ELEMENTS

What ELEMENTS does

ELEMENTS, Inc. (株式会社ELEMENTS, TYO: 5246) is a Tokyo-headquartered, publicly listed BaaS (Backend-as-a-Service) provider operating across identity verification, personalization, and digital-identity-wallet infrastructure, originally founded as Liquid in December 2013 and rebranded to ELEMENTS in March 2020 ahead of its December 2022 IPO on the Tokyo Stock Exchange Growth Market. The group's core identity-verification franchise is LIQUID eKYC — an online KYC service supporting document-photo matching, IC-chip reading (My Number Card, driver's license), JPKI public personal authentication, and passive liveness detection — deployed across 700+ enterprises including Sumitomo Mitsui Trust Bank, Resona, JCB, NTT DOCOMO, KDDI, SoftBank, ZOZO, and Coincheck, with cumulative verifications exceeding 150 million. Layered on this verification substrate are complementary products: LIQUID Auth Passkey and Auth Face for possession and biometric authentication; LIQUID Shield, a cross-industry face-image fraud-detection service backed by a 20M+ record database and Patent 7542076; GPASS (digital ID wallet for foreign residents) and PASS (general-purpose digital ID wallet); AiQ PERMISSION, an AI-driven autonomous fueling permission system for self-service gas stations that obtained Japan's first 'Test Confirmation Certificate' under revised fire service regulations and is protected by Patents 7584211 and 7648314; Coordware and SugeKae (generative AI tools for e-commerce personalization and product-image generation); my IDEAL and SYMBOL BodyCapture II for foot-shape and 3D body fitting; plus MyPlace for Home as a smart-home platform and ELEMENTS CLOUD as a GPU cloud service.

ELEMENTS commercializes primarily through direct B2B enterprise field sales via subsidiaries Liquid and Polarify, supplemented by co-development with strategic partners such as Cosmo Oil Marketing, Tatsuno, Nomura Real Estate, BIPROGY, and DocuSign Japan; pricing is subscription- or transaction-based with disclosed points including a ¥9,800 per-application fee for GPASS corporate visa management, ¥520 per-image plus minimum monthly fee for SugeKae, and SLA-based monthly retainers for LIQUID eKYC BPO. The group also operates an Indonesian joint venture (PT. Indoliquid Technology Sukses, with the Salim conglomerate) for Southeast Asian expansion, and a wholly-owned GPU cloud subsidiary (ELEMENTS CLOUD Shikoku, Inc.) supporting AI development infrastructure. Group subsidiaries span Liquid, Polarify, X PLACE, IDEAL, and ELEMENTS CLOUD Shikoku, each with discrete R&D mandates.

The company's competitive position is anchored by in-house AI capabilities spanning computer vision, anomaly/fraud detection, generative AI for image and text, recommendation engines, and autonomous-agent vision systems, validated by ISO/IEC 30107 certification, multiple granted patents, and selection into the JPX Startup 100 Index in February 2026. Leadership comprises President Hiroki Hasegawa (長谷川 敬起), CTO Yoshiyuki Ohiwa (大岩 善之), and three outside directors / audit committee members, with consolidated headcount of 103 employees as of November 2025. Revenue figures disclosed in the input financial table are internally inconsistent with company scale and have been excluded; based on customer count, transaction volume, and Japanese B2B SaaS per-employee benchmarks, annual revenue is estimated in the $25M-$50M range.

Name

ELEMENTS

Legal name

株式会社ELEMENTS

Website

https://elementsinc.jp

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

ELEMENTS is a publicly listed Tokyo-based BaaS provider of AI-powered identity verification (LIQUID eKYC, LIQUID Auth, LIQUID Shield) and personalization (Coordware, SugeKae, my IDEAL) serving 700+ Japanese enterprises across banking, telecom, crypto, fashion, gas-station, and government segments with 150M+ cumulative verifications.

Ownership category

akta.pro rank

Product category

Identity Verification & Biometric Authentication

NAICS

Custom Computer Programming Services (541511)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Data, Evidence & Document Verification (IDV) for KYC (FSAMAMAN)

akta.pro secondary industries

Fraud Prevention & Identity Verification (IDV/KYC) (BPAMAEAI), Identity Verification (IDV) & Document Verification (FSAMALAE), Compliance Identity & KYC/KYB for Wallets (on-chain identity, reusable KYC, travel rule tooling) (FSAPACAL)

Keywords

• Identity verification services
• Biometric authentication
• EKYC solutions
• AI personalization platform
• Fraud detection software

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Identity Verification Solutions (LIQUID eKYC, LIQUID Auth): Subscription and per-transaction fees for online identity verification (eKYC) and biometric authentication services sold to enterprises (banks, telcos, fintech, e-commerce). This is the primary revenue driver with over 700 corporate clients and 150 million cumulative verifications.
2. Personalization Solutions (Coordware, my IDEAL, SugeKae): AI-driven personalization solutions for fashion EC and retail, including generative AI marketing tools and size matching services. Revenue from software licensing and per-usage fees.
3. Smart Home Platform (MyPlace): Smart home and smart city platform providing location-based automation, remote appliance control, and lifestyle recommendation services to residential developers and housing management companies.
4. AI Fueling Permission System (AiQ PERMISSION): AI monitoring system for self-service gas stations providing automated fueling permission and risk detection. Sold to oil companies and gas station operators as a monitoring and compliance solution.
5. GPU Cloud Services (ELEMENTS CLOUD): High-performance GPU cloud services for AI development and training, providing cloud-based GPU resources for AI model training and inference.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

ELEMENTS Group provides identity verification and personalization solutions as a BaaS (Backend as a Service) platform to enterprise customers. Its core offerings include LIQUID eKYC (online identity verification with facial recognition and IC chip reading), LIQUID Auth (passkey/FIDO2 and face authentication), LIQUID Shield (cross-industry face image fraud detection), digital ID wallets (PASS, GPASS), AI-driven personalization tools (Coordware, SugeKae, my IDEAL, SYMBOL BodyCapture), and AiQ PERMISSION (AI automated fueling permission monitoring for self-service gas stations).

Product overview

ELEMENTS Group operates as a BaaS (Backend as a Service) provider offering data-based identity verification and personalization solutions. The group develops three interconnected solution categories: (1) Identity Verification — centered on LIQUID eKYC (online identity verification, 640+ clients, 150M+ cumulative verifications), LIQUID Auth (passkey FIDO2 authentication and Auth Face), and LIQUID Shield (cross-industry face fraud detection); (2) Personalization — spanning Coordware (generative AI marketing), SugeKae (fashion image generation), my IDEAL (size matching), and SYMBOL BodyCapture (3D body scanning); and (3) Digital Identity Wallets — covering PASS (general), GPASS (foreign residents), and MyPlace for Home (smart home platform). The group also operates ELEMENTS CLOUD (GPU cloud for AI development) and an office DX service. Subsidiaries include Liquid, Inc. (biometric verification), Polarify, Inc. (eKYC and biometric authentication), X PLACE, Inc. (behavioral analysis), ELEMENTS CLOUD Shikoku, Inc. (GPU cloud), and IDEAL, Inc. (foot shape recognition).

Differentiator

Problem solved

Functional benefit

Brands

• Liquid: Identity verification services including LIQUID eKYC and LIQUID Auth
• Polarify
• PASS
• GPASS
• AiQ PERMISSION
• SugeKae
• Coordware
• ELEMENTS CLOUD
• FANTRY
• SYMBOL
• MYCITY
• MyPlace for Home
• IDEAL
• X PLACE

Products and services

• LIQUID eKYC Online identity verification service enabling remote identity confirmation for bank account opening, mobile contracts, and other regulated services. Supports document photo + selfie matching, IC chip reading, and JPKI (public personal authentication) methods. Deployed across 640+ companies with 150M+ cumulative verifications.
• LIQUID Auth (Passkey and Face) Identity authentication service offering passkey (FIDO2) authentication for possession-based verification and Auth Face for face authentication using verified face data from LIQUID eKYC. Enables passwordless, phishing-resistant login for net banking, e-commerce, ATM access, and online exams.
• GPASS Digital ID wallet for foreign residents in Japan. Manages residence card information, employment qualifications, skills, credentials, and creditworthiness. Enables foreign workers to share verified identity information with employers and service providers while preventing illegal employment.
• PASS General-purpose digital ID wallet for Japanese residents. Aggregates personal information (name, address, DOB, qualifications, assets, health data) in one smartphone app. Supports face authentication (face pass), QR code reading reception, and My Number Card JPKI reception for government and private-sector facility access.
• AiQ PERMISSION AI automated fuel dispensing authorization monitoring system for self-service gas stations. Uses camera vision AI to monitor refueling in real time, automatically permitting dispensing when safe behavior is confirmed, and stopping/alerting upon risk behavior detection.
• LIQUID Shield Cross-industry face image fraud detection service. Uses a 20+ million record cross-industry database spanning finance, telecommunications, secondhand goods, sharing economy, and cryptoasset sectors to detect forged document fraud and spoof registrations.
• Coordware Generative AI engine for e-commerce personalized marketing. Analyzes individual user interests and hobbies to auto-generate personalized article content, product recommendation data, and product descriptions.
• SugeKae Image generation AI tool for fashion e-commerce retailers. Generates background replacement, white-cutout backgrounds, item/coordination changes, and color variations from a single product image. Reduces fashion EC editing workload by 90%+.
• MyPlace for Home Smart home and smart city platform operating at the dwelling, district, and city level. Enables GPS-triggered auto-operation of home appliances, remote control via smartphone app, facility congestion visualization, and lifestyle recommendations.
• my IDEAL Size matching service that helps users find correctly fitting shoe sizes using foot shape recognition technology. Analyzes user foot shape data to recommend optimal sizes across brands and styles.
• ELEMENTS CLOUD GPU cloud service for high-performance AI development. Provides cloud-based GPU computing resources for AI model training and inference.
• SYMBOL BodyCapture II 3D body scanner for automated paper pattern creation and virtual try-on in the fashion industry. Powers custom clothing manufacturing and virtual fitting experiences.
• An ideal Semi-order custom pumps service finding optimal fit from 7,000 pattern combinations, powered by foot shape recognition technology.
• Office Diagnostic Report (オフィス診断レポート) Office relocation and renovation DX service operated by X PLACE, Inc. Part of the ELEMENTS Group BaaS (Backend as a Service) offering.

Quantifiable outcome

• Foreign worker management - 100 hours/month of administrative work eliminated through GPASS automation
• +7 more outcomes

Named customers30 records

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability11 records

Feature7 records

Partnerships

13 partnerships are on record, tiered flagship and core.

• Cosmo Oil Marketing (コスモ石油マーケティング)flagshipStrategic or Co-development Partner · 22 May 2026Co-development of AiQ PERMISSION AI automated fueling permission monitoring system. Cosmo Oil is the launch customer for nationwide deployment. Joint development with Tatsuno Corporation for hardware integration. First in Japan to obtain test confirmation certificate for AI fueling monitoring under revised fire safety regulations.
• BIPROGY (ビプロジー)coreTechnology or Integration · 17 November 2025BIPROGY developed #tsumuGO_mobile banking app for regional financial institutions in collaboration with Hyakugo Bank. LIQUID eKYC JPKI integrated into the app, enabling identity verification for account opening at regional banks including Kawasaki Shinkin Bank.
• GMO Aozora Net Bank (GMOあおぞらネット銀行)coreTechnology or Integration · 30 October 2025First implementation of face authentication-based device binding with passkey authentication. JPKI+ (facial) captures face during public authentication, then face authentication restricts service use to specific registered device, combined with passkey (FIDO2) for login authentication.
• TSI (株式会社TSI)coreTechnology or Integration · 21 April 2025Coordware generative AI marketing engine deployed at TSI's EC mall 'mix.tokyo' as 'Style Compass' - AI-powered outfit recommendation service that suggests personalized coordinated outfits and links to similar products.
• RAKUVISA (RAKUVISA株式会社)coreStrategic or Co-development Partner · 22 November 2024Service integration between GPASS digital ID wallet and RakuVisa online visa application system. Enables foreign workers to complete residence card renewal with 95% less time than paper applications. Also developing a unified corporate service combining GPASS + RakuVisa at ¥9,800 per application.
• Docusign Japan (ドキュサイン)coreTechnology or Integration · 10 October 2024Docusign ID Verification will integrate LIQUID eKYC for signer identity verification in electronic contract signing. Enables biometric verification of signatories with just a smartphone camera - Japan's first such integration.
• Tatsuno Corporation (株式会社タツノ)flagshipStrategic or Co-development Partner · 1 October 2024Joint development of AiQ PERMISSION with ELEMENTS. Tatsuno provides the fueling control equipment integration and hardware installation engineering. Tatsuno is a comprehensive energy infrastructure equipment manufacturer with 78 sales sites nationwide.
• PlayNext Lab (プレイネクストラボ)coreStrategic or Co-development Partner · 10 September 2024First collaboration - disaster management service for local governments combining PASS face authentication with PlayNext Lab's LINE-based smart public services. Enables push notifications for shelter guidance and face authentication for shelter check-in/check-out.
• JAPANDX (株式会社 JAPANDX)coreStrategic or Co-development Partner · 9 September 2024Collaboration to develop a super app for local governments using PASS digital ID wallet and JAPANDX's DX-Pand resident portal app. Aims to enable 'no-visit city hall' and 'no-form counters' for all generations including elderly and children without smartphones.
• Jun (株式会社ジュン)coreTechnology or Integration · 20 February 2024SugeKae generative AI image tool adopted by Jun fashion company for EC product image creation. First major fashion company to use SugeKae in production, covering photo editing, background replacement, and color variations.
• Tokyo Stock Exchange (東京証券取引所)flagshipOthersELEMENTS is listed on TSE Growth Market (stock code: 5246), going public on December 27, 2022. Listed in JPX Startup 100 Index as of February 2026.
• Nomura Real Estate (野村不動産)coreStrategic or Co-development PartnerFull deployment of MyPlace for Home smart home platform at Proud City Kichijoji (プラウドシティ日吉) with 1,300 households. App-based appliance control and facility utilization management.
• JPYC (JPYC株式会社)coreTechnology or IntegrationLIQUID eKYC IC Chip Package (ICおまかせパック) with JPKI for Japan's first Japanese yen stablecoin JPYC's issuance/redemption service JPYC EX. IC chip verification meets 2027 crime proceeds prevention law compliance.

Scale indicators7 records

Recent moves6 records

Expansion highlights8 records

Direct peers

• Veriff: AI-powered identity verification platform covering document verification, biometric authentication, and fraud prevention for fintech, crypto, and mobility verticals—directly overlapping ELEMENTS' customer segments and use cases.
• Trulioo: Global identity verification network providing KYC, AML, and business verification services across 195+ countries. Comparable to LIQUID eKYC at the infrastructure layer serving financial institutions, payment platforms, and crypto exchanges.
• Daon: Identity verification and biometric authentication provider offering eKYC, fraud detection, and digital onboarding. Competes with LIQUID eKYC and LIQUID Shield in financial services and government identity use cases.
• Jumio: Global identity verification and KYC platform serving financial institutions, fintechs, and crypto exchanges. Jumio is a direct competitor to LIQUID eKYC in international markets with similar document verification, biometric authentication, and fraud detection offerings.
• Onfido: Identity verification provider (now part of Entrust) offering eKYC, biometric authentication, and fraud detection. Competes head-to-head with ELEMENTS in document verification and facial biometric matching for financial and telecom account opening.

Broad incumbents

• Okta: Identity and access management platform including Auth0 for customer identity. LIQUID Auth Passkey and Auth Face products directly compete with Okta's authentication offerings, particularly passkey/FIDO2 and biometric login for enterprise apps.
• Hitachi: Japanese conglomerate with biometrics and digital identity offerings including Public Biometric Infrastructure (PBI) and finger vein recognition. Competes with ELEMENTS in Japanese government and financial sector identity verification deployments.
• NEC Corporation: Japanese technology conglomerate with NeoFace facial recognition suite widely deployed across financial services, government, and public safety. Competes with LIQUID Shield/Auth and offers much broader enterprise IT portfolio from the same Japanese customer base.
• IDEMIA: Global leader in biometric and identity solutions including facial recognition, document verification, and secure credentials. Competes with LIQUID Shield and LIQUID Auth in financial services and government digital identity deployments globally.

Emerging players

• Persona: Identity verification platform combining document verification, biometric authentication, and AI-driven fraud detection. Targets similar fintech/customer segments with configurable KYC workflows comparable to LIQUID eKYC's modular verification options.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/elements-inc-jp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries6 records

Funding overview

Funding rounds4 records

Investors10 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 ELEMENTS