Japan's Kyulux raises $34m extended Series B
Japan-based Kyulux, which develops advanced lighting technology used in digital screens, has raised JPY3.6 billion ($34.3 million) from a group of VCs and strategic investors.
The investment has been announced as an extension of a JPY3.5 billion Series B round in 2019 that featured US-based WRVI Capital.
Participants in the latest tranche have not been named, although Zou Jun, investment director of Shanghai Pudong Science & Technology Investment, has now joined the Kyulux board as an outside director. Japan’s NCB Venture Capital confirmed an investment of undisclosed size in Kyulux last year.
In 2016, Samsung Venture Investment led a JPY1.5 billion Series A with support from Real Tech Fund, QB Capital, Nippon Venture Capital, DBJ Capital, Mitsui Sumitomo Insurance Venture Capital, and SMBC Venture Capital. Strategic backers include Samsung Display, Japan Display, LG Display, JOLED, and the Japan Science & Technology Agency.
Kyulux specializes in organic light-emitting diode (OLED) lights. These are said to be more environmentally safe and cheaper to produce than traditional display technologies, which depend on the use of rare metals.
VC interest in OLED technology has focused on upstream equipment and materials, with strategic giants such as Samsung and LG already occupying dominant positions in downstream devices. Investment has been tempered, however, by a notable lack of intellectual property (IP) development among downstream start-ups.
Kyulux’s IP includes Hyperfluorescence, a branded product that began commercial shipments last year. The company acquired an OLED-related patent portfolio from Kyushu University at the time of its Series A.
The new capital will be used for product and IP development in the smart phone segment, which is seen as the largest market for OLEDs. There will also be a sales push and a reworking of Kyulux ‘s governance system to facilitate global growth.
“Kyulux is now launching an updated and accelerated product development project, and the company will also accelerate its business development activities, working with customers to bring our materials to market as quickly as possible,” Noboyuki Nakano, Kyulux’s CEO, said in a statement.
“In parallel to these R&D activities and business collaborations, Kyulux will continue to build a mass-production system for our current and future materials.”
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