About Us

Elephantech is a startup company that aims to drastically innovate the technology for manufacturing electronic circuits, with the vision of achieving faster manufacturing at lower cost by leveraging printing technology.

Electronic circuits are literally part of social infrastructures and are embedded everywhere in the world that we live in today. While the number and types of electronic devices being used by humans have been increasing dramatically, driven by advances in semiconductor and telecommunication technology, the technology for manufacturing electronic circuits has not seen any major innovation over the past 50 years.

Conventional electronic circuits are manufactured through a process called photolithography, which involves applying metal all over the surface of a substrate and melting the metal off any unrequired areas. However, photolithography has the disadvantage of wasting large amounts of the materials used and driving up the production cost, in addition to being harmful to the environment.

Elephantech’s suggested manufacturing method, which is a totally opposite approach to photolithography, involves printing metal only onto the required areas using inkjet printing and enlarging the printed metal by applying plating technology.

This approach has enabled Elephantech to manufacture PWBs at significantly lower cost as the amounts of materials required and the number of processes have been reduced. In addition, as this is an on-demand manufacturing solution that does not require any initial cost, it is cost-effective especially for producing prototypes in small quantities, the cost of which can be reduced by at least 80%.

We currently possess the best technology in the world for manufacturing PWBs using inkjet printers, the business of which is slated to expand rapidly going forward. Elephantech is committed to accelerating global manufacturing activities by leveraging such technology.

Manufacturing processes

We have simplified the processes to manufacture circuits at much lower costs.

Management Team

Shinya Shimizu
Co-founder & CEO, Board Member
Shinya Shimizu
Master of electronics and information engineering, Graduate School of Information Science and Technology, University of Tokyo
2012: Joined McKinsey & Company and provided consultancy service mainly to manufacturers in Japan.
January 2014: Co-founded AgIC Inc. and became CEO.
Masaaki Sugimoto
Co-founder & SVP, Board Member
Masaaki Sugimoto
M.S., Earth and Planetary Science, Graduate School of Science, 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. and became Board Member and Vice President.
Tomihisa Kamada
Non-executive Director
Tomihisa Kamada
Founder and CEO, TomyK Ltd.
Co-Founder and former CEO, ACCESS Co., Ltd.
January 2014: Appointed as Non-executive Director at Elephantech Inc.
Tsuyoshi Ito
Non-executive Director
Tsuyoshi Ito
Managing Partner, Beyond Next Ventures
March 2016: Appointed as Non-executive Director at Elephantech Inc.
Shinji Ohshige
Non-executive Director
Shinji Ohshige
Managing Director, Innovation Network Corporation of Japan
September 2017: Appointed as Non-executive Director at Elephantech Inc.
Kengo Ueha
Non-executive Auditor
Kengo Ueha
Partner, Beyond Next Ventures
March 2016: Appointed as Outside Company Auditor at Elephantech Inc.


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


Contact Us

Inquiry about flex PCB fpc-sales@elephantech.co.jp
General inquiry hello_en@elephantech.co.jp

Contact Agencies

China (Exclusive agency)

Contact 汤可祯 tang-k@fukokutokai.com.cn (Sales)
根橋 nebashi@fukokutokai.com.cn (Technical inquiries)
Company Fukoku Tokai (Shanghai) Co., Ltd. / 艾赋醍(上海)商贸有限公司
Address 中国上海市长宁区仙霞路317号远东国际广场B栋2207室
Phone (021)52896601

Company Overview

Name Elephantech Inc.
Representative Shinya Shimizu, CEO
Establishment January 2014
Capital ¥458,390,000 (including capital reserve)
No. of employees 23 (As of June, 2018)
Address 4-3-8 Hatchobori, Chuo-ku, Tokyo 104-0032, Japan
URL https://www.elephantech.co.jp/en/
Email hello_en@elephantech.co.jp
Business description Development of printed electronics manufacturing technology and provision of related services


Jan. 2014 Founded AgIC Inc.
Mar. 2014 Raised $80K on Kickstarter
June 2014 Won Microsoft Innovation Award 2014
Nov. 2014 Won TechCrunch startup battle 2014
Jan. 2015 Raised JPY100M on an angel round
Feb. 2016 Raised JPY175M on a series A round from Beyond Next Ventures
May 2017 Started “AgIC on-demand AP-2”, the world’s first inkjet-based FPC manufacturing service
Sep. 2017 Changed corporate name from AgIC Inc. to Elephantech Inc.
Sep. 2017 Raised JPY500M on a series B round from Innovation Network Corporation of Japan, Beyond Next Ventures, and Daiwa Corporate Investment
Dec. 2017 Started production of 50μm P-Flex™
Jan. 2018 Moved to Hatchobori and started the operation of our 2nd factory

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 athello_en@elephantech.co.jp.

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.