Innovator SmartKem in new funding round
HIGH-tech innovator SmartKem, which has developed organic semiconductor materials for flexible displays and electronics, has completed a fresh round of funding.
The company, which is based in St Asaph, North Wales, but also has a site at the Manchester Technology Centre at Blackley, has raised €3m (£2.4m) from an investment syndicate comprising BASF Venture Capital, Octopus Investments and Entrepreneurs Fund, plus further investment from Finance Wales, the company’s principal shareholder, which has already provided £3m.
The cash will be used to further develop the leading scientific foundation of the SmartKem tru-FLEXTM organic semiconductor material range, and accelerate the technology towards full commercialisation.
tru-FLEXTM has been developed to allow display and electronics manufacturers to obtain industry grade thin-film-transistor performance which enabling bendable and foldable mobile devices such as smartphones and tablets as well as wearable display based applications such as smartwatches.
SmartKem chief executive Steve Kelly said: “With the current traction in the markets for new form factor mobile displays and wearable technology, the timing of the latest round of investment is ideal. We have a number of high value joint development agreements (JDA’s) that require support to ensure the commercialisation of our revolutionary semiconductors.
“With the market for printed, flexible and organic electronics set to grow to around $77bn by 2023, we are now well positioned to fully commercialise tru-FLEXTM and to satisfy the growing market.”
