3Q 2016 Venture Insight Report @seinas___ #pedia

7&/563&*/4*()5 %FD 4FJOB4BLBVF 2 $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

':2 647&/563&'6/%*/( 803-%7&/563&'6/%*/( +VMZ4FQU 501*$4 $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 27&/563&*/4*()5

803-%7&/563&'6/%*/( $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 803-%7&/563&'6/%*/(

લ೥ൺͷେ෯Լམɹݮগ܏޲͕ͭͮ͘ ૯ׅ ೥ୈ࢛൒ظΑΓݮগ܏޲͕͍͍ͭͮͯ·͕ͨ͠ɺ೥ୈ࢛ ൒ظ͸લ೥ൺݮͱେ෯ԼམͱͳΓ·ͨ͠ɻ εςʔδ ΞʔϦʔ΁ͷ౤ࢿ͕ϘϦϡʔϜκʔϯͰ͋Δ΋ͷͷɺΤϯδΣϧɾ γʔυ͕શମΛ઎ΊΔׂ߹͸લ೥ʹൺ΂ݮগ͠·ͨ͠ɻ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE
4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI ஍Ҭ Ԥभ΁ͷ౤ࢿ͸લ೥ʹൺ΂ͯ૿Ճ͠·͕ͨ͠ɺ๺ถͱΞδΞ΁ͷ౤ ࢿ͸લ೥ʹൺ΂ͯݮগ͠·ͨ͠ɻ `2 ೥݄ʙ೥݄ ϋΠϥΠτ 803-%7&/563&'6/%*/(

2 2 2 2 2 2 2 2 2
౤ࢿֹۚ ԯυϧ ౤ࢿ݅਺ ݅ 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT 0DUPCFSUI $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 2 2 2 2 2 ΤϯδΣϧɾγʔυ γϦʔζ" γϦʔζ# γϦʔζ$ γϦʔζ% γϦʔζ&Ҏ߱ ͦͷଞ اۀ਺ࢿۚௐୡֹ࢛൒ظਪҠ εςʔδผࢿۚௐୡׂ߹࢛൒ظਪҠ 803-%7&/563&'6/%*/(

2 2 2 2 2
Ԥभ ΞδΞ ๺ถ 2 2 2 2 2 Ԥभ ݅ ΞδΞ ݅ ๺ถ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT 0DUPCFSUI ஍Ҭผاۀ਺࢛൒ظਪҠ ஍Ҭผࢿۚௐୡֹ࢛൒ظਪҠ 803-%7&/563&'6/%*/(

647&/563&'6/%*/( $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 647&/563&'6/%*/(

૯ׅ ೥ୈ࢛൒ظʹҰ࣌తʹ্ঢ͍ͯ͠·͕ͨ͠ɺୈ࢛൒ظʹͭͮ ͍ͯݮগ܏޲ͱͳΓɺલ೥ൺݮͱͳΓ·ͨ͠ɻ εςʔδ ΞʔϦʔ΁ͷ౤ࢿ͕ϘϦϡʔϜκʔϯͰ͋Δ΋ͷͷɺΤϯδΣϧɾ γʔυ͕શମΛ઎ΊΔׂ߹͸લ೥ʹൺ΂ݮগ͠·ͨ͠ɻ ஍Ҭ ࢿۚௐୡͷ݅਺ɺֹۚͱڞʹɺαϯϑϥϯγείɺϘετϯɺχϡʔ ϤʔΫ͕େ෦෼Λ઎Ί·ͨ͠ɻ
$ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI `2 ೥݄ʙ೥݄ ϋΠϥΠτ લ೥ൺͷେ෯Լམɹݮগ܏޲͕ͭͮ͘ 647&/563&'6/%*/(

`2ʹҰ࣌తʹલ࢛൒ظΑΓ΋্ঢ͠·͕ͨ͠ɺ೥ؒΛ௨ ͯ͡લ೥ΑΓ΋ݮগ܏޲͕͖ͭͮ·ͨ͠ɻ 2 2 2 2 2 2 2
2 2 2 2 2 2 2 2 2 2 2 2 2 2 ౤ࢿֹۚ ԯυϧ ౤ࢿ݅਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT 0DUPCFSUI اۀ਺ࢿۚௐୡֹ࢛൒ظਪҠ 647&/563&'6/%*/(

2 2 2 2 2
γʔυɾΤϯδΣϧ γϦʔζ" γϦʔζ# γϦʔζ$ γϦʔζ% γϦʔζ& ͦͷଞ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT 0DUPCFSUI εςʔδผࢿۚௐୡׂ߹࢛൒ظਪҠ 647&/563&'6/%*/(

$ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI 2ηάϝϯτผاۀ਺ׂ߹
2ηάϝϯτผࢿۚௐୡֹׂ߹ Πϯλʔωοτ ##ɾۚ༥ ϔϧεέΞ ίϯγϡʔϚʔ ফඅࡒ ΤωϧΪʔ ޻ۀ੡඼ɾૉࡐ Πϯλʔωοτ ##ɾۚ༥ ϔϧεέΞ ίϯγϡʔϚʔ ফඅࡒ ΤωϧΪʔ ޻ۀ੡඼ɾૉࡐ 647&/563&'6/%*/(

$ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI 2஍Ҭผاۀ਺ׂ߹
2஍Ҭผࢿۚௐୡֹׂ߹ αϯϑϥϯγεί Ϙετϯ χϡʔϤʔΫ ϙτϚοΫ ϩαϯθϧε αϯσΟΤΰ ΦϨϯδ γΞτϧ ΦʔεςΟϯ μϥε γΧΰ αϯϑϥϯγεί Ϙετϯ χϡʔϤʔΫ ϙτϚοΫ ϩαϯθϧε αϯσΟΤΰ ΦϨϯδ γΞτϧ ΦʔεςΟϯ μϥε γΧΰ 647&/563&'6/%*/(

$ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI 2ओཁࢿۚௐୡҰཡ
اۀ໊ ϥ΢ϯυ ࢿۚௐୡֹ όϦϡΤʔγϣϯ ౤ࢿՈ 6CFS γϦʔζ( ԯສυϧ ԯυϧ (FPEFTJD$BQJUBM "JSCOC σου ԯυϧ ԯυϧ +1.PSHBO$IBTF$P $JUJHSPVQ .PSHBO4UBOMFZ #SBOE $BQJUBM *OUBSTJB5IFSBQFVUJDT γϦʔζ* ԯສυϧ ԯυϧ ,BZPO1BSUOFST .PEFSOB5IFSBQFVUJDT ϕϯνϟʔ ສυϧ ԯυϧ #JPNFEJDBM"EWBODFE3FTFBSDIBOE%FWFMPQNFOU"VUIPSJUZ #"3%" %SBGU,JOHT γϦʔζ' ԯສυϧ ԯυϧ 3FWPMVUJPO 6OJUZ γϦʔζ$ ԯສυϧ ԯυϧ J(MPCF1BSUOFST %'+(SPXUI 5ISJWF$BQJUBM .BY-FWDIJO $IJOB*OWFTUNFOU$PSQPSBUJPO '3&&4'6/% 4FRVPJB$BQJUBM 8FTU4VNNJU$BQJUBM .PTBJD γϦʔζ% ԯສυϧ ԯυϧ 0CWJPVT7FOUVSFT $PSF*OOPWBUJPO$BQJUBM 8BSCVSH1JODVT (VHHFOIFJN4FDVSJUJFT 'SFTI%JSFDU γϦʔζ% ԯສυϧ ԯυϧ ""31 8$BQJUBM1BSUOFST +1.PSHBO"TTFU.BOBHFNFOU *OTJUF8JSFMFTT ηΧϯμϦʔ ԯສυϧ ԯສυϧ .BDRVBSJF*OGSBTUSVDUVSF1BSUOFST 1BZPOFFS ϕϯνϟʔ ԯສυϧ 4VTRVFIBOOB(SPXUI&RVJUZ 5$7 647&/563&'6/%*/(

501*$4 $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 501*$4

2 2 2 2 2
Ϣχίʔϯੜ஀਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI ೥2ͷ͔ࣾΒɺ೥Ͱ෼ͷ·Ͱݮগ͠·ͨ͠ɻ஍ҬผͰ ͸ɺ๺ถͱΞδΞ͔Βࣾͣͭ஀ੜ͠·ͨ͠ɻ Ϣχίʔϯੜ஀਺ 6/*$03/7&/563&'6/%*/(

اۀ໊ ϥ΢ϯυ ࢿۚௐୡֹ ධՁֹ ౤ࢿՈ 6CFS γϦʔζ( ԯສυϧ ԯυϧ
(FPEFTJD$BQJUBM "JSCOC σου ԯυϧ ԯυϧ +1.PSHBO$IBTF$P $JUJHSPVQ .PSHBO4UBOMFZ #SBOE$BQJUBM *OUBSTJB5IFSBQFVUJDT γϦʔζ* ԯສυϧ ԯυϧ ,BZPO1BSUOFST .PEFSOB5IFSBQFVUJDT ϕϯνϟʔ ສυϧ ԯυϧ #JPNFEJDBM"EWBODFE3FTFBSDIBOE%FWFMPQNFOU"VUIPSJUZ #"3%" (SBC5BYJ γϦʔζ' ԯສυϧ ԯυϧ 4PGU#BOL$BQJUBM %SBGU,JOHT γϦʔζ' ԯສυϧ ԯυϧ 3FWPMVUJPO 2VBOFSHZ γϦʔζ# ສυϧ ԯυϧ "MSBJ$BQJUBM (1$BQJUBM .PUVT7FOUVSFT 4BNTVOH7FOUVSFT %FMQIJ"VUPNPUJWF1-$ 4FOTBUB5FDIOPMPHJFT J'PPE γϦʔζ' ສυϧ ԯυϧ .PCJMF +VTU&BU $BSHP9 γϦʔζ# ສυϧ ԯυϧ (PMENBO4BDIT -VNJB$BQJUBM "HJMJUZ 7BMPS$BQJUBM(SPVQ )JLF γϦʔζ% ԯສυϧ ԯυϧ 4PGU#BOL #IBSUJ&OUFSQSJTFT 5JHFS(MPCBM.BOBHFNFOU 'PYDPOO5FDIOPMPHZ(SPVQ 5FODFOU)PMEJOHT 6OJUZ γϦʔζ$ ԯສυϧ ԯυϧ J(MPCF1BSUOFST %'+(SPXUI 5ISJWF$BQJUBM .BY-FWDIJO $IJOB*OWFTUNFOU$PSQPSBUJPO '3&&4'6/% 4FRVPJB$BQJUBM 8FTU4VNNJU$BQJUBM "QQUVT ϕϯνϟʔ ສυϧ ԯυϧ (VMM*TMBNJD*OWFTUNFOUTBOE,* *DPOJRBOE,VXBJU*OWFTUNFOU"VUIPSJUZ $PNQBTT γϦʔζ% ສυϧ ԯυϧ 7FOUVSFT 'PVOEFST'VOE 5ISJWF$BQJUBM *71 *OTUJUVUJPOBM7FOUVSF1BSUOFST 8FMMJOHUPO.BOBHFNFOU 0⒎FS6Q γϦʔζ$ ԯສυϧ ԯυϧ "MUJNFUFS$BQJUBM 53PXF1SJDF "OESFFTTFO)PSPXJU[ ((7$BQJUBM 8BSCVSH1JODVT %FMJWFSPP γϦʔζ& ԯສυϧ ԯυϧ /PLJB(SPXUI1BSUOFST /(1 'FMJY$BQJUBM (SFFOPBLT$BQJUBM (FOFSBM$BUBMZTU1BSUOFST %45(MPCBM #SJEHFQPJOU .PTBJD γϦʔζ% ԯສυϧ ԯυϧ 0CWJPVT7FOUVSFT $PSF*OOPWBUJPO$BQJUBM 8BSCVSH1JODVT (VHHFOIFJN4FDVSJUJFT 'SFTI%JSFDU γϦʔζ% ԯສυϧ ԯυϧ ""31 8$BQJUBM1BSUOFST +1.PSHBO"TTFU.BOBHFNFOU $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI 2ϢχίʔϯࢿۚௐୡҰཡ 6/*$03/7&/563&'6/%*/(

ͷϑΝϯυͰԯυϧͷࢿ͕ۚू·Γ·͕ͨ͠ɺલ࢛൒ظ͔ Βͷݮগ܏޲͕͖ͭͮ·ͨ͠ɻ 2 2 2 2 2 2 2
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4047 /&" 4FRVPJB (SFZDSPGU #FTTFNFS
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1&7$͕౤ࢿࢧԉ͢Δϕϯνϟʔͷ*10ಈ޲͸ɺ݄ʹ׆ੑԽ͞ Ε͜ͱͰɺલ࢛൒ظʹൺ΂ͯΘ͔ͣʹվળ͞Ε·ͨ͠ɻ 2 2 2 2 2 2 2
2 2 1&7$߹ࢉ*10ࢿۚௐୡֹ ԯυϧ 1&7$߹ࢉ*10اۀ਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF64*10.BSLFU 22VBSUFSMZ3FWJFX 3FOBJTTBODF$BQJUBM EBUBQSPWJEFECZ3FOBJTTBODF$BQJUBM*10*OUFMMJHFODF 4FQUUI اۀ਺ࢿۚௐୡֹ࢛൒ظਪҠ 64&9*57&/563&'6/%*/(

2 2 2 2 2
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2*10ύϑΥʔϚϯε5PQ اۀ໊ ্৔೔ ࢿۚௐୡֹ Ϧλʔϯ ॳ೔্ঢ *NQJOK ݄೔ ສυϧ
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2 2 2 2 2 2 2 2 2
7$."اۀ਺ʢ݅ʣ 7$*10اۀ਺ʢ݅ʣ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI 2 2 2 2 2 2 2 2 2 7$*10ௐୡֹʢԯυϧʣ 7$."ֹʢԯυϧʣ اۀ਺࢛൒ظਪҠ ࢿۚௐୡֹ࢛൒ظਪҠ 64&9*57&/563&'6/%*/(

2ओཁ*10Ұཡ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB %FDUI
2ओཁ."Ұཡ اۀ໊ *10೔ *10ௐୡֹ /VUBOJY ݄೔ ԯ ສυϧ 5IF5SBEF%FTL ݄೔ # "QQUJP ݄೔ ສυϧ 1SPUBHPOJTU5IFSBQFVUJDT ݄೔ ສυϧ اۀ໊ ."೔ ධՁֹ ."ઌ +FUDPN ݄೔ ԯυϧ 8BMNBSU "QQ-PWJO ݄೔ ԯυϧ 0SJFOU4FDVSJUJFT$BQJUBM *5$PTNFUJDT ݄೔ ԯυϧ -`0SFBM %PMMBS4IBWF$MVC ݄೔ ԯυϧ 6OJMFWFS 64&9*57&/563&'6/%*/(

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w 7&/563&*/4*()53&1035͸ɺੈքͷϕϯνϟʔͷಈ޲Λ·ͱΊͨϨϙʔτͰ ͢ɻ࢛൒ظຖʹൃߦ͓ͯ͠Γ·͢ɻ w 1FEJB/FXT͸ɺελʔτΞοϓͱϕϯνϟʔΩϟϐλϧʢ7$ʣͷͨΊͷχϡʔεϝ σΟΞͰ͢ɻશੈքͷελʔτΞοϓͷࢿۚௐୡɺ*10΍."ͳͲͷΠάδοτͳͲɺ ىۀՈ΍౤ࢿՈ޲͚ʹɺੈքͷ࠷ઌ୺ελʔτΞοϓγʔϯΛ͓ಧ͚͠·͢ɻ IUUQTUIFQFEJBDP

3Q 2016 Venture Insight Report @seinas___ #pedia

3Q 2016 Venture Insight Report @seinas___ #pedia

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7&/563&/4()5 %FD 4FJOB4BLBVF 2 $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

':2 647&/563&'6/%/( 803-%7&/563&'6/%/( +VMZ4FQU 501$4 $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 27&/563&/4*()5

803-%7&/563&'6/%/( $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 803-%7&/563&'6/%/(

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