PRESS RELEASE - March 4th, 2021
MICLEDI Microdisplays raises EUR 7M from FPIM and KBC Focus Fund to accelerate the commercialisation of microLED displays for Augmented Reality
LEUVEN (Belgium), March 4th, 2021 — MICLEDI Microdisplays announced today that it has raised a EUR 7M capital round from the Belgian investors FPIM and KBC Focus Fund.
MICLEDI Microdisplays is a technology leader in the field of microLED display technology for Augmented Reality headsets. The company was spun-out of imec, a world-leading research and innovation hub in nanoelectronics and digital technologies, in 2019 in collaboration with imec.xpand. The new funding will enable the company to transition from the pilot line technology development to product design and subsequently to the manufacturing phase. More specifically, this will include:
- Demonstration of native RGB microLED displays based on MICLEDI’s proprietary reconstitution approach for defect-free, foundry compatible III-V semiconductors on 300mm wafers;
- Preparation of the technology IP for foundry transfer and manufacturing;
- Launch of the product development phase (incl. system level ASIC work with Augmented Reality companies, and qualification/test activities).
In addition, the company is extending its supply chain engagements, and strengthening the team with more product development expertise.
“The MICLEDI team is very excited to welcome FPIM and KBC Focus Fund as new investors. We laid the foundation for this important milestone in 2020 thanks to the vision of our team, imec’s technology and the trust, guidance and support of our seed investors imec.xpand, PMV, and Fidimec. This new investment will allow us to accelerate towards future microLED displays that will enable the much-anticipated and exciting era of consumer Augmented Reality” - says Sean Lord, CEO of MICLEDI Microdisplays.
“FPIM is proud to participate to MICLEDI’s ambitious yet realistic dream to develop in Belgium super-bright micro displays for next generation Augmented Reality (AR) glasses based on innovative and advanced technology (collaboration with IMEC) and that will impact the everyday use of AR“ - adds Koen Van Loo, CEO of FPIM.
“MICLEDI really ticks lots of the boxes and is 100% in the domain our fund focuses on. Its world class experts and management team make it one of the few places in the world where this complex Microled technology can be developed. We are happy to assist the Micledi team in their journey towards a world class company in the Augmented Reality domain“ - says Koen Schrever of KBC Focus Fund.
- MICLEDI Microdisplays is a fabless developer of microLED displays for the Augmented Reality (AR) market. Our technology is based on an innovative combination of III/V materials processing, 3D integration and 300mm Si based processing combined with a proprietary ASIC to provide a self-contained, compact monolithic AR display with high image quality and power efficiency. Part of the process technology and prototyping is currently being developed in collaboration with IMEC and will be transferred to an industrial foundry partner for mass production.
- FPIM (SFPI-FPIM) is the sovereign wealth fund of Belgium, driving long-term and sustainable economic and social prosperity. SFPI-FPIM acts as a trusted partner in helping Belgian companies to become a reference in their industry by providing smart capital solutions. In addition, SFPI-FPIM safeguards the long-term stability of the Belgian economy by contributing to the anchoring of strategic assets in both promising and established companies. SFPI-FPIM has about EUR 14 billion in assets under management for the Federal State.
- KBC Focus Fund is a €50 million venture capital fund that invests in advanced technologies with a particular emphasis on semiconductor, nanotechnology and IoT. It focuses on Western-Europe where well-known expertise centers are located. KBC Focus Fund leverages on the network and expertise of KBC Group. It is managed by KBC Securities, which has a solid knowledge of the tech ecosystem in Belgium and beyond with experienced teams in M&A, Corporate Finance, and Research & Sales. As part of the KBC Group, the KBC Focus Fund aims to be long-term partners for entrepreneurs.