TORONTO, Oct. 26, 2022 (GLOBE NEWSWIRE) -- OTI Lumionics, a leader in the development of production-ready advanced materials for consumer electronics, today announces an oversubscribed $55 million USD Series B financing from LG Technology Ventures, Samsung Venture Investment Corporation, UDC Ventures, Anzu Partners and The Family Office of Lee Lau. The new funding will accelerate the adoption of OTI’s display materials by multiple leading display manufacturers that supply all major smartphone, tablet, laptop, AR/VR headset and TV brands.
“Eliminating notches and cut-outs to maximize screen real estate is a major driver for next-generation device designs from multiple leading brands. Under display cameras and sensors are essential to realizing this design goal, but it is currently incredibly challenging to mass produce these types of displays without trading off performance. Our unique CPM™ display materials were designed to solve these specific challenges and have recently been customer qualified for mass production of next-generation smartphone displays,” said Michael Helander, President and CEO of OTI Lumionics.
“OTI has emerged as a key enabler of new materials that complement the OLED stack and are expected to enhance the ecosystem. We are excited to join the team as an investor in this round and look forward to broadening our dialogue,” said Josh Epstein, Managing Partner of UDC Ventures.
The company’s display materials were designed using a proprietary quantum and AI-driven computational platform that incorporates closed-loop feedback from in-house automated pilot production testing and application engineering. The end-to-end product development capabilities of OTI allow new materials to be designed to fit existing production processes rather than having customers significantly alter their production processes and equipment to fit a new set of materials.
“As a global leader in consumer electronics, we are always interested in the latest advancements in electronic materials,” said Robert McIntyre, Managing Director of LG Technology Ventures. “OTI’s integrated approach to materials discovery is well aligned with the needs of the electronics industry in terms of delivering mass-production ready solutions. We look forward to our continued work with OTI to help commercialize its technology in multiple consumer device applications and expanding the use of their development platform to new markets.”
“We are already working with customers and partners on tackling other high value problems in electronics manufacturing and beyond using our quantum-enabled platform,” continued Helander. “Successful customer mass production testing of our first commercial product in display, combined with the support of multiple top tier strategic investors, is great validation of the value of our platform.”
For more information, visit otilumionics.com.
About OTI Lumionics
OTI Lumionics develops production-ready advanced materials for best-in-class consumer electronics. OTI is the first to develop quantum computing methods for industrially relevant materials design and apply them to commercial problems. OTI is currently delivering key enabling materials for OLED displays developed using its platform to leading display manufacturers for use in next-generation consumer electronics and automotive.
About LG Technology Ventures
Founded in 2018, LG Technology Ventures is the corporate venture capital investment arm of the LG Corporation. Managing over $400 million of fund assets, we invest in start-ups focused on artificial intelligence, mobility, advanced materials, life-sciences, next generation display, mobile, and 5G technologies.
About Samsung Venture Investment Corporation
Samsung Venture Investment Corporation was established to promote promising small and medium-sized companies engaging in the development of new technologies. Our collaboration is based on managerial know-how and trust, and actively investing in future-oriented businesses based on new and innovative technologies that are expected serve as new growth engines.
About UDC Ventures
UDC Ventures was launched in 2019 as the corporate venture arm of Universal Display Corporation (Nasdaq: OLED). UDC Ventures seeks to be an impactful strategic investor and to partner with entrepreneurs, disruptive start-ups and innovative, emerging companies in fields related to our strategic focus areas and strongest core competencies.
Media Contact
Erica Torres
Uproar PR for OTI Lumionics
etorres@uproarpr.com
+1 (321) 236-0102
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