions business (61.2% of revenue), which provides DX promotion support utilizing generative AI. Its main customers are corporate clients such as contact center operators, manufacturers, infrastructure operators, and educational institutions. The company listed on the Tokyo Stock Exchange Growth Market in October 2024.
Business Model
In the AI Products business, the company forms recurring stock-type revenue by receiving ongoing license usage fees in addition to development-related consideration at the time of implementation. As of the end of FY2025, Voice Contact had 1,116 licenses, Terry had 104 licenses, and FAST-D had 13 licenses, with an average transaction unit price per customer of ¥10.2 million (excluding ZMEETING). The AI Solutions business generates service revenue through quasi-delegation and contracting agreements, recording 152 projects in FY2025 with an average transaction unit price per customer of ¥4.5 million. The business structure creates synergy between the two segments through an R&D-type business process in which insights gained from solutions activities are fed back into product feature development.
Company Strengths
Acquired AIST (National Institute of Advanced Industrial Science and Technology) technology transfer venture certification in 2014, and won the NEDO AI Venture Contest Grand Prize, the JEITA Venture Award, and the NEDO Chairman's Award for University-launched Ventures in the fields of speech recognition and abnormal sound detection. For over 10 years, the company has practiced an R&D-driven business process completing everything in-house from the initial R&D phase through maintenance and operations, building technology and customer trust relationships that competitors cannot easily replicate.
AI Solutions segment revenue for FY2025 expanded rapidly to ¥680,855 thousand (up 180.7% year on year). In addition to strengthened organizational capabilities from the acquisition of the DX Partner business, high-value-added projects increased, including development of an AI automated scoring service for Benesse i-Career and joint research on AI agents with financial institutions. The company received orders for 152 projects, and diversification of the customer base is progressing.
As of the end of FY2025, outstanding borrowings stood at zero, and cash and cash equivalents totaled ¥1,317,463 thousand. The equity ratio stood at 80.7% (down from 90.6% at the end of the previous fiscal year but still at a high level), maintaining the financial flexibility to allocate funds toward growth investments such as M&A.
ENVALITH's Perspective
Performance Trend
Revenue continued its growth trend, rising from ¥946 million in FY2024 to ¥1,112 million in FY2025, with a full-year forecast of ¥1,373 million for FY2026. In Q1 of FY2026 (fiscal year ending December 2026), revenue was ¥332 million (up 44.5% year on year), with operating profit of ¥3 million, ordinary profit of ¥5 million, and quarterly net profit of ¥0 million, marking a turnaround to profitability from losses in the same period of the prior year. Revenue was driven by the receipt of large-scale orders in the AI Solutions business and steady progress on existing projects. On the other hand, the cumulative forecast for Q2 anticipates an operating loss of ¥29 million, suggesting that profit recovery for the full year will be concentrated in the second half. In terms of the external environment, expanding corporate investment in DX promotion and carbon neutrality initiatives is supporting demand, although uncertainty over the economic outlook persists due to yen depreciation, labor shortages, and geopolitical risks.
Growth Strategy
Two pillars of growth: expanding the AI agent market through Terry2 and driving discontinuous growth through M&A leveraging Collabo Techno
Building a joint sales and development framework through a business alliance with Works I.D. Co., Ltd., promoting expansion of license numbers across a broad market including the financial industry. Construction of a disaster prevention platform for General Corporation is also underway.
Acquired 90% of the shares of Collabo Techno, which operates web system development and SES businesses, for ¥135 million, making it a consolidated subsidiary. Aims to enhance development processes and improve profitability by combining generative AI technology with engineering resources.
Providing continued support aimed at converting initial development projects into recurring revenue after order receipt. In parallel with ongoing support for existing customers, generating new leads and strengthening full-year order expansion and early-stage deal conversion.
Secured new orders for the abnormal sound detection product FAST-D in connection with a major company's expansion into new locations. The social implementation verification project for satellite data linkage with Moriyama City is progressing smoothly, and discussions toward the next fiscal year's infrastructure maintenance DX rollout are underway.
Development for implementation of the AI meeting minutes product ZMEETING at a major financial institution is underway. Aims to capture demand for operational efficiency improvements among enterprises and establish a new customer base in the financial sector.
Last updated: July 17, 2026