|Polyera Raises $24.5MM in Series C Funding|
April 5 – Polyera has secured $24.5MM in Series C funding in a round led by Chengwei Capital and Tsing Capital, and joined by all existing investors including Solvay, an international group active in chemistry.
The company plans to use the funds to accelerate development activities while making a major investment in its Asia-Pacific operations in preparation for market launch.
Polyera’s core technology enables the fabrication of semiconductor-based products on flexible substrates such as plastic. As a result, products such as flat panel displays or solar panels which were traditionally manufactured with glass can be made much lighter, thinner and more robust. Because Polyera’s semiconductor materials are truly flexible themselves, they enable the production of displays that can fold or roll-up, allowing for radically new product designs.
Display technologies from LCDs and OLEDs to touch panels have been fundamental in enabling post-PC devices such as smartphones and tablets. Product designs, however, continue to be greatly limited by compromises between display size and overall device size and weight. This limitation is becoming more relevant as users perform an increasingly broad range of tasks on post-PC devices. Flexible displays will not only greatly reduce the weight and thickness of devices, but will allow for the first time the production of small ultra-portable devices with displays that can fold or roll out as needed.
“Imagine being able to design smartphones that can keep their current weight and dimensions, but could incorporate displays which can expand into two or three times their original surface area,” said Philippe Inagaki, Founder and CEO of Polyera. “Or imagine having an ultra-light and thin, unbreakable display you could wear around your wrist while skiing or rock-climbing. Analysts are forecasting sales of over 600 million smartphones and 100 million tablets in 2012, but this is just the beginning of the post-PC era. Displays are really at the heart of post-PC devices, and flexible displays are going to fuel the revolution by redefining product design rules.”
“We are delighted to be in a position to support Polyera during its next stage of growth”, said Michael Li, Partner at Tsing Capital. “What impressed us about Polyera is the combination of the team’s depth of understanding in both technology innovation and manufacturing constraints. As a result, we believe Polyera has developed a technology platform which is both revolutionary and scalable, and will shape next-generation devices.”
Polyera is a leading supplier of high-performance functional materials for the electronics and opto-electronics industries. By combining world-class R&D with close customer relationships and top-tier technical support, Polyera is pioneering a new era in functional electronic and opto-electronic materials. For more information, visit www.polyera.com
About Chengwei Capital
Established in 1999, Chengwei Capital is one of the earliest independent venture capital funds in China. As an evergreen fund with permanent capital base, we aim for long-term value creation by investing in companies with the potential to generate sound returns on capital compounded over long duration. Since establishment, we have invested in more than thirty companies in various industry sectors such as technology, internet, manufacturing, consumer goods, education, biotechnology and energy.
About Tsing Capital
Established in 2001, Tsing Capital is the pioneering and leading cleantech venture capital firm in China. China Environment Fund, established and managed by Tsing Capital since 2002, is the first series of funds in China with a focus in cleantech and environment related investments. CEF invests in portfolio companies across China in areas of renewable energy, energy efficiency, environmental protection, new materials, sustainable transportation, smart grids, sustainable agriculture and cleaner production. Further information can be found at www.tsingcapital.com.
Solvay is an international chemical Group committed to sustainable development with a clear focus on innovation and operational excellence. Its recent acquisition of specialty chemicals company Rhodia created a much larger player, which is realizing over 90% of its sales in markets where it is among the top 3 global leaders. Solvay offers a broad range of products that contribute to improving the quality of life and the performance of its customers in markets such as consumer goods, construction, automotive, energy, water and environment, and electronics. The Group is headquartered in Brussels, employs about 29,000 people in 55 countries and generated EUR 12.7 billion in net sales in 2011 (pro forma). Solvay SA SOLB.BE) is listed on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB.BB - Reuters: SOLBt.BR).