TBM

What TBM does

TBM Co., Ltd. (株式会社TBM) is a Tokyo-headquartered Japanese unicorn startup founded in August 2011 that develops, manufactures, and sells LIMEX, an environmentally-conscious material made primarily from limestone (calcium carbonate) that serves as an alternative to petroleum-based plastics and wood-pulp paper. LIMEX Sheet is an intermediate product supplied to manufacturing partners who convert it into finished goods including packaging, printing materials, bags, and construction inputs. The core technology uses globally abundant limestone as the primary feedstock, requires approximately 98% less water than paper production, and can be processed on existing plastic and paper manufacturing equipment. TBM's technology is protected by 250+ patents across 50+ countries and is registered with UNIDO's Sustainable Technology Platform.

The company has expanded its product portfolio beyond LIMEX into adjacent sustainable material offerings. CirculeX is a high-performance recycled plastic material derived from used plastics using TBM's proprietary formulation and mixing technologies, while ScopeX is a greenhouse gas (GHG) visualization tool for corporate emissions tracking. LimeAir Bag is a direct-to-consumer eco-bag product. The company also operates a Carbon Recycling Business (CCU) that captures and converts CO2 into valuable materials, including CO2-fixing building products. TBM's business model combines material sales through a three-tier LIMEX Partner Program (Product Partners, Sales Partners, Referral Partners) with 350+ printing and 150+ molding manufacturer partners, direct sales of finished products, and a growing AI training services offering for manufacturing enterprises (363,000 yen per participant for 10.5 hours of training, with up to 75% government subsidy). Major manufacturing facilities are located in Shiroishi (2015), Tagajo (~2018-2019), and Yokosuka (2022, Japan's largest-scale domestic recycling plant). Cumulative fundraising reached approximately 400 billion yen (~$3 billion USD including loans and subsidies) as of 2024, with SK Group's $122 million investment for a 10% stake in July 2021 marking the largest single infusion. The company has been adopted by over 10,000 companies and participates in the World Economic Forum's Unicorn Community.

Name

TBM

Legal name

株式会社TBM

Website

https://tb-m.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

251–500 employees

Short description

TBM is a Japanese unicorn startup that develops LIMEX, a limestone-based sustainable material alternative to plastic and paper, supplying manufacturing partners and direct customers across 10,000+ companies and 50+ countries while expanding into recycled plastics, carbon recycling, and AI training services.

Ownership category

akta.pro rank

Product category

Sustainable Materials Manufacturing

NAICS

All Other Plastics Product Manufacturing (326199)

SIC

Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820), Unsupported Plastics Film & Sheet (3081)

akta.pro primary industry

Compostable & Bio-based Flexible Films and Sheet (extrusion/cast/blown) (IMANANAC)

akta.pro secondary industries

Compostable & Bio-Based Packaging (PLA/PHA, Starch Blends, Cellulose Films) (IMALAMAB), Napkins, Tableware & Foodservice Disposables (Plates, Cups, Cutlery) (CRADALAD)

Keywords

• Sustainable materials manufacturing
• Limestone-based plastics alternatives
• Recycled plastic materials
• Carbon recycling solutions
• Enterprise AI training services

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. LIMEX Material Sales: Sale of LIMEX Sheet and related materials to manufacturing partners and direct customers. LIMEX Sheet serves as a substitute for paper and plastic in various applications including printing, packaging, and promotional materials.
2. LIMEX Product Sales: Sale of finished products made from LIMEX materials including LimeAir Bag (eco-friendly bags), various packaging products, and other applications. Products are sold directly or through sales partners.
3. AI Training Services: TBM provides AI training services to enterprises, with standard pricing at 363,000 yen per person for 10.5 hours of training. Government subsidies can reduce costs by up to 75%. The company also offers customized training programs for enterprise-specific needs.
4. CirculeX Recycled Material Sales: Sale of CirculeX, a high-performance recycled plastic material made from used plastics. This supports the circular economy model and provides alternatives to virgin plastics.
5. Partner Program Services: Free partner program providing sales tools, product information, and support to partners who resell or recommend LIMEX products. Revenue is generated through product sales facilitated by partners.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels10 records

Core offering

TBM develops, manufactures, and sells LIMEX, a limestone-based (calcium carbonate) eco-friendly material that serves as an alternative to petroleum-derived plastics and paper, along with CirculeX recycled plastics, ScopeX GHG visualization software, LimeAir Bag consumer products, and enterprise AI training services. The company's core business spans material development, manufacturing via domestic plants in Shiroishi, Tagajo, and Yokosuka, and distribution through a 500+ partner ecosystem serving over 10,000 companies globally.

Product overview

TBM是以“CO₂再资源化”的碳解决方案为核心理念的日本独角兽创业公司，围绕三大核心产品开展业务：(1) LIMEX——以石灰石为主原料的环境友好素材，可替代纸张和塑料，在50多国拥有250+专利，已被10,000家以上企业采用；(2) CirculeX——使用自有配方和混炼技术开发的高功能再生塑料，来源于使用过的塑料；(3) ScopeX——企业温室气体排放量可视化工具。此外还通过LimeAir Bag环保袋等自有品牌产品、将LIMEX Sheet作为中间产品通过Partner Program向350家印刷公司和150家以上成型厂商供货，以及面向制造业提供基于自有实践经验的生成AI实务研修服务（配合政府补助金75%折扣）。累计融资约400亿日元（约40 billion JPY），经济产业省、NEDO等政府机构及国内外企业支持。

Differentiator

Problem solved

Functional benefit

Brands

• LIMEX: Limestone-based environmentally-friendly material serving as an alternative to paper and plastic.
• CirculeX
• LimeAir Bag
• ScopeX
• Times Bridge Media

Products and services

• LIMEX LIMEX is a limestone (calcium carbonate)-based eco-friendly material that serves as an alternative to petroleum-derived plastics and paper. It is the company's core material offering, with applications in printing, packaging, signage, and various industrial products. Registered with UNIDO's STePP platform as a Japanese excellent technology.
• CirculeX CirculeX is a high-strength, low-odor recycled plastic material made from used plastics using TBM's proprietary formulation and mixing technology. It supports the circular economy model and provides an alternative to virgin plastics.
• ScopeX ScopeX is a tool for visualizing greenhouse gas (GHG) emissions from corporate activities, providing carbon management solutions for enterprises tracking their environmental footprint.
• LimeAir Bag LimeAir Bag is an eco-friendly bag product made from LIMEX material using limestone and plant resin technology, reducing plastic usage and CO2 emissions compared to conventional polyethylene bags. The product line includes standard, thin, and thick variants in sizes from 20L to 90L, as well as handled bags.
• LIMEX Sheet LIMEX Sheet is the intermediate sheet form of LIMEX material, serving as a substitute for plastic sheets, synthetic paper, and paper. Distributed through the LIMEX Partner Program to over 350 printing companies and 150+ molding manufacturer partners.
• TBM Generative AI Training Service TBM's enterprise AI training service provides customized generative AI training for manufacturing companies. Based on TBM's own internal AI adoption experience across two factory sites, the service covers ChatGPT, Gemini, and Microsoft Copilot usage, including prompt engineering, document drafting, contract review, and process automation. Government subsidies can reduce costs by up to 75%.
• Carbon Recycling Flooring Materials (CO₂-Fixed Carbon Recycle Flooring) Building material products that incorporate TBM's carbon recycling technology to fix CO2 into construction materials. Used as flooring for event stages and building applications.

Quantifiable outcome

• 98% reduction in water usage compared to paper production
• +5 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• SK ChemicalscoreStrategic or Co-development Partner · 1 July 2021SK Chemicals is collaborating with TBM on developing biodegradable materials. The partnership aims to produce alternatives to single-use plastics through joint ventures leveraging SK's chemical manufacturing expertise and TBM's material technology.
• Mongolia Government (National Development Agency)majorStrategic or Co-development Partner · 1 January 2019TBM signed a basic agreement with Mongolia's National Development Agency in 2019 to conduct feasibility studies for manufacturing and selling LIMEX in Mongolia using abundant local limestone resources, with plans to establish a circular economy model including product collection and recycling.
• LIMEX Partner Program Partners (350+ Printing, 150+ Molding)coreChannel Partner/ Reseller/ DistributorTBM operates an ecosystem of over 500 partners including 350+ printing companies and 150+ molding manufacturers. These partners manufacture and sell products using LIMEX Sheet and materials. The free partner program includes Product Partners, Sales Partners, and Referral Partners with dedicated support.
• DNP (Dai Nippon Printing)majorChannel Partner/ Reseller/ DistributorDNP Vietnam has been using TBM's LIMEX since 2021, finding it environmentally friendly with good and uniform quality that helps improve product quality and lower costs. TBM VN supports LIMEX and recycled plastic services in Vietnam.
• CP Group (Charoen Pokphand)majorStrategic or Co-development PartnerCP Research & Development Center in Thailand collaborates with TBM on sustainable materials research. CP recognizes LIMEX as an innovative solution to reduce plastic usage and supports net zero goals through material innovation partnerships.
• SKCmajorStrategic or Co-development PartnerSKC, a Korean ESG material solutions company, partners with TBM to work toward zero plastic residue beyond mere reduction of plastic waste. SKC sees TBM's LIMEX as an innovative solution to drastically reduce conventional plastic usage.
• LIMEX Mongolia LLCmajorChannel Partner/ Reseller/ DistributorLIMEX Mongolia LLC is the local entity established to expand LIMEX and circular economy model in Mongolia. With Mongolia's abundant limestone resources and facing challenges like deforestation and pollution, the partnership aims to create a closed-loop production system.
• Obayashi CorporationminorStrategic or Co-development PartnerObayashi Corporation is collaborating with TBM on joint development of construction materials. Obayashi sees LIMEX as a material with various possibilities for reducing paper and plastic consumption in the construction and civil engineering sectors.
• Seven & i HoldingsminorStrategic or Co-development PartnerSeven & i Holdings adopted LIMEX for business cards, menu books, in-store signage, and promotional materials. Also established an upcycling model where used LIMEX products are collected and recycled into drink bar trays at Denny's locations.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• NatureWorks: US-based global leader in PLA bioplastics (Ingeo), producing bio-based polymers from renewable resources as alternatives to petroleum-based plastics. Directly comparable to TBM in selling bio-based polymer materials to converters and brand owners seeking plastic substitution.
• Novamont: Italian developer of Mater-Bi, a family of bioplastics from renewable raw materials used in packaging, agriculture, and consumer goods. Comparable to TBM as a bio-based material company selling sustainable alternatives to conventional plastics.
• Danimer Scientific: US-based producer of PHA bioplastics (Nodax) for single-use applications and compostable packaging. Comparable to TBM in offering bio-based, biodegradable plastic alternatives to brand owners and converters.
• TotalEnergies Corbion: Joint venture between TotalEnergies and Corbion producing Luminy PLA resins from sugarcane for packaging, consumer goods, and fibers. Comparable to TBM in commercializing bio-based polymer materials at industrial scale.

Emerging players

• Origin Materials: US-based company developing bio-based materials (furfural, CMF) from wood residues for PET substitutes and sustainable packaging. Comparable as an emerging platform alternative materials company serving packaging and consumer goods.
• Carbios: French biotech company developing enzymatic recycling technology for PET and PLA, enabling infinite-loop recycling of plastics. Comparable as an emerging player in the sustainable plastics/materials value chain.
• Paptic: Finnish developer of wood-fiber-based sustainable packaging materials as alternatives to plastic and traditional paper. Comparable as a smaller emerging company selling novel sustainable sheet materials to packaging and retail customers.

Broad incumbents

• Eastman Chemical: Large US-based specialty chemical company with a growing sustainable materials portfolio including molecular recycling (Carbon Renewal Technology) and Tritan Renew. Comparable as a broad incumbent in sustainable materials and plastic alternatives.
• BASF: Global chemical giant with bioplastics (ecovio) and compostable polymer offerings sold to packaging and agricultural customers. Comparable as a broad incumbent with overlapping bio-based packaging materials portfolio.
• Braskem: Brazilian petrochemical major producing bio-based polyethylene (I'm green) from sugarcane ethanol. Comparable as a large incumbent selling bio-based polymer alternatives to packaging and consumer goods manufacturers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/LIMEX_TBM
• YouTubeyoutube.com/channel/UCIvfa-J0VGeLl71Aeg6sWRg
• Facebookfacebook.com/tbm.limex
• LinkedInlinkedin.com/company/tbmlimex/mycompany
• Instagraminstagram.com/tbm_limex_official

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors33 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TBM