Sunday, 22 Sep 2019

Smartkem secures additional investment

The investment will escalate the company's continued growth in Asia

20 Dec 2016 | Editor

Smartkem has announced that they raised a further £3 million of funding from the company's existing investment syndicate members, including BASF Venture Capital, Octopus Ventures and Entrepreneurs Fund. The funding represents a further expression of confidence in SmartKem's operations from the investors that have supported the company for over two years.

The additional investment reinforces the syndicate's commitment to SmartKem. The investment also follows a recent €1.8 million EU grant awarded to SmartKem to support the commercialisation of the company's technology platform, specifically with display makers in Asia.

The investment will escalate the company's continued growth in Asia, where the SmartKem technology platform is currently under adoption by key manufacturers in the display industry for the manufacture of a new generation of lightweight and flexible OLED displays.

SmartKem delivers semiconductor materials and technology for the solution-coat manufacture of thin film transistors (TFTs) at low temperatures on glass, and importantly, plastic substrates. These bendable and ultra-flexible transistor arrays are a key enabler for the production of the latest generation of flexible OLED displays.

The core technology aims to meet industry demand for a low temperature production method for lightweight, ultra-flexible and low power thin-film transistors as an enabling route to the mass manufacture of flexible OLED displays.

The innovative truFLEX semiconductor technology platform is enabling the manufacture of a new generation of differentiated mobile, wearable, embedded and large area display solutions.

SmartKem has a number of joint industrialisation projects underway with key Asian display manufacturers today. The company has a growing patent portfolio.

Steve Kelly, CEO of SmartKem, said, "We are delighted to receive this funding boost, which will support the commercialisation of SmartKem's technology platform with our strategic partners in Asia." Steve added, "As the leading developer of organic semiconductor materials and technology for flexible OLED, SmartKem is committed to being at the forefront of innovation within the display industry. This investment will add momentum to our existing scale-up activity and help to forge further commercial partnerships." Steve, concluded by saying, "Prior funding enabled us to capitialise on the strong traction with display manufacturers wanting to adopt our semiconductor technology platform. We have since made real progress in the transfer of our technology over to Asia and this recent funding will support the move from pre-production to scaled-up production."
Simon King of Octopus Ventures said, "Our syndicate is delighted to provide this third stage of investment, having been impressed by SmartKem's swift progress over the past two years. SmartKem has an IP leadership position in an exciting marketplace and we are pleased to be able to demonstrate our continued faith in the team and its technology with these funds."


About SmartKem

SmartKem, headquartered in St Asaph, North Wales, opened its large scale laboratory facilities in 2011at Hexagon Tower, in Manchester, the UK’s only vertical science park. The company recently expanded at the site to occupy 8,000 sq. ft. to accommodate its growing team, which now stands at over 35 employees.

SmartKem's organic semiconductor platform offers world leading electronic performance combined with physical ultra-flexibility – but unlike traditional inorganic materials it does not require a vacuum and is processed at room temperature using standard solution coating equipment. This offers OEMs a high performance, unbreakable TFT platform for the production of flexible displays, sensors and logic circuits, all produced on low cost plastic substrates, for the first time.

Source: SmartKem

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