LayerX Leverages AI to Optimize Enterprise Back-Office Operations, Raises $100M in Series B Funding

In Japan, businesses are increasingly automating finance, tax, procurement, and HR processes due to changing demographics, labor shortages, the growth of GenAI, and the introduction of e-invoicing in 2023. Yet, only 16% of digital transformation initiatives are successful, with traditional sectors experiencing even lower success rates of 4–11%. Major barriers to success comprise insufficient leadership commitment, a conservative corporate culture, and a lack of digital expertise. LayerX offers an AI SaaS platform designed to improve back-office automation for enterprises.

LayerX, a Japanese AI SaaS startup dedicated to alleviating back-office pressures for companies, successfully secured $100 million in a Series B funding round led by Technology Cross Ventures (TCV), marking this U.S. fund’s first investment in a Japanese startup.

Although the company did not reveal its valuation, it noted that both the valuation and the funding amount rank among the highest for a seven-year-old Japanese startup at the Series B stage. Other investors in this Series B round included MUFG Bank, Mitsubishi UFJ Innovation Partners, JAFCO Group, Keyrock Capital, Coreline Venture, and JP Investment, resulting in a total capital raised of $192.2 million.

LayerX’s key products encompass Bakuraku, a platform that streamlines corporate spending workflows such as expense management, invoice processing, and corporate card operations for over 15,000 businesses; Alterna, a digital securities investment platform in collaboration with Mitsui & Co.; and Ai Workforce, a generative AI solution designed to optimize workflows and leverage enterprise data.

Founded in 2018 by serial entrepreneur Yoshinori Fukushima, who studied machine learning at the University of Tokyo and previously launched the news app Gunosy (later listed on the Tokyo Stock Exchange), LayerX originated from one of his Digital Transformation (DX) and blockchain projects.

The founder established LayerX after identifying a significant bottleneck in Japan’s enterprise processes—paper-based invoice handling. This insight led the team to transition towards a SaaS model utilizing their AI-driven platform, Bakuraku, which, according to Fukushima, rapidly gained popularity owing to its AI-native user interface, fostering strategic partnerships with key players like MUFG and aiding in recent funding achievements.

Despite the ongoing digital transformation trend, numerous Japanese companies still rely on paper and Excel for tasks like expense reimbursements and invoice processing, as noted by the CEO. Competing domestically are platforms such as Money Forward Cloud Keihi, freee, and Rakuraku Seisan, while international competitors include SAP Concur, Rippling, Brex, Ramp, Spendesk, and Airbase. In the AI Workforce sector, they contend with competitors like Harvey, noted Fukushima.

Bakuraku distinguishes itself with an AI-enhanced user experience. The company is dedicated to continually advancing automation features like “auto-entry and document splitting,” while also investing in AI agents and AI-supported business processing outsourcing (BPO). Their team comprises “more than 12 former CTOs and a Kaggle Grandmaster.” The comprehensive Bakuraku platform addresses “expense management, invoice processing, corporate cards, workflows, e-ledger compliance, attendance, and receivables—all within one solution,” added Fukushima.

The startup has successfully concluded its Series B funding less than two years after acquiring its Series A in November 2023. The growth of its flagship product, the Bakuraku Suite, has been impressive, according to the seven-year-old company.

“We surpassed 10,000 customers in February 2024 and reached 15,000 by April 2025, with more enterprise clients joining us,” the CEO shared. “Our team has also grown from around 220 employees in October 2023 to about 430 by the end of July 2025.”

LayerX is on track to achieve $68 million, or ¥10 billion, more swiftly than any SaaS company in Japan’s history. “We’ve reached the T2D3 growth benchmark ahead of time and plan to exceed the previous national record, which took eight years from product launch, in less than five years,” remarked Fukushima.

Clients of Ai Workforce include Mitsui & Co. and MUFG Bank, while Bakuraku services notable clients like Ippudo, IRIS Ohyama, the Imperial Hotel, and Sekisui Chemical.

Looking forward, the company aims for around $680 million (¥100 billion) in annual recurring revenue by the fiscal year 2030, with approximately half expected from its AI agent division. Additionally, there are plans to expand the workforce to about 1,000 employees by 2028.