Baltimore-based materials manufacturer Pixelligent Technologies closed a $7.6 million investment round, the company announced Wednesday.
The company plans to use the funding to drive product commercialization and grow worldwide.
Pixelligent uses nanomaterials to develop dispersion technology for high definition displays and lighting, along with optical coatings and films.
The Abell Foundation led the round with strategic investments from Tokyo Ohka Kogyo Co. and Kateeva Inc., two companies considered industry leaders. TCP Venture Capital’s Propel I and Propel II venture funds also participated.
“The partnership with TOK will provide Pixelligent access to TOK’s vast and highly respected formulation expertise, helping us to accelerate product development and customer adoptions on a global basis,” Craig Bandes, Pixelligent’s president and CEO, said in a statement. “As our leading display customers are also requesting that our materials are compatible with inkjet manufacturing equipment, the partnership with Kateeva is a critical step in accessing the expertise and knowledge required to meet this requirement.”
Tokyo Ohka Kogyo Co. is a Japanese advanced materials manufacturer. Kateeva provides inkjet deposition equipment used in OLED and HD displays. Those are two markets Pixelligent has grown its product development efforts in over the past year, in addition to augmented reality, virtual reality and solid state lighting.
Their investment is a sign that Pixelligent is on the right track, Bandes said.
“Both of these companies are industry leaders in markets that are critically important to Pixelligent,” he said. “Having companies of this caliber invest in, and partner with Pixelligent is a great validation of value we have created and the value we are delivering.”