LONDON Novaled GmbH has raised 15 million euro (about $17.7 million) in its second round of financing.
The investment was led by the venture branch of Credit Agricole Private Equity, Paris in a consortium that included Caisse des Depots et Consignations (CDC Entreprises Innovation), KfW Bankengruppe, eCapital New Technologies Fonds AG and a German private investor.
Current shareholders TechnoStart, TechFund Capital Europe, FCPI 123MultiNova and Dresden Fonds GmbH also contributed to the funding round.
Although OLEDs are already available Novaled claims to have technology that allows increase power efficiency. The company said it would use the money to commercialize its proprietary PIN OLED technology and material and to develop long-life power efficient OLEDs.
“Since our first investment in March 2003, the management team has done a great job in turning the company from a laboratory into a real leading-edge tech company,” said Jean-Michel Barbier, managing partner at TechFund Capital Europe, in a statement issued by Novaled (Dresden, Germany).
In the course of this capital increase the shareholders also agreed upon the conversion of Novaled GmbH into Novaled AG.