GROOVE X, Inc. announced that it has entered into investment agreement for a private placement of common shares for gross proceeds of JPY 4.35 billion led by new investor, Innovation Network Corporation of Japan and returning investor, Mirai Creation Fund, a fund managed by SPARX Group Co., Ltd (JASDAQ:8739) on November 29. 2017. The transaction will include participation from new investors, Shenzhen Capital Group Co., Ltd., SMBC Venture Capital Co., Ltd., Line Ventures Co., Ltd., and returning investors, Global Catalyst Partners Japan Fund, a fund managed by Global Catalyst Venture Management Japan, OSG Corporation (TSE:6136), Dai-ichi Seiko Co., Ltd. (TSE:6640) and AmTRAN Technology Co.,Ltd (TSEC:2489).

Innovation Network Corporation of Japan and SPARX Group Co., Ltd (JASDAQ:8739) will invest JPY 1.4 billion each respectively. The transaction is expected to close on December 18, 2017.