Rakuten Medical
Cancer therapy combining a targeted drug conjugate with light-activated illumination to selectively destroy tumor cells.
Healthcare
📍 San Diego, USA
Founded 2013
Current Valuation
Private
as of 2026-Q1
PRIVATE
Rakuten Medical develops Alluminox photoimmunotherapy — a precision cancer treatment combining an antibody-dye drug conjugate with infrared-light activation to selectively destroy tumor cells. Founded in 2013 as Aspyrian Therapeutics, rebranded Rakuten Medical in 2019 after Rakuten Group became a majority investor (Mickey Mikitani serves as Chairman & CEO). Raised an oversubscribed $100M Series F in January 2026 to advance US regulatory approval.
Company Profile
Last Round
Series F — $112M (Apr 2026) · Lead: Rakuten Group
Founders & Key People
Miki Inoue (as Aspyrian Therapeutics)
Investors
Rakuten Group · SBI Group
Products
- Alluminox (photoimmunotherapy)
- ASP-1929 (cetuximab sarotalocan)
Competitors
Merck oncology · AstraZeneca oncology · Bristol Myers Squibb
biotechoncologyphotoimmunotherapydrug-development
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q1. Refreshed quarterly.