Tokyo-based workforce platform X Mile has raised JPY3.17 billion ($20 million) in a Series C round led by Vertex Growth, the growth-stage platform of the Vertex global venture capital network, bringing the company’s total funding to JPY6.96 billion.
In a statement on Tuesday, X Mile said existing and new investors in the round include ALPHA, SMBC Nikko Securities, SOMPO Growth Partners, University of Tokyo Edge Capital Partners (UTEC), SMBC Venture Capital, Minerva Growth Partners, Japan Post Capital, and JPS Growth Investment.
X Mile will utilize the capital to expand its vertical AI product line, tailored to Japan’s non-desk industries of logistics, construction, and manufacturing, and toward acquisitions that add complementary products and teams. The company’s digital transformation platform for transportation and logistics operators has grown annual recurring revenue by more than 90 percent year-on-year.
Founded in February 2019, X Mile started as a staffing platform matching workers with employers in laour-short non-desk industries and has since expanded into software, AI tools, M&A advisory, and vehicle sales for operators. The platform now has more than 1.2 million registered job seekers and more than 30,000 client business locations.
Hiroyuki Noro, Representative Director and CEO of X Mile, said the company will invest further in vertical AI, expand its M&A and business-support capabilities, and deepen partnerships with major corporations to build core management infrastructure for the sector.
Tam Hock Chuan, General Partner at Vertex Growth, said the company’s software business for the transportation sector has strong potential for both profitability and scale. Chuan said X Mile’s data from matching candidates with vacancies positions the company to deliver greater value through automation and AI.