INCJ sells shares in Dynamic Map Platform Co., Ltd.

Tokyo, July 24, 2025 — INCJ, Ltd. (“INCJ”)announced that it has decided and completed the transfer of all of the sharesof Dynamic Map Platform Co., Ltd. (“DMP”) to Japan Investment Corporation(“JIC”). The total sales price was JPY7.275 billion.

As a result of this transaction, INCJ hascompleted the exit process for all of its 144 investments; its final investmentresults as INCJ are cumulative investment of JPY1,296.3 billion and cumulativereturn of JPY2,333.5 billion.

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AboutDMP

Established:                       June 2016

Headquarters:                   Shibuya Ward, Tokyo

Representative:                 CEO & President, ShuichiYoshimura

Business outline:               Provision of high-precision 3Ddata for a wide range of industries, including autonomous driving and advanceddriver-assistance systems (ADAS)

URL:                                  https://www.dynamic-maps.co.jp/en/

 

Overviewof investment

Announcementdate:         June 13, 2017 / February 13,2019

Authorizedinvestment:      JPY1.34 billion (maximum)/ JPY18 billion (maximum)

Amountinvested:               JPY16.34 billion

Press releases:                  Seven companies announce jointinvestment in Dynamic Map Planning Co., Ltd.

　　　　　　　　　　　　INCJ to make follow-on investment in DynamicMap Platform Co., Ltd.

 

1.    ckground of investment

DMPwas established in June 2016 to develop, test, and manage common foundation incooperative domain for high-precision 3D maps required for autonomous driving andADAS. DMP was established through joint investment by electronics, mapping, andsurveying companies and automobile manufacturers.

INCJdecided to invest in DMP in anticipation of contributing to the realization of anext-generation road transportation society based on the introduction of high-precision3D maps that could support development of autonomous driving and ADAS to reducetraffic accidents and related casualties, help people with mobility issues, andmitigate environmental impacts through traffic congestion relief. Additionally,INCJ expected these systems to contribute to disaster prevention andmitigation, as well as the maintenance and management of social infrastructure.

2.    Business progress

Sincethe investment, DMP has continued to develop and provide/sell HD map data fordomestic expressways and automobile-only roadways. In June 2019, it acceleratedits global business expansion by acquiring Ushr, Inc., a U.S. company engagedin the development and sale of high-precision 3D road maps for autonomousdriving in North America. INCJ has provided hands-on support and managementsupport through the dispatch of outside directors.

3.    Reason for exit

Ithad been approximately eight years since INCJ’s initial investment, and as thelargest pre-listing shareholder in DMP, with approximately 47 percent of its shares,INCJ had been considering its exit options. DMP was moving forward withpreparations for its IPO in March 2025, and it became difficult for INCJ tocomplete the transfer of its shareholding by the end of that month—the deadlinefor INCJ activities—without adversely impacting DMP’s capital policy and shareprice. As such, INCJ made the decision to extend its exit activities beyond theend of March 2025.

Atthe time of DMP’s IPO, approximately 16 percent of INCJ’s shareholding was soldon the market. Following a lock-up period that ended on June 24, 2025, variousdiscussions and deliberations were held regarding the method of exit. Inconsideration of the future business development and capital policy of DMP aswell as the impact on DMP’s share price, INCJ decided that the most appropriatemethod would be to transfer its remaining stake in DMP (approximately 31percent) to JIC.

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