What EWeLL does

EWeLL (株式会社eWeLL, ticker 5038) is a Japanese vertical SaaS company founded in Osaka in 2012 and listed on the Tokyo Stock Exchange Growth Market in September 2022. The company exclusively serves Japan's home-visit nursing station market — a fragmented universe of more than 20,000 SMB stations (60% for-profit, 30% medical corporations, 10% NPO/government) — with its flagship cloud product, iBow, the first EMR purpose-built for visiting nursing in Japan. iBow covers nursing records, scheduling, billing preparation, and is tightly integrated with downstream modules: iBow Receipt for automated insurance claims, iBow KINTAI for attendance management, iBow BPO (BPaaS) for outsourced administrative work, and iBow e-Campus for statutory training. As of 2025, the platform supports 54,000 nurses, manages 1.4 million+ visits per month, has accumulated 100 million+ visit records, and serves 3,501 contracted stations (18.7% national share).

The technology layer is anchored by a vertical data flywheel: each visit captured in iBow feeds the company's AI roadmap, which includes generative AI care-plan generation (launched April 2024, Japan's first), AI monthly report drafting (October 2024), and AI visit schedule and route optimization (GA July 2026). The Care Log (けあログっと) platform extends the product into a regional coordination network connecting hospitals, care managers, and nursing stations for discharge matching. EWeLL maintains ISO 27001 certification (JQA-IM1489 since February 2018) and compliance with the Ministry of Health, Labour and Welfare's Medical Information System Security Guidelines (3rd edition, 2nd guide line).

EWeLL monetizes primarily through per-visit SaaS subscriptions (¥100/visit), a 5% take rate on insurance claims for BPaaS (¥100,000/month minimum), usage-based AI service fees (¥20/visit), annual statutory training subscriptions (¥180,000/station/year), and ancillary services including factoring, e-commerce marketplace fees, and device leasing. Direct sales (field and inside) target SMB and mid-market stations, supplemented by customer seminars, industry exhibitions (International Modern Hospital Show, CareTEX, Medical Japan), and major Japanese media coverage. FY2025 revenue was ¥3,392 million with a 45.3% operating margin, 0.17% revenue churn, and a cumulative 211.6% revenue increase since the 2022 IPO.

Name

EWeLL

Legal name

株式会社eWeLL

Website

https://ewell.co.jp

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

EWeLL operates a vertical SaaS platform for Japan's home-visit nursing stations, anchored by the cloud-based iBow EMR. It monetizes via per-visit subscriptions, BPaaS claims processing, and AI modules, serving 3,500+ stations and 54,000 nurses across Japan.

Ownership category

akta.pro rank

Headquarters

HQ city

Osaka

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Cloud Software/SaaS Subscriptions: Subscription revenue from iBow electronic medical record system and related cloud services. Main pricing model is per-visit basis (¥100 per visit) with minimum contracts. Also includes subscription tiers for iBow KINTAI and other modules.
2. BPO Services (事務管理代行サービス): Business process outsourcing service for insurance claims processing and administrative tasks. Charged at 5% of insurance claim amount with minimum fee of ¥100,000/month. BPaaS model using cloud systems for remote service delivery.
3. AI Services: AI-powered features including AI visit planning and reporting, charged at ¥20 per visit after initial free period.
4. Hardware Sales: Sales of iBow mobile devices including iPad rental and lease services through partnerships. Reuse device program with OPTAGE for environmental sustainability.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

EWeLL develops and sells the iBow cloud-based electronic medical record SaaS platform, designed exclusively for home-visit nursing stations in Japan. The offering covers nursing documentation, scheduling, insurance claims processing, attendance management, administrative BPO outsourcing, AI-powered care planning and reporting, e-learning for statutory training, and a regional care coordination platform. Revenue is generated primarily through per-visit SaaS subscriptions, BPO service fees, and complementary AI and e-learning modules.

Product overview

EWeLL operates as a vertical AI company in Japan's home healthcare market, offering a cloud-based platform centered on iBow — the country's first electronic medical record system exclusively designed for visiting nursing stations. The product portfolio spans a core EMR/SaaS layer (iBow), linked billing/receipt processing (iBow レセプト), attendance management (iBow KINTAI), and administrative BPO services (iBow 事務管理代行サービス), all fully integrated within a single cloud ecosystem. Generative AI features including AI訪問看護計画, AI訪問看護報告, and AI訪問予定・ルート are layered on top of iBow as AI-powered modules. Supplementary services include e-learning (iBow e-Campus), a regional care coordination platform (けあログっと), factoring (iBow e-レセ), an e-commerce marketplace (iBow e-ストア), device leasing (iBow モバイル), and clinical trial support (iBow 治験システム). The entire ecosystem is anchored by EWeLL's accumulated 100 million+ visit records of high-purity domain data.

Differentiator

Problem solved

Functional benefit

Brands

• iBow: Home-visit nursing cloud-based electronic medical record system (訪問看護専用電子カルテ). Flagship product of EWeLL providing comprehensive operational support for home-visit nursing stations.
• iBowレセプト
• iBow KINTAI
• iBow事務管理代行サービス (iBow BPaaS)
• iBow e-Campus
• けあログっと (Care Log)
• iBow AI訪問看護計画
• iBow AI訪問看護報告
• iBow AI訪問予定・ルート
• iBow e-ストア
• iBow e-レセ
• iBow モバイル powered by OPTAGE
• iBowボード

Products and services

• iBow (訪問看護専用電子カルテ) Cloud-based electronic medical record SaaS platform exclusively designed for home-visit nursing stations in Japan, covering nursing records, scheduling, care documentation, billing preparation, and multi-stakeholder information sharing.
• iBow KINTAI (勤怠管理システム) Cloud-based attendance and shift management SaaS tailored for home-visit nursing operations, featuring GPS clock-in/out at patient locations, on-call scheduling, complex multi-shift management, and automatic FTE calculations.
• iBow 事務管理代行サービス (BPaaS) Business process outsourcing (BPaaS) service where EWeLL's dedicated staff handle insurance claim processing, patient data registration, document management, and billing for home-visit nursing stations remotely via the iBow platform; priced at 5% of insurance claim amount with ¥100,000/month minimum.
• iBow レセプト (Receipt System) Insurance reimbursement (receipt/claims) processing module fully linked with iBow, automatically calculating and generating insurance claims directly from nursing records entered by visiting nurses. Used by approximately 85% of iBow customers.
• iBow e-Campus 訪問看護 法定研修編 E-learning statutory training platform for home-visit nursing stations covering 7 mandatory topics (BCP, elder abuse prevention, infection control, harassment prevention, etc.), with automated certificate issuance; priced at ¥180,000/station/year.
• けあログっと (Care Log) Regional Inclusive Care Platform Regional inclusive care coordination platform displaying real-time availability and capabilities of home-visit nursing stations nationwide, enabling hospital discharge coordinators and care managers to efficiently match patients with appropriate nursing stations.
• iBow e-レセ (Factoring Service) Factoring service for home-visit nursing accounts receivable, providing early payment of insurance claims at competitive pricing to improve cash flow for nursing stations.
• iBow モバイル powered by OPTAGE Refurbished iPad leasing service for home-visit nursing stations through partnership with OPTAGE, providing cost-effective devices while reducing environmental impact through device reuse.
• iBow 治験システム (Clinical Trial Support System) Clinical trial support system that enables home-visit nurses to conduct at-home clinical trials nationally, connecting pharmaceutical companies and CROs with home-visit nursing stations using the iBow platform.

Quantifiable outcome

• AI planning reduces care plan creation time from 15 minutes to 3 minutes per case, saving approximately 120 hours annually per average station
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability6 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• CARRO GroupcoreStrategic or Co-development Partner · 1 January 2025Partnership with global automotive technology company to provide car subscription services for home-visit nurses. Addresses transportation challenges for nursing visits, supporting 100,000+ home nursing professionals.
• Sumitomo Shinjo Bank (住信SBIネット銀行)minorGTM or Marketing Partner · 1 October 2024Corporate banking preferential program for home-visit nursing station operators using eWeLL services. Provides financial benefits for business account holders.
• Nihon Yakuji Shimbun (日本薬事日報)minorGTM or Marketing Partner · 1 September 2024Media partnership for content distribution and industry visibility. Collaboration on thought leadership content.
• ShareWis (株式会社シェアウィズ)coreTechnology or Integration · 1 June 2024Collaboration using ShareWis's WisdomBase LMS platform to enhance iBow e-Campus e-learning service for statutory training compliance. Supports flexible learning management for nursing station staff with automated certificate issuance.
• NTT East and NTT West (NTT東日本・NTT西日本)coreStrategic or Co-development Partner · 1 May 2024Partnership to provide nationwide support for online insurance claims processing and online qualification confirmation for home-visit nursing stations. Services include secure closed network (IP-VPN), LAN installation, and computer setup support. Package price approximately ¥429,000 with full subsidy available.
• Koronan Shoji (コーナン商事株式会社)coreGTM or Marketing Partner · 1 May 2024E-commerce partnership for iBow e-Store offering Koronan's 200,000+ home center products at 5% discount to nursing stations. Also provides employee welfare discounts for nursing station staff.
• Cycles Co. (サイクループ株式会社)minorGTM or Marketing Partner · 1 May 2024Partnership to offer electric assisted bicycle lease service NORUDE through iBow e-Store. Starting from ¥4,090/month with free maintenance and battery replacement.
• OPTAGEminorGTM or Marketing Partner · 1 May 2024Partnership for iBow Mobile program providing reused/refurbished iPads. Reduces CO2 emissions by 5.6 tons annually while providing cost-effective devices to nursing stations.

Scale indicators16 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• PHC Holdings: PHC Holdings (TSE: 6523) is a healthcare IT and medical device conglomerate with broad reach across clinical workflows in Japan, comparable to EWeLL as a healthcare software/data infrastructure provider but operating at a much larger scale across different segments.
• Software Service: Software Service is a major Japanese hospital EMR vendor with deep penetration in inpatient electronic medical records, representing the broader incumbent category that could expand into the home-visit nursing niche.
• M3, Inc. M3 (TSE: 2413) operates a broad medical professional platform including MR Japan, medical site, and clinical trial services — a much larger incumbent with adjacent healthcare IT exposure but no specialized home-visit nursing EMR.

Direct peers

• Medley: Medley (TSE: 3660) operates a digital platform that includes a home-visit nursing matching service (Medley Visit) and broader healthcare platform, overlapping directly with EWeLL's home-visit nursing focus and addressing the same SMB station segment in Japan.
• Y's System (ワイズマン): Y's System is a long-standing Japanese care software vendor with 介護ソフト products covering visiting nursing stations, making it a direct competitor to EWeLL in the same end-customer base.
• Kanamic Network: Kanamic Network (TSE: 3939) provides cloud SaaS for medical, nursing, and welfare facilities in Japan, including functionality for visiting nursing stations that competes head-to-head with EWeLL's iBow platform.

Emerging players

• Ubie: Ubie is a Japanese medical AI company building AI-powered symptom checking and clinical workflow tools for healthcare providers; while it overlaps with EWeLL on AI-in-healthcare positioning, it does not directly compete in the home-visit nursing EMR space today.

Others

• Benefit One (Dental/Healthcare IT arm): Benefit One and other Japanese corporate welfare/HR platforms touch healthcare benefits administration and employee support that can be thematically adjacent to EWeLL's e-Campus and HR modules, but do not compete in home-visit nursing EMR.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key highlights7 records

Customer concentration

• Xx.com/eWeLL_iBow
• YouTubeyoutube.com/channel/UC9gZJrUY4CCTZLWATGGw-uA
• Facebookfacebook.com/ibowlink

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds2 records

Investors6 records

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

M&A

Investments

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

Frequently asked questions about EWeLL