SBG Labs Inc. closed the transaction. The company has issued 31,903,258 series B convertible preferred shares at a price of $0.7555 per share for gross proceeds $24,102,911.419 on January 19, 2017. The preferred shares carry non-cumulative dividend at rate of $0.06044 per annum and will be convertible in common shares at a fixed conversion price of $0.7555 per share.

The preferred shares are non-redeemable and participating. The transaction was raised at a post-money valuation of $52,749,880. The round was led by existing investor Alsop Louie Partners.

The transaction involved participation from Sony Corporation (TSE:6758), Bold Capital, Foxconn Technology Co., Ltd., Nautilus Ventures LLC, Dolby Family Ventures, a fund managed by Dolby Family Ventures, existing investor Panasonic Corporation, new investor Continental Aktiengesellschaft (DB:CON), and other investors. The company has raised $35 million in funding till date.