Chemical manufacturer, Pixelligent Technologies LLC recently announced that it had raised $38 million in non-dilutive growth capital supported by its intellectual property portfolio.
Apparently, private equity firm, MVolution Partners LLC provided the capital, and financial services company, Aon facilitated the funding.
With this additional growth capital, the total funding raised by Pixelligent till today comes to over $45 million, along with the equity capital from its financial and strategic shareholders.
The company plans to use this additional funding to hasten and expand commercial activities in its target markets in collaboration with leading consumer electronics companies. It will leverage its proprietary PixClearProcess™ platform to build new synthetic metal oxides and applications.
Commenting on the new funding, CEO, Craig Bandes stated that by leveraging Pixelligent’s best-in-class manufacturing platform, around 90 patents, and dozens of trade secrets, the firm raised attractive debt financing at a crucial moment in Pixelligent’s growth trajectory.
Craig highlighted that MVP and Aon were able to quickly grasp the significance of Pixelligent’s proprietary assets and were great to work with throughout the process.
Craig also noted that this funding will further help in assisting the customers as the firm plans to offer multiple mass-production applications to the market in 2023 and beyond.
Mike Weinmann, Founding Partner, MVolution Partners, added that the firm is keen on supporting Pixelligent’s next phase of value creation with its growth capital solutions.
Mike further stated that MVP is dedicated to assisting businesses with significant intellectual property (IP) to recognize the potential of their intangible assets and fostering responsible and sustainable innovation through non-dilutive debt financing.
For the unversed, the products offered by Pixelligent are used by several leaders to enable MicroLED and OLED/Mini displays, optical/LIDAR sensors, AR/MR devices, and industrial applications.
Some of the well-known high-refractive index formulations and materials in the market include the PixClear®, PixNIL®, and PixJet® brands, which are crucial foundational technologies for cutting-edge electronics products. They offer a mix of features, operational effectiveness, and exceptional performance.