LONDON – Polyera Corp. (Skokie, Illinois), a 2005 startup that supplies organic semiconductor, dielectric, and interfacial materials for the flexible and printed electronics industry, has raised $24.5 million in Series C funding.
The round was led by Chengwei Capital and Tsing Capital, and joined by all existing investors including Solvay SA (Brussels, Belgium), an international chemicals company.
Polyera said it plans to use the money to accelerate development activities while making a major investment in its Asia-Pacific operations in preparation for market launch.
Polyera's technology enables the fabrication of semiconductor-based products on flexible substrates such as plastic. As a result, products such as flat panel displays or solar panels which were traditionally manufactured with glass can be made lighter, thinner and flexible. They specifically enable the production of displays that can fold or roll-up.
"We are delighted to be in a position to support Polyera during its next stage of growth," said Michael Li, partner at Tsing Capital. "What impressed us about Polyera is the combination of the team’s depth of understanding in both technology innovation and manufacturing constraints. As a result, we believe Polyera has developed a technology platform which is both revolutionary and scalable, and will shape next-generation devices."
Established in 1999, Chengwei Capital Ltd. (Shanghai, China) is one of the earliest independent venture capital funds in China. Established in 2001, Tsing Capital (Beijing, China) is a pioneering cleantech venture capital firm in China.
Related links and articles:
www.polyera.com
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