Medical Venture Varinos Completes Series D Fundraising Totaling Approximately 1.25 Billion Yen

Varinos Co., Ltd. (Headquarters: Koto-ku, Tokyo; Chairman of the Board: Yoshiyuki Sakuraba; Representative Director CEO: Yoichi Saito; Representative Director President: Hidetoshi Hirakawa; hereinafter "Varinos"), which develops and clinically implements genetic testing using genome technology, is pleased to announce that it has completed a Series D fundraising round totaling approximately 1.25 billion yen.

This round welcomed Mirai Sosei Investments Co., Ltd. as the lead investor, and Mitsui Chemicals, Inc. and Yokohama Capital Co., Ltd. as new investors. Debt financing was also secured from Resona Bank as the lead lender, along with Shizuoka Bank, Shoko Chukin Bank, Joyo Bank, and Higashi-Nippon Bank.

Concurrently with this fundraising, Varinos has refreshed its management structure, with Yoshiyuki Sakuraba assuming the role of Chairman of the Board, Yoichi Saito as Representative Director CEO, and Hidetoshi Hirakawa as Representative Director President. Starting with a newly concluded research agreement with Mitsui Chemicals, Inc., Varinos aims to accelerate the development of new businesses, expand the domestic and international market share of its core business, uterine flora testing, and further improve the quality of uterine flora testing and other various tests.

◆ Background and Purpose of Fundraising

― Implementation of the core business "Uterine Flora Test" has grown approximately 3x in 2 years

The "Uterine Flora Test," which Varinos commercialized for the first time in the world in 2017 to examine the bacterial environment within the uterus using genome analysis technology, has been introduced in over 400 medical institutions, primarily infertility treatment clinics *1, and the cumulative number of analyzed samples has exceeded 50,000 *2.

Furthermore, in June 2022, it was certified as advanced medical technology as "Uterine Bacterial Flora Test 2," and its introduction and implementation in medical settings have progressed. Comparing fiscal years 2023 and 2025, the number of implementations as advanced medical technology has more than tripled (see figure below) *3.

We believe that this result is due to various studies showing that uterine flora affects pregnancy and childbirth, and Varinos's technical capability to accurately analyze even trace amounts of bacteria being highly evaluated in the medical field.

― Main Uses of the Funds Raised in This Round

Utilizing the funds raised in this round, we will focus on strengthening the following areas:

● Further improvement in the quality of various tests, including the uterine flora test ● Expansion into domestic medical institutions and enhancement of support systems ● Expansion into overseas medical institutions ● Development of new businesses ● Strengthening governance framework

Moving forward, we will further enhance our technological capabilities and research efforts to contribute to medical institutions and patients undergoing infertility treatment, and also accelerate our international expansion to deliver Varinos's technology to other countries facing challenges related to declining birthrates and infertility.

Furthermore, by applying genome analysis technology, which is the core technology of the uterine flora test, we intend to focus on developing tests that contribute to women's health beyond infertility treatment. As the first step, we have concluded a research agreement with Mitsui Chemicals and launched a project.

*1 As of January 2026 *2 As of end of January 2025 *3 Number of uterine flora tests (Uterine Bacterial Flora Test 2) performed as advanced medical care

◆ Comments from Investors/Financial Institutions in This Round

[Investors]

Mirai Sosei Investments Co., Ltd.

Senior Capitalist Yuriko Minami

We are greatly impressed by Varinos Co., Ltd.'s application of advanced genome analysis technology to the field of infertility treatment, and how their research results have blossomed into a business used in actual medical settings. The fact that advanced technology is not confined to papers or laboratories, but is socially implemented in a way that reaches patients and medical institutions, backed by accumulated evidence and trust from medical institutions, and contributes to solving social issues common to many developed countries such as declining birthrates and low fertility rates, is a value unique to the company. Through this fundraising, we expect further acceleration in domestic penetration, overseas expansion, and challenges into new development themes, and our company will continue to support its growth.

Mitsui Chemicals, Inc.

Life & Healthcare Solutions Business Division, Medical Business Promotion Department Manager Tomoyuki Okamura

We understand that Varinos Co., Ltd.'s completion of the Series D round signifies a progression of their business and technological development to an even higher stage. Through our past joint research with the company, we have realized their high technological capabilities and future potential. We expect this fundraising to further accelerate their initiatives towards expanding the uterine flora business and developing new businesses, leading to value creation in the medical field and the company's growth. Moving forward, our company will continue to contribute to solving challenges in the medical field through collaboration with them.

Yokohama Capital Co., Ltd.

Representative Director President Shunji Tanabe

Varinos Co., Ltd. is...