Photosynth inc.
4379・Growth Market・Information & Communication
Business
Photosynth Inc. operates under the mission of "embedding memorable experiences into the future through connected manufacturing," developing a Spatial DX Business (Single Segment) built on its cloud-based authentication platform "Akerun Access Intelligence." In addition to its core service, the Akerun Access Control System (HESaaS) for corporate clients (No.1 domestically), the company combines the gig-worker-driven Facility Operations BPaaS "Migakun" and the unmanned store SaaS "fixU" to provide one-stop unmanned and labor-saving solutions across a wide range of industries, including offices, residences, commercial facilities, educational institutions, and local governments. Viewing the structural social challenge of labor shortages caused by the declining birthrate and aging population as a business opportunity, the company pursues sustainable growth through the maximization of recurring revenue.
Business Model
Akerun accumulates monthly subscription revenue through the HESaaS model, which bundles hardware and software together. Migakun provides outsourced facility operations leveraging a gig worker platform as BPaaS, while fixU provides customer management, reservation, and payment functions in a one-stop SaaS offering. The recurring revenue ratio has continued to maintain the high-80% range of total business revenue, and the churn rate has improved to 0.93% (FY2025, ending December 2025). Cross-selling has also driven ARPU improvement, reaching an all-time high of ¥48,536.
Company Strengths
The company has achieved the No.1 position in Japan for the number of companies using cloud-based access control systems and smart locks (according to a survey by the Japan Marketing Research Organization), with over 5,702 contracted companies as of the end of December 2025. This large-scale authentication platform, "Akerun Access Intelligence," has established itself as social infrastructure and serves as the foundation for expanding peripheral services.
The proportion of recurring revenue to total business revenue has continued to remain in the high 80% range, and the MRR-based churn rate improved to 0.93% in FY2025 (ending December 2025). ARPU also reached a record high of ¥48,536, up 14.5% year-on-year, reflecting steady progress in maximizing LTV through cross-selling initiatives.
The company maintains an in-house full-stack development structure covering IoT devices, embedded software, cloud, mobile applications, and AI. Akerun Pro incorporates a patented proprietary mechanism that has undergone one million open/close cycle testing, and through patented encryption technology for BLE communication and ISMS international standard (ISO/IEC 27001:2022) certification, the company has achieved a high level of quality and reliability capable of withstanding corporate use.
ENVALITH's Perspective
Performance Trend
From FY2021 to FY2025, revenue expanded from ¥1,600 million to ¥3,385 million, turning to an operating profit in FY2024, and improving further to operating profit of ¥231 million in FY2025. In Q1 of the fiscal year ending December 2026, revenue was ¥1,017 million (up 23.6% year on year), maintaining the revenue growth trend, but due to an increase in cost of sales (from ¥197 million to ¥288 million) and higher SG&A expenses (from ¥529 million to ¥635 million), operating profit declined to ¥93 million (down 2.5% year on year). In terms of the external environment, labor shortages, the return to office work, and active office investment are supporting demand for Akerun, while cost pressures such as rising labor costs and yen depreciation are affecting the expense side. The full-year forecast remains unchanged at revenue of ¥4,062 million and operating profit of ¥240 million.
Growth Strategy
Three pillars: Akerun-driven market development, deepening cross-sell, and new entry into Physical AI
Promoting large-scale deployment across diverse industries including offices, membership-based facilities, and professional service firms. Track record is accumulating in industries requiring strict information management, such as the adoption across all 15 offices (600+ staff) of Landmark Tax Corporation, and the customer portfolio continues to expand.
Concluded sales partnership agreements with I.E. Group Co., Ltd. and H Partners Co., Ltd. to promote the expansion of Akerun-branded IoT services through the Hikari Tsushin Group's extensive sales network. Aiming to strengthen the nationwide sales network in conjunction with the utilization of regional offices.
Strengthening the provision framework for an integrated Spatial DX solution combining Akerun, Migakun, and fixU. Adoption of fixU is expanding, centered on membership-based facilities such as fitness gyms and coworking spaces, while Migakun is also accelerating adoption of its gig-worker utilization service across a wide range of industries.
Began integration with SmartHR's ID management platform, enabling Akerun account management from within SmartHR. Continuing efforts to further expand the value provided by Akerun by reducing security risks arising from manual operations and the workload of IT and HR/general affairs departments.
Established and launched "Photosynth Physical AI Lab" (Minato-ku, Tokyo) with the aim of creating new businesses. Selected for AWS's Physical AI development support program, the company is promoting research, development, and social implementation of Physical AI intended for use in operational support robots for cleaning, building maintenance, security, welfare and nursing care, and other fields.
Last updated: July 17, 2026