Pixelligent Technologies has announced that it closed US$10.4 million in new funding. The round was led by The Abell Foundation, The Bunting Family Office, and David Testa, the former Chief Investment Officer of T. Rowe Price.
Funds will be used to complete the installation of additional manufacturing capacity, open new offices in Asia, and continue to drive innovation in lighting, display and optical applications.
To date Pixelligent has raised over US$36.0M in equity funding and has been awarded more than US$12M in U.S. government grant programs to support the development of its proprietary PixClear products and PixClearProcess.
The Pixelligent nanotechnology platform includes proprietary nanocrystal synthesis, capping technology, high-volume manufacturing and application engineering that supports ink jet, slot die, UV curing, spray coating, and numerous other manufacturing processes.
Craig Bandes, President & CEO of Pixelligent Technologies, said, "We have clearly established Pixelligent as the leading high-index materials manufacturer for demanding solid state lighting and OLED display applications throughout the world. Pixelligent is partnering with leading advanced materials suppliers to deliver breakthrough performance that currently spans applications in 12 discrete markets including: lighting, displays, printed and flexible electronics, AR/VR, optically clear adhesives, MEMS, gradient index lenses, and others with a combined total over $9B in market opportunities. We have numerous commercial applications currently in the market and expect additional product introductions before the end of 2016."
Eileen O’Rourke, CFO of The Abell Foundation, said, "We started our partnership with Pixelligent in 2011 when the company relocated to Baltimore City and have seen the company achieve all of their critical technology and manufacturing milestones, while establishing a global brand and presence. Our investment objective is to support leading edge companies that deliver breakthrough technology and products and create jobs in our local community. Pixelligent is at the forefront in delivering on the promise of the nanotechnology revolution. We are proud of what the team at Pixelligent has accomplished to date and we look forward to their continued growth and success."