China's Chengwei, Tsing back US materials company
Polyera, a US-based supplier of functional materials for the electronics and opto-electronics industries, has secured $24.5 million in Series C funding from investors including Chengwei Capital and Tsing Capital.
The latest round was joined by all existing investors including Solvay, an international chemical group committed to sustainable development. Polyera plans to use the capital to accelerate development activities, as well as making a major investment in its Asia-Pacific operations in preparation for market launch.
"What impressed us about Polyera is the combination of the team's depth of understanding in both technology innovation and manufacturing constraints," Michael Li, partner at Tsing Capital, said in a statement. "As a result, we believe Polyera has developed a technology platform which is both revolutionary and scalable, and will shape next-generation devices."
Polyera's technology enables the fabrication of semiconductor-based products on flexible substrates such as plastic. As a result, flat panel displays and solar panels, which have traditionally been manufactured with glass, can become lighter, thinner and more flexible. This allows the production of displays that can fold or roll-up.
Philippe Inagaki, founder and CEO of Polyera added that while analysts forecast sales of over 600 million smart phones and 100 million tablets in 2012, he believes flexible displays are going to fuel the revolution by redefining product design rules.
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