On December 28, 2022, Algal Bio Co., Ltd. closed the transaction. The company received ¥940 million total gross proceeds in the transaction. The company received ¥350 million in its second and final tranche closing.

The transaction included participation from returning investors Innovation Kyoto 2016 Fund, a fund managed by Kyoto University Innovation Capital Co., Ltd., Abies Ventures Fund I, L.P., a fund managed by Abies Ventures Inc., new investors ITOCHU Corporation, Nippon Sanso Holdings Corporation, Kiraboshi Capital Yume Habataki No.1 Fund, a fund managed by Kiraboshi Capital Corporation, and Tsukuba Exceed Fund, a fund managed by Joyo Capital Partners Co., Ltd., and The Joyo Industrial Research Institute, Ltd., Investment Arm.