ONSOH Raises Convertible Bond Funding for Hot Spring Algae Feed

What RG92 does

RG92 is a functional material extracted from a proprietary strain of green microalgae that grows in the hot, mineral-rich environment of Beppu's springs. According to the company, it acts on gut health and innate immunity. ONSOH handles the whole chain itself: strain exploration and research, scaled-up cultivation, quality control and sales.

The material is being tested on cattle, pigs, chickens and fish at universities, research institutions and production sites. Targeted benefits include better weight gain and feed efficiency in cattle and pigs, better laying rates and egg quality in chickens, and faster growth and stress tolerance in fish. Example results include higher average body weight in cattle, fewer losses in pigs and a higher growth rate in flounder.

Why debt financing

Global population growth and more diverse diets are pushing livestock and fish farming to raise productivity, reduce environmental impact and manage animal health without relying on antibiotics, all at once.

Funds Startups argues that research-driven deep tech startups need time and capital to reach commercialization and mass production, and that relying on equity alone tends to dilute ownership and hurt capital efficiency. Its second fund is a debt fund supporting deep tech companies from early stage through growth, combining venture debt, bridge financing for subsidies and convertible bonds according to each stage.

ONSOH will use the funds to strengthen research and development and its sales organization, expand adoption in Japan and work with overseas partners.