LONDON – Organic light emitting diode (OLED) materials specialist Novaled AG has said it has received an undisclosed amount of financial backing from Samsung Ventures Investment Corp.
Novaled (Dresden, Germany) has been operational since 2003 and has developed OLED materials for display and lighting applications. The firm's PIN OLED and other technologies are based on more than 400 patents granted or pending, which provide Novaled with a strong intellectual property position in the OLED field. PIN OLED aims at reducing the energy consumption while offering longer lifetimes compared with other companies' products.
The company announced it had raised 8.5 million euros (about $11.5 million) in January 2009. Participants in the round included: eCapital, Technostart KfW and Tudag, all from Germany, and Credit Agricole Private Equity, TechFund and CDC Innovation from France. Prior to that Novaled raised 15 million euro (about $20 million) in December 2005. The total amount of money raised by Novaled since 2003 is more than 29 million euro (about $40 million).
"Our investment in Novaled is consistent with our strategy to work closely with established market leaders," said Michael Pachos, senior investment manager at Samsung Ventures, in a statement issued by Novaled. "Novaled is a technology leader and has built a significant business in the OLED space. The company has demonstrated both a technical and business vision in driving adoption of OLED displays and lighting and we look forward to contributing to the progress of Novaled."
"Samsung's shareholding will reinforce our leading position and help serve all our customers better," said Gildas Sorin, Novaled CEO, in the same statement.
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