ELEMENTS

About ELEMENTS

ELEMENTS, Inc. is a Japanese technology company specializing in data-driven personal authentication and optimization solutions. It was founded in December 2013 as Liquid, Inc. by Yasuhiro Kuda with the purpose of developing and providing image analysis and biometric authentication systems. Kuda, who serves as the company's chairman, graduated from Keio University's Faculty of Law and previously worked at Daiwa Securities SMBC (now Daiwa Securities), where he was involved in IPO consulting for IT ventures. His interest in biometrics was sparked by the realization that a lack of direct connection between individuals and their finances contributes to financial crime. This led him to establish a company focused on creating a world where identity is irrefutably linked to the individual.

The company's business is structured around providing Backend-as-a-Service (BaaS) solutions that leverage image recognition, machine learning, and biometric data. The core offerings are divided into two main categories: personal authentication solutions and personal optimization solutions. The flagship product is "LIQUID eKYC," an online identity verification service that has gained significant market traction, holding the top market share in Japan for five consecutive years and surpassing 50 million cumulative identity verifications by July 2024. Other authentication products include "LIQUID Auth" for online identity authentication and "LIQUID Shield," a cross-industry fraud detection service.

In the personal optimization domain, ELEMENTS develops solutions tailored to individuals in the areas of clothing, food, and housing. This includes body shape analysis for apparel and footwear ("SYMBOL" and "IDEAL"), purchase analysis for food retail, and behavioral analysis for optimizing office and residential spaces ("MYCITY"). The business model involves providing these solutions to service providers in various industries, including finance, apparel, retail, and real estate development, while also offering some direct-to-consumer services to gather feedback and improve its BaaS offerings. The company has grown through a series of reorganizations and acquisitions. In March 2020, the original Liquid, Inc. was renamed ELEMENTS, Inc., while its subsidiary PASS, Inc. was renamed Liquid, Inc. In January 2025, ELEMENTS acquired a majority stake in Polarify, a joint venture from SMFG, Daon, and NTT Data, further solidifying its market-leading position in identity authentication. The company went public on the Tokyo Stock Exchange Growth Market in December 2022.