Baltimore-based Pixelligent Technologies LLC, a 2011 graduate of the Mtech Ventures incubator, recently announced that it has secured $38 million in non-dilutive growth capital backed by its intellectual property portfolio.
Pixelligent’s products are used to enable AR/MR devices, OLED/Mini and MicroLED displays, optical/LIDAR sensors, and industrial applications. The company’s PixClear®, PixNIL®, and PixJet® brands are industry-leading high-refractive index formulations and materials, and essential foundational technologies for advanced electronics products. They deliver a combination of properties, operating efficiencies, and unprecedented performance, according to the company.
Pixelligent’s recent capital was provided by a funding vehicle managed by MVolution Partners LLC (“MVP”) and facilitated by insurance and valuation services provided by Aon (NYSE: AON). The additional growth capital brings Pixelligent’s total funding in this round to over $45 million, including equity capital from its strategic and financial shareholders.
The company will use the funding to accelerate and expand commercial activities in its target markets in partnership with leading consumer electronics companies, and leverage its proprietary PixClearProcess™ platform to develop new synthetic metal oxides and applications.
“Thanks to Pixelligent’s award-winning manufacturing platform, nearly 90 patents, and dozens of trade secrets, we were able to secure attractive debt financing at a pivotal moment in Pixelligent’s growth trajectory,” said CEO Craig Bandes. “MVP and Aon quickly understood the value of Pixelligent’s proprietary assets and were excellent to work with throughout the process. We are grateful to all parties involved in successfully completing this transaction. The funding will help us support our customers as we bring numerous mass-production applications to market in 2023 and beyond.”
Pixelligent occupied as many as four wet labs and two offices during its time in the Mtech Ventures incubator, from 2005 to 2011. The company moved to Baltimore in June, 2011.
Pixelligent worked with UMD chemistry and biochemistry Professor Daniel Falvey through a Maryland Industrial Partnerships (MIPS) grant on nanocrystal additives for increased resolution in photolithography. The company also worked with chemical and biomolecular engineering Associate Professor Taylor Woehl on a project titled “Nano-Dispersion Characterization.”
Pixelligent has raised $101.6 million to date, according to Crunchbase.