SmartKem has received further investment to support its scale-up plans.
An additional £3m of funding has been secured from SmartKem'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 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.
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. 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. 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."
The additional investment reinforces the syndicate's commitment to SmartKem. The investment also follows a recent €1.8million EU grant awarded to SmartKem to support the commercialisation of the company's technology platform, specifically with display makers in Asia.
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."
SmartKem delivers world-class 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. SmartKem has a world-class patent portfolio and a number of joint industrialisation projects underway with key Asian display manufacturers today.
The innovative truFLEX® semiconductor technology platform is enabling the manufacture of a new generation of differentiated mobile, wearable, embedded and large area display solutions. The core technology offering ultimately responds to 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.
Source and top image: SmartKem