Led by Cycle Capital, round includes strategic investor TDK Ventures, and Vitro
WATERLOO, Ontario, April 18, 2022 (GLOBE NEWSWIRE) -- VueReal, a leader in micro printing technology, announced today the closing of a 14.4 million USD oversubscribed Series B round of financing led by Cycle Capital. The funding will enable VueReal to expand its customer base, scale up its team and enhance its current facility.
Cycle Capital, an impact investor and leading cleantech venture capital investment platform, is joined by strategic investors TDK, world leader in electronic solutions for the smart society, and Vitro, the leader in NA glass manufacturing. Investment partners in the round also include Economic Development Canada and BDC Capital's Cleantech Practice. The syndicate of investors join existing investors Samsung Ventures, LG Electronics Inc. and Veeco Instruments Inc.
The new round of funding will accelerate the commercialization of VueReal's energy efficient micro printing platform and offer customers a broader range of custom display products with comprehensive use cases for AR, smartwatches, smartphones, automotive, signage and transparent displays.
"VueReal's transfer technology platform is a key enabler for the adoption of next generation MicroLED displays. It is powering a new wave of displays for everyday consumer products that offer better performance while reducing their energy consumption profile. We look forward to supporting the team along their journey and collaborate with great investors including TDK, Vitro, BDC and EDC along the way" - Andrée-Lise Méthot, Founder & Managing Partner at Cycle Capital.
"With our innovative technology and accelerating commercial traction, VueReal is set for rapid growth. In addition to the funding, this Series B Round brings significant strategic partnerships and experience to VueReal which is crucial for the next stage of growth of the company." - Reza Chaji, CEO of VueReal.
"MicroLEDs' superior performance and low energy consumption is the holy grail of the display industry. However, its challenging assembly process has been the main limiting factor for many years. VueReal's microprinting solution is a real game changer and we are very excited to back the team to take the microLED industry to the next level." - Tina Tosukhowong, Investment Director at TDK Ventures.
"This new Vitro-VueReal partnership will allow us to tap into new functionalities with devices integrated with our residential, architectural, and automotive glass. This is a new platform that includes display products and sensors that can augment human interaction with our glass products. This completely enhanced experience will create value for consumers that interact with our glass through touch, visualization, security, and protection from digitally enhanced glass products." - Martin Bracamonte, VP Marketing & Innovation at Vitro Architectural.
"Micro-LED represents an important step in the evolution of display technology given its lower energy consumption and next generation applications. We believe VueReal's technology is poised to take micro-LED to a whole new commercial scale and are pleased to support the company with other like-minded partners to help them unlock their full potential." - Jahangir Bhatti, Director, BDC Capital's Cleantech Practice.
VueReal's proprietary technology unlocks the potential of MicroLED displays by offering a scalable solution that achieves significantly increased yield and throughput. Until now, the MicroLED display market has been limited to either small or expensive large displays, and in AR applications, the displays have been limited to monochrome or low pixel resolution. VueReal's microprinting platform can extend the use of MicroLED displays to wider applications by improving the cost, performance and production throughput.
"VueReal's technology enables a wide range of applications from compact microdisplays, to cost-competitive high-volume consumer displays, to fully customized displays. VueReal's microprinting solution has been validated by several major companies - including leaders in automotive and consumer electronics as well as major equipment vendors." - Reza Chaji, CEO of VueReal.
VueReal is engineering the next electronics revolution by developing and commercializing technology platforms that enable efficient, practical, and scalable production and integration of micro-and nano-devices. VueReal's solutions promise to turn the potential of micro-LED technology into reality by enabling the true-life displays needed by the next generation of smartphones, TVs, laptops, virtual/augmented reality systems, heads-up displays, instruments panels, infotainment systems, and wearables.
About Cycle Capital
Cycle Capital is an impact investor and a leading private cleantech venture capital investment platform with $ 0.6 billion under management. With offices in Montreal, Toronto and Qingdao, mainland China, and a presence in New York and Seattle, Cycle Capital invests across North America and China in growing and commercializing companies that have developed technologies aimed at reducing greenhouse gas emissions and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator and Canadian co-chair of the Beyond the Billion initiative - an international campaign to mobilize a consortium of investors who support female founders.
About TDK Ventures
TDK Ventures Inc. invests in startups to bolster innovation in materials science, energy/power and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly-owned subsidiary of TDK Corporation, the corporate venture company's vision is to propel the digital and energy transformations of segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates. Interested startups or investment partners may contact TDK Ventures: www.tdk-ventures.com or email@example.com.
Vitro is a leading glass manufacturer in North America and one of the world's major companies in its industry, backed by more than 100 years of experience. Founded in 1909 in Monterrey, Mexico, the Company has subsidiaries around the globe, offering quality products and reliable services to meet the needs of two businesses: flat glass and glass containers. Companies of Vitro produce, process, distribute, and market a wide range of glass articles, which are part of the daily life of millions of people. Vitro offers solutions for multiple markets, including architectural and automotive as well as cosmetic, pharmaceutical and toiletries. The Company is also a supplier of chemical products and raw material, machinery, molds and equipment for industrial use. As a socially responsible organization, Vitro works on several initiatives aligned to its Sustainability Model, aiming to create a positive influence in the economic, social, and environmental aspects relevant to its stakeholders, in a responsible corporate management framework. For more information, visit: http://www.vitro.com
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
VueReal facility is capable of fabrication microLED and print them into substrate for making display products.
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