Tokyo Wellness Impact Fund Invests in HICKY, Inc., Developer of Central Sleep Apnea Treatment Device

The Tokyo Wellness Impact Fund (General Partner: Toranomon Impact Capital LLC, Minato-ku, Tokyo; Representative Partners: Takeshi Aoki, Representative Director of Capital Medica Ventures, Inc., and Atsushi Mandai, Representative Director of Monex Ventures, Inc.), which practices impact investing, is pleased to announce its investment in HICKY, Inc. (Headquarters: Bunkyo-ku, Tokyo; Representative Director: Kentaro Hayashi; hereinafter "HICKY"), a company developing innovative medical devices to treat central sleep apnea (CSA).

Social Issues to be Addressed and Investment Background Heart failure is a leading cause of death worldwide, with approximately 1.2 million patients in Japan, a number projected to increase by 2030. Central sleep apnea (CSA), which affects approximately 40% of heart failure patients, is a serious condition that not only degrades sleep quality but also directly impacts the prognosis of heart failure patients. CSA is known to increase readmission and mortality rates, significantly affecting patient outcomes. However, due to limited treatment options and high barriers to implementation, many heart failure patients remain untreated.

HICKY is developing a next-generation device to fundamentally solve these issues. By utilizing a leadless, stent-type design, the company aims to reduce the difficulty and duration of the procedure. Furthermore, by employing wireless power transmission technology, the device eliminates the need for repeat surgeries for battery replacement, thereby reducing the burden on patients.

[Logic Model for Social Impact Realization Aimed at by HICKY] (Image omitted)

Born from the University of Tokyo Biodesign program, this project captures the urgent needs of the clinical field and is being developed by a team that combines expertise with strong execution capabilities. We are confident that the realization of this project will be a major turning point in improving the prognosis of heart failure patients, which led to our decision to invest. Our fund is committed to supporting HICKY in its goal of creating social impact.

[About the Tokyo Wellness Impact Fund] This fund was launched after Toranomon Impact Capital LLC was selected as the operating entity for the Tokyo Metropolitan Government's social impact investment fund project. It invests in startups that aim to solve social issues in the wellness sector. For details on its activities, please refer to the "Tokyo Wellness Impact Fund 2024 Impact Report" published in May 2025. https://capitalmedicaventures.com/cms/wp-content/uploads/2025/05/TWIF2024.pdf

[About HICKY, Inc.] Established: 2022 Representative: Kentaro Hayashi, Representative Director Location: 7-3-1 Hongo, Bunkyo-ku, Tokyo Business Description: Development of stent-type devices for the treatment of central sleep apnea URL: https://www.hicky.jp/

[About Capital Medica Ventures, Inc.] Established: November 11, 2026 Representative: Takeshi Aoki, Representative Director Location: 19F Kasumigaseki Building, 3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo Business Description: Venture capital business Capital: 100 million yen URL: https://capitalmedicaventures.com/

A venture capital firm that practices impact investing in healthcare startups with the mission of "contributing to the resolution of social issues by becoming a seasoned partner to entrepreneurs." We believe that maximizing business profits requires the creation of outcomes (behavioral changes in customers and the benefits generated thereby), and we provide investment support to startups that prioritize the creation of such outcomes.