©2026 Business Next Media Corp. All Rights Reserved. No.102, Guangfu S. Rd., Da'an Dist., Taipei City 106, Taiwan
Taiwan-based software unicorn startup Appier set to go public in Japan at the end of March 2021
Taiwan-based Martech startup Appier reportedly will go public on the Tokyo Stock Exchange Mothers Index on the 30th of March, according to Japan Exchange Group. Appier will sell 18.7% of its shares at NT$370 (US$13) per share during the initial offering.
Not only that, the company recently achieved unicorn status with a valuation of over NT$36 billion (US$1.3 billion), marking a significant milestone for Taiwan's software industry. In the venture capital industry, the term "unicorn" refers to any company valued at more than US$1 billion.
Taiwan is globally renowned for its hardware, for example, semiconductor manufacturer TSMC which produces chips for Apple and Google. The mismatch of market expectation towards the territory doesn't stop Appier from developing its AI platforms. Appier's co-founder and CEO Chih-Han Yu said he has been eyeing global users from day one.
"We have been wanting to start an Asia-based software business. To be honest, we are as capable as our competitions. Why are all the big software companies in the US?" Yu said.
Founded in 2012, Appier provides AI platforms that offer data insights for brands and retailers to predict customer behavior, increase website traffic, and ultimately boost customer engagement. Its existing clients mainly come from retail, e-commerce, and mobile app industries in 14 markets across Asia.
Blooming in the Japanese market
The reason for filing an IPO in a foreign country is straightforward. The Japan branch generates the biggest revenues in the company. Precisely, about 70% of its revenue comes from the North Asia markets which include Japan and Korea. Meanwhile, less than a quarter of its revenue is extracted from mainland China, Taiwan, and Hong Kong, and the rest comes from Southeast Asia such as Singapore, Malaysia, and Thailand etc. Hence, Appier hopes to further increase market share and strengthen its branding through an IPO in Japan.
Appier set up its Tokyo branch in 2014 and in five years, the company announced that it has acquired a Tokyo-based AI startup Emotion Intelligence (Emin).
Emin's ZenClerk deploys AI to identify shoppers into three archetypes: those who will definitely make a purchase, those who would not, and those who are undecided that might be persuaded by additional incentives, and help retailers target the last group. After the acquisition, Appier integrated this technology and renamed it to AiDeal to better assist e-commerce or marketing officers to analyze shoppers' decision-making process, purchasing intentions, and to propose the best time to offer coupons or discounts specifically to this group to boost sales.
The Unicorn Journey
Chen Mei-ling, the minister of the National Development Council in Taiwan, announced that Appier is one of the two unicorn startups in Taiwan. Looking at its funding journey, it is as magical as its crown.
Appier drew a total of NT$1.4 billion (US$49 million) in the first three funding rounds led by Sequoia Capital, Pavilion Capital, and Alibaba. Notably, Appier is the first startup in Taiwan that successfully secured funding from Sequoia Capital.
Then in 2017, Appier raised NT$1 billion (US$33 million) in a Series C funding round from investors across Asia such as SoftBank Group, Line, Naver, the Singapore Economic Development Board’s corporate investment arm, and AMTD Group. In the same year, its platform was selected by Fortune as one of the top 50 AI startups of the year.
Two years later, the company secured another NT$ 2.3 billion (US$80 million) from investors including TGVest Capital, HOPU-Arm Innovation Fund (SoftBank owns Arm), Temasek's Pavilion Capital, Insignia Venture Partners, JAFCO Investment and UMC Capital. This brings its cumulative fundings to at least NT$4.6 billion (US$162 million).
While cash flow is an important element to survival and success for startups, talent is as important, and Appier is well aware of that. Over the years, Appier had recruited top talent in the region, from academia to industry.
In 2020, Appier appointed Dr. Shou-De Lin from National Taiwan University as chief machine learning scientist, and invited former head of Google Taiwan Lee-Fung Chien to its board of directors.
©2026 Business Next Media Corp. All Rights Reserved. No.102, Guangfu S. Rd., Da'an Dist., Taipei City 106, Taiwan