Evaluating only Aidma Holdings’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. Documented cause: Unit economics.
Key Events Timeline
FOUNDING
Aidma Holdings founded in Tokyo as AI-powered digital marketing automation platform for Japanese SMEs.
PRODUCT LAUNCH
Listed on Tokyo Stock Exchange Growth Market at ¥2,100/share; raised ¥1.2B in IPO proceeds.
DOWN ROUND
Shares collapsed 85% to ¥315 after four consecutive missed revenue quarters; three key enterprise clients departed.
SHUTDOWN
Entered civil rehabilitation proceedings after auditors flagged going concern doubts; delisted from TSE.
Full Analysis
Free · no account needed
Documented cause
Aidma Holdings, a Japanese AI-driven marketing SaaS startup founded in 2018 by Hiroshi Sato, raised ¥1.2 billion to automate digital advertising for SMEs. The company listed on Tokyo Stock Exchange's Growth Market in 2021 at ¥2,100 per share. By mid-2023 shares had collapsed 85% to ¥315 after revenue growth missed projections for four consecutive quarters, three key enterprise clients terminated contracts, and auditors flagged going concern doubts. The company entered civil rehabilitation proceedings in October 2023.
Lesson
“Listing on growth markets before sustainable revenue creates downward spiral when projections repeatedly miss.”