Hottest Tech IPOs to watch.


Tokyo, Japan 🇯🇵

Industry: Blockchain

Region: Asia 🌏

Founded: 2018

Expected Valuation: $75.2 million

IPO Date: 2023 (expected)

Earlyworks co., ltd.

Key Company Facts

HeadquartersTokyo, Japan
FoundersHiroki Yamamoto, Sei Kobayashi
Number of employees3
IPO Date2023
Number of investors9
Total funding$8.7 million USD
Valuation estimate$75.2 million USD

Company Overview & History

Earlyworks is a next-generation blockchain technology company headquartered in the Asia-Pacific region, specifically Japan. Founded on May 1, 2018, by Hiroki Yamamoto and Sei Kobayashi, the company focuses on the development of high-speed, highly scalable, and secure blockchain technologies​.

Earlyworks was created to develop the Grid Ledger System, a blockchain-type software technology used in various sectors, including metaverse applications. Their primary offerings include advertisement tracking, online visitor management, and NFT sales.

Financial Performance

As of 2022, Earlyworks had raised a total of $8.7 million in funding over seven rounds. Their latest funding was raised on May 3, 2022, from a Venture - Series Unknown round, amounting to $3.3 million​​.

In January 2023, Earlyworks initiated the process for a US IPO, setting terms for a $6 million IPO. The plan was to sell 1.2 million American Depositary Shares (ADS) at a proposed midpoint price of $5.00 per ADS, leading to an estimated enterprise value at IPO of approximately $64.2 million.


YearRevenue (JPY)
2021216.21 million
2022463.72 million

Business Model

Earlyworks seeks customers that need its software development, consulting, and solution service offerings. It’s noteworthy that the company’s top three customers accounted for 81.5% of its revenue for the fiscal year that ended on April 30, 2022, indicating a high customer concentration risk​​.

The company planned to invest the net proceeds from its IPO in the research and development of its Grid Ledger System (GLS) and GLS-SDK, recruitment of global talents, and strengthening of internal governance systems.

Estimated Valuation

YearValuation (USD)
2023$75.2 million

Risk Factors

One significant risk factor for Earlyworks is its high customer concentration. As previously mentioned, the top three customers accounted for over 81% of its revenue for the fiscal year ending in April 2022.

This dependence on a small number of customers could expose the company to substantial financial risk if any of these clients were to reduce or cease their business with Earlyworks.

Market Opportunity

According to a 2022 market research report by Grand View Research, the global market for blockchain technologies was estimated at $5.9 billion in 2021, with a forecast to reach $1.6 trillion by 2030.

This rapid market growth presents a significant opportunity for companies like Earlyworks that are involved in blockchain technology development.


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