About Elephantech

Elephantech Inc. is a start-up that manufactures and sells Flex PCB that are manufactured in an environmentally friendly manner by utilizing inkjet printing and copper plating under the mission of ”Making the world sustainable with new manufacturing technologies“.

Moving forward, we will work not only on Flex PCB manufacturing but also on printing a wide variety of functions such as 3D wiring formation or sensor production through a method in which digital data is used to layer various materials only on necessary parts.

We will realize a sustainable future by spreading our environmentally friendly technology that has been optimized by digital technologies.

Company Overview

Name Elephantech Inc.
Establishment January 2014
Headquarters 4-3-8 Hatchobori, Chuo-ku, Tokyo 104-0032, Japan
Representative Shinya Shimizu, CEO
Capital JPY 100 million
Number of employees 74
Business description Development of printed electronics manufacturing technology and provision of related services

As of May 1, 2022


2014 Jan.

Founded AgIC Inc.


Started a Kickstarter project(AgIC Circuit Marker)

Raised $80K on Kickstarter


Won Microsoft Innovation Award 2014


Started sales of AgIC Circuit Maker


Won TechCrunch startup battle 2014

2015 Jan.

Raised JPY100M on an angel round


Announcement of AglC large-sized prints at SXSW

2016 Feb.

Raised JPY175M on a series A round from Beyond Next Ventures


Started sales of a circuit prototyping ink kit for inkjet printers


Launched "AgIC on-demand", an on-demand manufacturing service for inkjet printed circuits

Started sales of "No Solder", a conductive adhesive developed with Cemedine

2017 May

Started "AgIC on-demand AP-2", the world’s first inkjet-based flexible PCB manufacturing service


Changed the product name of our flexible PCB to P-Flex®

Launched components mounting service


Changed corporate name from AgIC Inc. to Elephantech Inc.

Raised JPY500M on a series B round from Innovation Network Corporation of Japan, Beyond Next Ventures, and Daiwa Corporate Investment


Started production of 50μm P-Flex®

2018 Jan.

Moved to Hatchobori and started the operation of our 2nd factory


We started production and sales of P-Flex® PI


We started production of bioelectrodes and electrochemical sensors

2019 Feb.

we have achieved the international standards certifications ISO9001 and ISO14001


Epson and Startup Elephantech Forge Capital and Business Ties


Mitsui Chemicals and Elephantech Form Strategic Partnership


Raised 1.8 billion JPY, establishing large mass-production and research complex

2020 Apr.

AMC (Additive Manufacturing Center) established


Launch of Ink Discharge Evaluation Service


Nisshinbo Mechatronics and Elephantech Agree to Develop Molded Parts for ADAS Vehicles Using IMPC® Technology

2021 Jan.

Elephantech Starts Operations at its Large Mass-Production and Research Complex


Started production of P-Flex® PI utilizing laser ablation and inkjet technologies


Accepting Orders for Thick Copper Trace P-Flex® PI Utilizing High-speed Electroless Plating


Development and Evaluation of Inkjet Processes for Nickel Electrodes and Wiring

U.S. Safety Standard Certification Granted by UL

2022 Jan

AMC Nagoya's Large-Scale Production and Research Facilities Obtain ISO 9001 and ISO 14001 Certification


(As of July, 2021)

Board of Directors

Board Directors

Shinya Shimizu
Co-founder & CEO
Shinya Shimizu
Master of electronics and information engineering, Graduate School of Information Science and Technology, The
University of Tokyo
April 2012: Joined McKinsey & Company and provided consultancy service mainly to manufacturers in Japan.
January 2014: Co-founded AgIC Inc. (currently Elephantech Inc.) and became CEO.
Masaaki Sugimoto
Co-founder, SVP & Board Director
Masaaki Sugimoto
M.S., Earth and Planetary Science, Graduate School of Science, The University of Tokyo
Coursework completed without obtaining a degree, doctorate program, Graduate School of System Design and
Management, Keio University
January 2014: Co-founded AgIC Inc. (currently Elephantech Inc.) and became SVP (Senior Vice President) and Board
Junji Takeo
CTO & Board Director
Junji Takeo
Graduated from Department of Physical Electronics, Graduate School of Science and Engineering Tokyo Institute of
April 2014: Joined Nikon Corporation, worked on the development of processes using semiconductor production
February 2016: Joined Elephantech Inc.
March 2019: Appointed Executive Officer & CTO of Elephantech Inc.
March 2021: Appointed Board Director of Elephantech Inc.
April 2021: Appointed CTO (Chief Technology Officer) and Board Director of Elephantech Inc.
Gosuke Hashimoto
CFO & Board Director
Gosuke Hashimoto
December 2018: Joined Aarata Audit Corporation (currently PricewaterhouseCoopers Aarata LLC), provided auditing and
consulting services to listed companies and companies preparing for an IPO
July 2016: Seconded to Mizuho Securities Co., Ltd. IPO Department. Engaged in IPO support services.
July 2019: Reinstated in PricewaterhouseCoopers Aarata LLC
March 2020: Joined Elephantech Inc.
May 2021: Appointed CFO (Chief Financial Officer) and Board Director of Elephantech Inc.
Tomihisa Kamada
Outside Director
Tomihisa Kamada
Founder and CEO, TomyK Ltd.
Co-Founder and former CEO, ACCESS Co., Ltd.
January 2014: Appointed as Outside Director at Elephantech Inc.
Kengo Ueha
Outside Director
Kengo Ueha
Beyond Next Ventures Inc. Board Director, Partner
April 2003: Joined JAFCO Co., Ltd. (currently JAFCO Group Co., Ltd.)
March 2015: Appointed Beyond Next Ventures Inc. Board Director and Partner (current position)
March 2016: Appointed as Outside Auditor & Supervisory Board Member at Elephantech Inc.
December 2019: Appointed as Outside Director at Elephantech Inc. (current position)
Kengo Ueha
Outside Director
Takeshi Akitani
The Innovation Network Corporation of Japan (INCJ)
April 1999: Joined The Sanwa Bank, Limited (current MUFG Bank, Ltd.)
April 2007: Seconded to Mitsubishi UFJ Securities Co., Ltd. (current Mitsubishi UFJ Securities Holdings Co., Ltd.)
March 2014: Returned to The Bank of Tokyo-Mitsubishi UFJ, Ltd. (current MUFG Bank, Ltd.)
July 2019: Joined MUFG Innovation Partners Co., Ltd.
October 2021: Joined INCJ, Ltd. (current position)
March 2022: Appointed as Outside Director at Elephantech Inc. (current position)

Audit & Supervisory Board Members

Kazuhiko Noda
Full-time Auditor & Supervisory Board Member
Kazuhiko Noda
April 1980: Joined Toyota Motor Sales Co., Ltd. (current Toyota Motor Corporation)
January 1998: Seconded to Toyota Motor Europe Marketing & Engineering S.A./N.V. (current Toyota Motor Europe S.A./N.V.)
January 2002: Seconded to Toyota Tsusho Corporation
January 2003: Returned to Toyota Motor Corporation
January 2011: Seconded to Toyota Fleet Leasing Co., Ltd. (current Toyota Mobility Service Co., Ltd.)
June 2013: Appointed Director, Member of the Board of Toyota Fleet Leasing Co., Ltd. (current Toyota Mobility Service Co., Ltd.)
June 2017: Appointed Full-time Auditor & Supervisory Board Member of Toyota Fleet Leasing Co., Ltd. (current Toyota Mobility Service Co., Ltd.)
November 2021: Appointed Full-time Auditor & Supervisory Board Member(Outside Auditor & Supervisory Board Member) at Elephantech Inc.

Hatchobori Head office

4-3-8 Hatchobori, Chuo-ku, Tokyo 104-0032, Japan

Open in Google Maps

  • 4 min. from Takaracho Station on the Toei Asakusa Line
  • 6 min. from Hatchobori Station on the Tokyo Metro Hibiya Line or the JR Keiyo Line
  • 7 min. from Kyobashi Station on the Tokyo Metro Ginza Line
  • 8 min. from Shintomicho Station on the Tokyo Metro Yurakucho Line

List of bases

Head office 4-3-8 Hatchobori, Chuo-ku, Tokyo 104-0032, Japan (Google Map)
AMC Nagoya c/o Mitsui Chemicals Inc. Nagoya Works, 2-1 Tango-dori, Minami-ku, Nagoya-shi, Aichi 457-0801, Japan (Google Map)

Press Release


Historical Products

We used to offer various products and services with another ink until July 2017. Here is a collection of these discontinued products and services.

These products below are unavailable.

Technical support of these products will also end at the end of 2017. Meanwhile, please contact us atContact.

Printer & Marker

Elephantech started with a printer which prints silver ink on paper. Then the same technology was applied to a marker that you can draw circuits on paper with.


Printing and drawing circuits are great, but you need various components at the end. Our next challenge was to build the environment, so we designed some kits.

Manufacturing Service

It was a big decision to focus on the industrial services. Improving the quality to spread our circuit printing technology requires customized facilities, which led us to build our own factory and offer a PCB manufacturing service.