Pixelligent Technologies, a Baltimore-based advanced materials manufacturer, announced Wednesday that it has raised another $7.6 million to fund the continuing commercialization of its products globally.
The company makes nanocrystals — specks of zirconia a fraction of the width of a strand of hair — that can be added to polymers and coatings to make specialty glues more adhesive and improve refraction in LED lights.
Led by The Abell Foundation, Pixelligent's latest funding round and included investments from two new strategic partners: Tokyo Ohka Kogyo Co. LTD, a Japanese advanced materials maker known as TOK; and Kateeva Inc., a California firm that develops inkjet equipment for the growing organic light-emitting diode, or OLED, and high-definition display markets.
The investments will let the firms share technology.
"The partnership with TOK will provide Pixelligent access to TOK's vast and highly respected formulation expertise, helping us to accelerate product development and customer adoptions on a global basis," Craig Bandes, Pixelligent's president and CEO, said in a statement. "As our leading display customers are also requesting that our materials are compatible with inkjet manufacturing equipment, the partnership with Kateeva is a critical step in accessing the expertise and knowledge required to meet this requirement."
The funding round also included investments from TCP Venture Capital, an early-stage, Baltimore-based venture capital firm whose Propel I and Propel II venture funds participated.
It brings Pixelligent's total fund raising to over $40 million, including a $10.4 million round in 2016.
Alain Harrus, chairman and and CEO of Kateeva, the Silicon Valley company involved in the latest funding round, joined Pixelligent's board in November. Kateeva has been working with Pixelligent for 18 months to incorporate its nanocrystals into Kateeva's OLED display technology, Harrus said.