Earlyworks, which provides blockchain technology to a range of businesses in Japan, filed on Friday with the SEC to raise up to $16 million in an initial public offering.
Through its proprietary Grid Ledger System ("GLS"), Earlyworks leverages blockchain technology in various business settings, including advertisement tracking, online visitor management, and sales of non-fungible tokens. The company generates revenue primarily from software and development services, as well as offering consulting services. Its customers represent a diverse range of industries, such as information technology, shipping, real estate, entertainment, cosmetics, and chemical products.
The Tokyo, Japan-based company was founded in 2018 and booked $3 million in revenue for the 12 months ended April 30, 2022. It plans to list on the Nasdaq under the symbol ELWS. Earlyworks filed confidentially on September 20, 2022. Univest Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
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