The round was led by D4V (Design for Ventures), with participation from Mitsubishi UFJ Capital Co., Ltd., Miyako Capital Co., Ltd., Wistron Corporation, and a Singapore-based angel investor.

The funds raised will be used to strengthen the manufacturing infrastructure required for the mass production of tiisa® (Thermal Insulation Inflatable-Solid Air), a next-generation super-insulation material with world-class thermal insulation performance; accelerate application development and business development activities; expand domestic and international sales initiatives; and strengthen recruitment of management, business development, and sales talent to support future growth.

Alongside the funding announcement, Thermalytica has launched a refreshed corporate brand identity, a new product brand identity, and a redesigned website, developed in partnership with D4V and designer Ashley Szukalski, a Tokyo-based British design director who has previously collaborated with D4V. Looking ahead to global market expansion, these initiatives will enable Thermalytica to communicate the value of its technology more clearly and further strengthen relationships with customers, partners, investors, and future team members.

Thermalytica's aerogel material in R&D

Thermalytica was established in 2021 as a deep-tech startup spun out of the National Institute for Materials Science (NIMS), Japan.

The company’s flagship material, tiisa®, is a silica aerogel-based super-insulation material composed of 99.4% air. Through its proprietary nanoscale structural design, tiisa® achieves both outstanding thermal insulation performance and flexibility, offering a new generation of thermal management solutions.

With performance capabilities beyond conventional insulation materials, tiisa® has the potential to address a wide range of industrial applications, including energy efficiency improvements for buildings and industrial facilities; next-generation energy infrastructure such as liquid hydrogen storage and transportation; battery thermal runaway prevention; thermal management for AI data centers; heat control in semiconductor and electronic devices; automotive and mobility applications; and aerospace applications.

To date, Thermalytica has advanced the research and development of tiisa® and conducted technology validation toward industrial implementation, expanding its market potential through demonstration projects with domestic and international companies.

These initiatives include thermal insulation demonstrations at CPF poultry facilities in Thailand, industrial heat management demonstrations at Philips’ manufacturing facility in Indonesia, participation in the United Nations Industrial Development Organization (UNIDO)’s Green Industrial Recovery Programme, and exploration of next-generation thermal management solutions for AI data centers.

Through this funding round, Thermalytica will accelerate its transition from the R&D phase into the business growth phase by establishing a stable mass-production system for tiisa® and expanding into global markets.

Through this funding round, Thermalytica will accelerate the establishment of tiisa®’s mass-production capabilities and drive business growth in global markets.

First, to meet increasing demand from both domestic and international markets, the company will advance manufacturing technologies, expand production capacity, and establish a reliable mass-production system capable of stable supply. At the same time, Thermalytica will further promote application development and technology development to address the needs of various industries and expand tiisa® into broader markets.

Through these efforts, Thermalytica aims to accelerate the social implementation of tiisa® across a wide range of fields requiring improved energy efficiency and advanced thermal control, including insulation for buildings and industrial facilities, liquid hydrogen infrastructure, battery safety, AI data centers, semiconductor and electronic devices, automotive and mobility applications, and aerospace. By doing so, the company will contribute to energy conservation, decarbonization, and enhanced resilience of social and industrial infrastructure.

Furthermore, while maintaining Japan as its foundation, Thermalytica will accelerate expansion into overseas markets, including Southeast Asia. By strengthening partnerships with companies in each region and providing thermal management solutions tailored to local industrial challenges, the company aims to contribute to global improvements in energy efficiency and the realization of a sustainable society.

In addition, Thermalytica will strengthen recruitment of management, business development, and sales professionals to build an organizational structure capable of driving business growth in global markets.

The refreshed corporate and product brands will also serve as an important foundation for communicating the value of Thermalytica and tiisa® more clearly in global markets and for building stronger relationships with customers, partners, investors, and talent. The project was guided by three communications goals: to appear experienced and credible, to articulate complex technology more simply, and to present an organization as ambitious as the future it is working to create. The new tiisa® logo visualizes three characteristics of the brand: suspended particles representing the movement of heat, a cube-shaped ‘container’ symbolizing the various tangible forms tiisa® can take, and color accents that reflect its origin in Japan.

Thermalytica and tiisa® logos: before and after

I would like to express my sincere gratitude to D4V, Mitsubishi UFJ Capital, Miyako Capital, Wistron, and the Singapore-based angel investor for their investment and support in this Series A funding round.

As a deep-tech startup originating from NIMS, Thermalytica has been dedicated to the research and development of tiisa®, a unique super-insulation material with global potential, as well as technology validation toward industrial applications.

To transform our accumulated material technologies into real-world solutions, we believe that it is essential not only to develop outstanding technologies, but also to establish the business foundation required to deliver their value to customers as reliable, scalable products.

This funding represents a major milestone in strengthening our manufacturing capabilities for tiisa®’s mass production, advancing application and business development, and accelerating domestic and international sales expansion. Going forward, we will focus on expanding supply capacity, growing our customer base, and entering global markets to achieve sustainable business growth and revenue expansion.

At the same time, for a deep-tech company to succeed in global markets, we believe it is important not only to create advanced technologies, but also to communicate their value and potential clearly to customers, partners, investors, and future team members.

The refreshed corporate and product brands represent an important evolution that will enable Thermalytica to communicate its technological value more effectively and support its global business expansion.

In addition to financial support, our investors have provided valuable support through their networks and expertise, helping us strengthen manufacturing capabilities, business development, overseas expansion, and talent acquisition.

Thermalytica will continue to grow into a global advanced materials company that contributes to improved energy efficiency across industries worldwide and the realization of a sustainable society through next-generation thermal management materials.

— Thermalytica Inc. Chief Technology Officer Rudder Wu

D4V

D4V (Design for Ventures) Davide Agnelli (Founder)、Asumi Ota (Partner)

At D4V, we look for technologies that can redefine industries when combined with exceptional execution. Thermalytica represents that rare combination: breakthrough materials science, a clear path to commercialization, and a team capable of building a global business. We believe tiisa® can become foundational infrastructure for a future where efficient thermal management is increasingly critical across energy, computing, and advanced manufacturing. We are proud to partner with Thermalytica at this pivotal stage of growth.

Miyako Capital Co., Ltd.

Miyako Capital Co., Ltd. Rui HE (Partner)

We are truly delighted to have had the opportunity to invest in Thermalytica at this pivotal moment, as the company accelerates its global expansion.

Leveraging world-class fundamental research originating in Japan, Thermalytica has achieved PMF in energy-efficiency solutions for buildings and industrial facilities—ahead of longer-horizon, cutting-edge applications such as liquid hydrogen, which will require more time to mature into a full-fledged market. Through collaborations with several major corporations, the company has also built a solid foundation for further business growth.

We hold this track record in high regard as one of the rare success stories among materials-based startups, and we look forward with great anticipation to Thermalytica's continued growth, which we will support with our full commitment.

Thermalytica was established in April 2021 as a deep-tech company spun out from the National Institute for Materials Science (NIMS), Japan.

Based on its proprietary materials technologies, the company develops, manufactures, and commercializes high-performance thermal management materials with the goal of improving energy efficiency and contributing to the realization of a decarbonized society.

Its flagship product, tiisa® is a patented silica aerogel-based super-insulation material being developed for a wide range of applications, including insulation for buildings and residential facilities, energy efficiency improvements for industrial equipment, liquid hydrogen-related infrastructure, battery thermal runaway prevention, AI data centers, semiconductor and electronic devices, automotive and mobility applications, and aerospace.

Thermalytica received the SLINGSHOT Grand Winner award in 2023 and was selected as the Grand Winner of the KPMG Global Tech Innovator Competition in 2024. In 2025, the company received the Southeast Asia Capital Access Program Grand Prize and the OIST Lifetime Startup Elevate Best Pitch Award, gaining recognition both in Japan and internationally.

The company has also received support from major Japanese public institutions, including NEDO and JST, and was selected for the Ministry of Economy, Trade and Industry (METI)’s “J-Startup” program.

Company Name: Thermalytica Inc. Business: Research, development, manufacturing, and commercialization of high-performance thermal management materials Established: April 2021 Managing Director: Tomohiro Otsuki Founder & Executive Shareholder: Rudder Wu Address: 3-13 Sakura, Tsukuba, Ibaraki, Japan Website: https://www.thermalytica.com/