<DOCUMENT>
<TYPE>TEXT-EXTRACT
<SEQUENCE>2
<FILENAME>filename2.txt
<TEXT>
                                                            November 12, 2024

Hiroshi Furukawa
Chief Executive Officer
PicoCELA Inc.
2-34-5 Ningyocho, SANOS Building, Nihonbashi
Chuo-ku, Tokyo 103-0013 Japan

       Re: PicoCELA Inc.
           Registration Statement on Form F-1
           Filed on October 31, 2024
           File No. 333-282931
Dear Hiroshi Furukawa:

     We have reviewed your amended registration statement and have the
following
comment(s).

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our October 3,
2024 letter.

Registration Statement on Form F-1 filed October 31, 2024
General

1.     We note you are registering shares for both a primary and a secondary
resale offering.
       Please revise both prospectuses to address the following:
           Briefly describe the resale offering, including the number of
Shareholder ADSs,
           on the cover page of the primary prospectus;
           Include an explanatory note following the prospectus cover that
describes both
           offerings, including any differences in timing and pricing;
           Revise page 8 of the summary, which currently describes only the
primary
           offering, to also describe the resale offering and number of
Shareholder ADSs;
           Include the Shareholder ADSs in the number of ADSs to be outstanding
following
 November 12, 2024
Page 2

           the offering, or advise as to why you believe it is appropriate to
exclude these;
             Revise page alt-1 to refer to ADSs, rather than Common Shares or
Resale Shares,
           as the securities being offered, or advise; and
             Revise disclosure on page alt-3 that (emphasis added), "The
Selling Shareholders
           will not offer for sale the Shareholder ADSs covered by the Resale
Prospectus at
           the initial public offering price of the Public Offering ADSs until
such time as the
           ADSs are listed on Nasdaq," for consistency with cover page
disclosure indicating
           the Shareholder ADSs will be offered at the fixed initial public
offering price until
           listing.
Risk Factors
We are dependent on patents licensed from Kyushu University, page 19

2.     We note your revisions in response to our prior comment 10. Please
further revise
       your disclosure to specifically address the material risks if your
license agreement
       with Kyushu University is not renewed past its current expiration date
of March 31,
       2025. Discuss the potential impact on your operations and financial
condition and
       results of operations in the event of non-renewal. Additionally
disclose, here or
       elsewhere as appropriate, whether you have received a termination notice
pursuant to
       Article 19 of the license and, if not, whether the current expiration
date will be
       extended by three years to March 31, 2028, subject to other termination
provisions.
Capitalization, page 34

3.     The total number of Common Shares issued and outstanding on an as
adjusted basis of
       22,933,860 shares presented in the capitalization table, appears to
exclude the
       2,000,000 shares expected to be issued in this offering. Please revise
accordingly.
Related Party Transactions, page 78

4.     We note your response to our prior comment 11 and reissue. Please update
this
       section to additionally reflect information as of the date of the
document. Refer
       to Item 4(a) of Form F-1 and Item 7.B of Form 20-F.
Shares Eligible for Future Sale, page 99

5.     We note disclosure that each of your 1% shareholders has agreed to enter
into a lock-
       up agreement, which appears inconsistent with disclosure elsewhere
indicating that
       Spirit Advisors has been granted a warrant to purchase 3% of your
shares, which are
       not subject to lock up; please revise to reconcile. We further note
disclosure that, "We
       are not aware of any plans by any significant shareholders to dispose of
significant
       numbers of our Common Shares or the ADSs." Please revise as appropriate
to reflect
       the resale offering of Shareholder ADSs.
 November 12, 2024
Page 3

        Please contact Eiko Yaoita Pyles at 202-551-3587 or Kevin Stertzel at
202-551-3723
if you have questions regarding comments on the financial statements and
related
matters. Please contact Bradley Ecker at 202-551-4985 or Jennifer Angelini at
202-551-3047
with any other questions.



                                                          Sincerely,

                                                          Division of
Corporation Finance
                                                          Office of
Manufacturing
</TEXT>
</DOCUMENT>
