ENVALITH
株式会社unerry logo

unerry,Inc.

5034・Growth Market・Information & Communication

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株式会社unerry logo
unerry,Inc.5034

Business

unerry Inc. operates under the mission of "Creating a comfortable future, with data," and runs the consumer behavior data platform "Beacon Bank®." The company collects and applies AI analysis to 850 million IDs and over 1.9 trillion monthly GPS and beacon data points, providing three services: (1) Analytics & Visualization Service, (2) Behavior Change Service, and (3) One-to-One Service. Its main customers are retailers, commercial facility operators, consumer goods manufacturers, and municipalities, and it addresses four domains: Retail DX, Retail Media, Smart City, and Global. The company listed on the Tokyo Stock Exchange Growth Market in July 2022.

Business Model

The company acquires customers through the annual-contract, monthly-billed SaaS product Analytics & Visualization Service (Shopper Mieru), then raises customer spend through cross-selling into the Behavior Change Service (Beacon Bank AD, ad delivery) and the One-to-One Service (Beacon Bank 1to1, CDP construction and app development). In FY2025 (ending June 2025), the recurring customer revenue ratio stood at 87.4% and NRR at 116.2%, indicating high revenue continuity. Business alliances with Mitsubishi Corporation, Dentsu, and Coca-Cola Bottlers Japan, among others, also support the revenue model by expanding the customer base.

Company Strengths

Through its patented "Beacon Bank®", the company holds 850 million IDs, more than 1.9 trillion log entries per month, and 2.25 million beacon units. Its patented technology (Patent No. 5991793), which seamlessly integrates outdoor GPS with indoor beacons, forms an entry barrier that competitors cannot easily replicate.

The number of recurring customers expanded approximately 2.9x, from 49 companies in FY2022 to 140 companies in FY2025. The recurring customer revenue ratio has been maintained in the 87-91% range, and NRR reached 116.2% (FY2025), reflecting continued revenue expansion from existing customers.

The company has entered into business and capital alliances with Mitsubishi Corporation, NTT DATA, Dentsu, Coca-Cola Bottlers Japan, Mitsubishi Shokuhin, Blogwatcher, Criteo, Braze, Rakuten Insight, and DearOne, securing access to customer segments that would be difficult to reach on its own.

ENVALITH's Perspective

Cumulative Q3 FY2026 (ending June 2026) revenue of ¥3,691 million (up 34.5% YoY) and operating profit of ¥393 million (up 39.3% YoY) represent progress rates of 73.8% and 78.8%, respectively, against the full-year forecast (revenue of ¥5,002 million, operating profit of ¥500 million). The YoY revenue growth rate has accelerated compared to the same period last year (from 31.6% in the prior cumulative 3Q to 34.5% in the current cumulative 3Q), suggesting a high probability of achieving the full-year forecast. As external factors, continued price increases and uncertainty over U.S. trade policy may affect client companies' advertising and marketing investment, and this warrants continued monitoring.

The full consolidation of Blogwatcher as a wholly owned subsidiary effective May 1, 2026 (acquisition cost of ¥748 million, funded by a ¥750 million loan from Sumitomo Mitsui Banking Corporation secured by Blogwatcher shares, with a repayment deadline of May 2028) is expected to result in a transition from non-consolidated to consolidated accounting. The amount of goodwill and its amortization period have not yet been determined, and disclosure is awaited regarding the impact on future consolidated results (goodwill amortization burden, integration costs) and their effect on profit margins. It should also be noted that the recording of the ¥750 million loan will increase financial leverage.

The compound annual growth rate of revenue has remained high, at approximately 37% over the past four fiscal periods (from ¥1,446 million in FY2022 (ending June 2022) to ¥3,726 million in FY2025 (ending June 2025)), putting the ¥10 billion revenue target for FY2028 (ending June 2028) (which requires an annual growth rate of approximately 40%) within reach at the current pace. On the other hand, tightening legal regulations regarding the handling of location data (such as amendments to the Act on the Protection of Personal Information) and declining user consent rates for providing location data pose risks that could directly impact the business foundation. The state of data governance structures following the Blogwatcher integration will be a key axis for medium- to long-term evaluation.

Growth Strategy

Aiming for net sales of ¥10.0 billion in FY2028 (ending June 2028) through the Data Scaling Law, key partners, and flywheel products

Blogwatcher, which operates the location data platform "Profile Passport (Blogwatcher)", was made a wholly owned subsidiary at an acquisition cost of ¥748 million (May 1, 2026). By integrating the data assets and technology platforms of both companies, the company aims to accelerate the Data Scaling Law effect and strengthen its expansion into urban development, tourism, and construction consulting fields.

The company began offering the "Store Visit Effect Measurement Menu" with GumGum Japan and the "Event Design Navi" with Tokyo Metro and Metro Ad Agency. By combining ad exposure data with store visit data and leveraging foot traffic data within station premises, the company aims to acquire new customers and increase unit prices among existing customers.

The company is advancing initiatives to enhance services using generative AI and AI agents, and to realize secure data collaboration premised on Data Clean Rooms. It aims to increase added value and create new revenue opportunities.

Under the Tokyo Metropolitan Government's "FY2025 DX-based Tourism Data Utilization Support Project", the company conducted tourism issue analysis for Ota Ward, Fuchu City, and Kozushima Village. It is building a track record of solutions for municipalities using big data on foot traffic, thereby expanding its customer base in the public sector.

Last updated: July 17, 2026