AI,Inc.
4388・Standard Market・Information & Communication
Business
AI, Inc. is a company specializing in speech synthesis technology, founded in 2003. In October 2024, it merged with Futrek Co., Ltd., and transitioned to a two-pillar structure consisting of the "Voice Business," centered on speech synthesis and speech recognition, and the "CRM Business," which operates the CRM platform "Visionary®" with over 20 years of track record. In the Voice Business, the company provides its "AITalk®" series to a wide range of fields including disaster prevention, telecommunications, automotive, and entertainment, serving both corporate and consumer customers. The CRM Business offers an all-in-one service with enhanced CDP functionality targeting corporate clients across various industries such as apparel, hotels, and distribution. In December 2025, the company transitioned from the TSE Growth Market to the Standard Market, and is advancing efforts to strengthen governance.
Business Model
In the Voice Business, licensing of speech synthesis engines (monthly fee/royalty-based) serves as the core revenue source, combined with cloud/SaaS-type services (AITalk® WebAPI, Koe no Shokunin® Cloud Edition) and contracted development/content production. In the CRM Business, recurring revenue is generated through Visionary® licensing, customization development, and the SaaS-type Visionary Cloud. For FY2026 (ending March 2026), net sales are projected at ¥1,850 million, with operating profit of ¥101 million (operating margin of 5.4%).
Company Strengths
The company began licensing AITalk® in 2007 and has since built up a track record of adoption across a wide range of fields, including disaster prevention radio systems, car navigation systems, railway announcements, games, and audiobooks. The technology has continued to evolve, most recently to AITalk®6, which leverages deep learning, and transactions with major clients such as NTT DOCOMO (FY2026 (ending March 2026) sales of ¥208 million, 11.3% of composition) underpin the company's technological strength.
Visionary®, the core product of the CRM Business, has a track record of adoption spanning over 20 years across a wide range of industries, including apparel, hotels, convenience stores, railways, and credit card companies. Rationalization effects from the merger with Fuetrek were realized ahead of schedule, enabling the CRM Business, which had posted a loss in the previous period, to turn profitable with operating income of ¥16 million in FY2026 (ending March 2026).
The equity ratio at the end of FY2026 (ending March 2026) remained at a high level of 87.0% (79.6% at the end of the previous period). Interest-bearing debt consists only of the outstanding balance of corporate bonds, reflecting high financial soundness, and the company maintains a policy of funding working capital from retained earnings. Cash and cash equivalents stood at ¥976 million at period-end, providing capacity to respond to R&D investment and business expansion.
ENVALITH's Perspective
Performance Trend
Revenue grew 2.4x over five fiscal periods, from ¥757 million in FY2022 (ended March 2022) to ¥1,850 million in FY2026 (ending March 2026). Growth accelerated due to the contribution of the Fuetrek merger (6 months consolidated) in FY2025 and full-year consolidation of Lapis Live in FY2026. Meanwhile, operating profit came in at ¥100 million in FY2026, below the ¥112 million recorded in FY2022, with operating margin declining to 5.4%. Costs related to the Lapis Live acquisition, IPO-related expenses, and an increase in goodwill amortization (¥81 million) weighed on profit. Net income turned positive at ¥111 million, recovering from a net loss in the prior period (-¥16 million, mainly attributable to a ¥144 million loss on step acquisition). While external demand for AI and DX investment remains solid, FY2027 (ending March 2027) is expected to face headwinds from a rebound after last-minute demand in the disaster prevention field and a decrease in NICT-related projects.
Growth Strategy
Concentration on the two pillars of Voice and CRM, together with sustainable growth driven by LLM-based voice dialogue and CDP expansion
Newly launched "AITalk® Koe no Shokunin Cloud Edition" and "AITalk® WebAPI," both equipped with the deep-learning speech synthesis engine "AITalk6." By capturing demand for migration from on-premise to cloud and diversifying the usage environment for corporate customers, the company aims to expand recurring subscription revenue.
"Visionary," a CRM service with over 20 years of track record, has been renewed as a CDP tool through enhanced customer data integration and utilization functions. By adding customer behavior visualization and marketing support functions, the company aims to address diverse DX needs of corporate customers and thereby expand sales and improve profitability in the CRM Business.
Promoting the development and deployment of a voice dialogue platform that combines speech synthesis and speech recognition with LLMs (Large Language Models). Leveraging the market tailwind of accelerating AI and DX adoption, the company aims to monetize this as a new solution for corporate customers.
Super One (net sales of ¥84 million), which engages in Contracted Development of Digital Textbook/Teaching Material Apps, is to be transferred via MBO (transfer price of ¥106 million, scheduled for end of September 2026), concentrating limited management resources into the Voice Business and CRM Business. This represents a business portfolio realignment aimed at enhancing corporate value over the medium to long term.
Lapis Live, which has over 400 V-livers, has been made a wholly owned subsidiary, and the company is pursuing character IP synergies with the A.I.VOICE Series. Lapis Live continues to make strides, including winning an annual award at IRIAM, and the company aims to diversify consumer-facing services and expand its revenue base. However, achieving profitability remains a challenge, as the segment recorded an operating loss of ¥4 million in FY2026 (ending March 2026).
Last updated: July 19, 2026