TOKYO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- MEDIROM Healthcare Technologies Inc. (NASDAQ:MRM) announces that its subsidiary MEDIROM MOTHER Labs Inc. has formed a capital and business alliance with Elematec Corporation (TOKYO PRIME: 2715), a member of the Toyota Tsusho Corporation group. Under the capital and business alliance agreement, Elematec Corporation has agreed to make a strategic investment in MEDIROM MOTHER Labs' Series A round at a pre-money valuation of 9 billion yen (approximately US$60,000,000, calculated at an exchange rate of JPY150 to US$1).
Elematec is an electronics trading company with over 70 locations in Japan and abroad. The Company provides commercial products in various fields, including the latest electronic products such as smartphones, tablets, home appliances, automobiles, OA equipment, and industrial equipment.
"We anticipate the capital and business alliance will produce strong synergies with Elematec's parts procurement and manufacturing services and allow us to leverage its vast network of business partners to provide an additional distribution channel for MEDIROM's MOTHER Bracelet," said Yoshio Uekusa, CEO, MEDIROM MOTHER Labs.
With demand from Elematec's customers for new and feature-rich personal electronics, the MOTHER Bracelet offers appealing advanced features that enable customers to monitor their health 24 hours a day, 365 days a year without the need for recharging and allowing for uninterrupted continuous monitoring.
About Elematec Corporation
Elematec Corporation is an electronics trading company created in 2009 through the integration of Takachiho Electric Co., Ltd. and Onishi Denki Co., Ltd. Since the establishment of Takachiho Electric in 1947, the company has continued to grow while wielding flexibility and speed to earn the trust of customers in the fast-evolving electronics industry. As a partner in manufacturing, the company aligns itself with customers from the starting line of product development and works together with them to realize one-stop solutions by being involved from the planning and development, all the ...
