The SaaS Source: February 2026

This month’s roundup covers the latest innovations and developments from Japan’s SaaS industry, including a landmark Nasdaq IPO filing, fresh capital for a construction data platform and a CX personalization startup, and an AI medical assistant helping Japanese doctors work smarter.

PayPay Files for Nasdaq IPO in Landmark Japan Tech Moment

Nikkei Asia reported that PayPay, Japan’s dominant QR-code payments app backed by SoftBank Group, publicly filed its F-1 registration statement with the US Securities and Exchange Commission on February 12, targeting a Nasdaq listing under the ticker PAYP. The Tokyo-based company, which counts 72 million users and controls roughly 70% of Japan’s mobile payments market, reported $1.82 billion in revenue and $675 million in profit in its filing. The IPO could value PayPay at up to $19.6 billion, which would make it one of the largest-ever US listings by a Japanese company. Alongside the filing, PayPay announced a joint venture with Visa to pursue expansion into the US payments market, starting in California.

Gorlem Raises ¥800 Million to Digitize Construction Data

The Bridge reported that Tokyo-based construction tech startup Gorlem raised ¥800 million from ANRI, Shimizu Corporation, Takenaka Corporation, and two other investors on February 12, alongside the full commercial launch of its Gorlem Platform. The platform structures data across estimation, design, and construction workflows, then applies AI for automatic analysis and business standardization. New applications added this month include drawing checks, construction planning, and estimate management. The real-world impact is already clear: Shimizu Corporation reportedly cut one month of CO2 calculation work down to about one week using Gorlem’s tools, while Maeda Corporation reduced related work hours by roughly 90%.

InsightX Closes Series A with Rakuten Capital Backing

The Bridge reported that Tokyo-based CX personalization startup InsightX closed its Series A on February 12, securing an additional ¥200 million from Rakuten Capital and FFG Venture Business Partners to bring the total to ¥800 million. Founded in 2021, InsightX helps B2C companies — particularly in fashion and apparel — deliver individualized shopping experiences through its Shelf-Based Recommendation technology, which tailors how products are presented to each user. The platform has been adopted by brands including Onward, PAL, Urban Research, and Lumine. The Rakuten Capital partnership opens the door to deeper collaboration within the Rakuten ecosystem, which serves over 100 million members in Japan.

Nihin Media Raises Funding for AI Medical Assistant MedGen Japan

The SaaS News reported that Nihin Media, a Tokyo-based healthtech company headquartered in Shibuya, raised a growth round on February 18 from Coreline Ventures and Antler. The company develops MedGen Japan, an AI assistant designed to help Japanese doctors deliver evidence-based medical care more efficiently. The platform consolidates clinical knowledge from PubMed, domestic guidelines, and official documents, using AI models trained on hundreds of doctors’ research methods to surface reliable, context-aware medical evidence in under a minute. Nihin Media collaborates with pharmaceutical and medical device manufacturers to ensure time-constrained physicians get the information they need at the point of care.