ZenmuTech, Inc.
338A・Growth Market・Information & Communication
ZenmuTech, Inc.
338A・Growth Market・Information & Communication
Business
ZenmuTech Inc. is an information security specialist company that operates under the mission of "pursuing both data protection and data utilization," developing security solutions built on its proprietary secret-sharing technology "ZENMU-AONT." Founded in 2014, the company listed on the TSE Growth Market in March 2025. Its core product is the information leakage prevention solution for PCs, "ZENMU Virtual Drive (ZVD)", which is sold through agencies to corporate customers such as think tanks, financial institutions, and IT vendors. In addition, the company is advancing OEM deployment (ZENMU Engine) that embeds its secret-sharing technology into IoT devices, drones, surveillance cameras, and the like, as well as the commercialization of the Secure Computation Solution "QueryAhead", based on joint research with the National Institute of Advanced Industrial Science and Technology. The company operates as the Information Security Business (Single Segment).
Business Model
The core of revenue is license sales of ZENMU Virtual Drive, which take three forms: (1) flow-type lump-sum sales, (2) stock-type subscription plus maintenance, and (3) maintenance-only contracts. The stock-type model builds up stable revenue as contracts continue, and the number of licenses stood at 115,417 as of the end of FY2025 (ending December 2025). Sales are mainly conducted through agencies, with major clients including Nomura Research Institute (25.3% of net sales) and Hitachi Systems Engineering Services (21.7%). The secure computation business derives revenue from commissioned research services for entities such as the National Institute of Advanced Industrial Science and Technology (AIST).
Company Strengths
The in-house developed "ZENMU-AONT" employs the AONT method, a proprietary technology that renders data meaningless without requiring encryption keys or passwords. Distributed fragments can be compressed to a minimum of 32 bytes, resulting in low network load and enabling offline operation. Safety evaluation has already been conducted through joint research with the National Institute of Advanced Industrial Science and Technology (AIST), providing third-party validation of its technical superiority.
The number of ZVD licenses increased by 16,100 year-on-year, from 99,317 at the end of FY2024 (ending December 2024) to 115,417 at the end of FY2025 (ending December 2025). Stock-type revenue from subscription and maintenance contracts has been steadily accumulating, and sales of the secret sharing business in FY2025 (ending December 2025) reached ¥700,547 thousand (up 36.9% year on year).
Major agencies and think tanks such as Nomura Research Institute (¥215,187 thousand, 25.3% of sales), Hitachi Systems Engineering Services (¥184,473 thousand, 21.7%), and Deloitte Touche Tohmatsu Group (¥140,840 thousand, 16.5%) rank among the top customers, and a system has been established to secure large-scale projects of 1,000 or more licenses through collaboration with agencies.
ENVALITH's Perspective
Performance Trend
Financial performance had been growing, with revenue of ¥649 million (FY2024) increasing to ¥852 million (FY2025), but the first quarter of FY2026 (ending December 2026) turned to a decline, with revenue of ¥145 million (down 9.6% from ¥161 million in the same period of the previous year). The main cause was a decrease in flow-type revenue from the Secure Computation Solution "QueryAhead", reflecting the pullback from a large-scale deal recorded in the same period of the previous year. Operating loss widened to ¥55 million (compared with a loss of ¥7 million in the same period of the previous year), as an increase in SG&A expenses—driven by upfront investment in personnel recruitment, partner collaboration, and R&D—squeezed profitability. Total assets stood at ¥1,162 million, and the equity ratio remained at a healthy 67.7%, maintaining financial soundness. There has been no change to the full-year forecast (revenue of ¥1,080 million, operating profit of ¥161 million), and the structure in which earnings are weighted toward the second half is expected to continue.
Growth Strategy
Accelerating growth through two pillars: expansion of secret sharing sales via agencies, and new business development and overseas expansion of secure computation
Strengthening the stable revenue base through continued expansion of ZVD license count. Accelerating acquisition of large-scale deals through deepened collaboration with major agencies and promotion of collaboration with sales partner companies. Recurring revenue continued to accumulate steadily in the first quarter of FY2026 (ending December 2026) as well.
Flow-type revenue from the secure computation solution declined in Q1 due to the reaction from a large-scale deal in the same period of the previous year, but implementation studies and proof-of-concept projects are progressing steadily in the medical DX field and the VDI/DaaS domain. Also focusing on R&D for new products, advancing commercialization from a medium- to long-term perspective.
Signed an MOU with BigObject, a Taiwanese company providing a real-time big data analytics platform, and began collaboration toward realizing the "Secure Data Intelligence Platform." Aiming to build a new data infrastructure that enables high-performance data analysis while safely utilizing confidential data.
Promoting OEM expansion into fields related to drones, surveillance cameras, and generative AI, expanding the areas of application for the company's own products. Strengthening marketing activities through exhibitions and media exposure to improve market recognition and expand the future customer base.
Last updated: July 17, 2026