News Article
OLED display company closes $7 Million funding
OLED-T announced that it has raised $7 million venture capital funding led by E-Synergy. Aberdeen Asset Management, Foresight Venture Partners and Gartmore Investment Management have also invested as part of the funding round.
OLED-T has been formed from the assets of ELAM-T. The change of name reflects the focus on the development and commercialisation of OLED technology.OLED-T will use the new investment to fund a new research and development (R&D) facility in the UK and to bolster its executive management team. OLED-T develops, manufactures and licenses high efficiency, long lifetime materials known as ELAMATES for OLED displays. OLED-T has over 60 patents in the area of OLED materials and device structures. It sells its materials directly to OLED display manufacturers primarily in Asia.The $7 million investment will enable OLED-T to expand is existing UK research and development (R&D) operation by opening a new custom-built chemistry facility to enable it to scale up its material production. OLED-T will also use the investment to make a number of senior executive appointments. Former-Hitachi European General Manager, Myrddin Jones has been appointed as CEO and other senior appointments are planned."OLED-T is positioned to capitalise on the fast growing OLED market. It has developed a portfolio of world class materials. This investment will enable the company to develop the senior management team and scale up our manufacturing capabilities," said John White, Director, E-Synergy and Chairman, OLED-T.DisplaySearch reported that the OLED industry reached revenues of over $500 million in 2005 and forecast revenues of more than $4.6 billion in 2010.
