Pixelligent Technologies, producer of PixClear, nanocrystal dispersions for demanding applications in the Solid State Lighting and Optical Coatings & Films markets, announced today that it closed $5.5 million in new equity funding. The funds will be used to support its accelerating customer growth in Asia, the EU and the U.S., and also to hire application engineers, product managers, manufacturing engineers, and staff scientists.
“During the past 12 months Pixelligent has seen a tremendous increase in demand for its nanocrystal dispersions, predominantly driven by the leading LED package manufacturers and the emerging OLED panel makers. Pixelligent’s high-index and transparent nanocrystals are becoming increasingly important in delivering more lumens per watt while also delivering cost efficiencies. This demand is coming from LED and OLED customers around the globe with the fastest growth being realized in Asia,” commented Craig Bandes, President & CEO, Pixelligent Technologies.
To support the growth coming out of the Asian market, Pixelligent appointed distributors and agents throughout Asia in 2014 and expects to do the same in the EU in 2015. Part of the proceeds from this round are being used to support the global expansion of Pixelligent’s marketing and distribution footprint.
This round included support from both a number of new family offices and existing investors. To date, Pixelligent has raised more than $23.0M in equity funding and has been awarded more than $10.0M in U.S. government grant programs.