Plextronics, Inc., a world leader in developing active layer technology for printed electronic devices, is pleased to announce the close of a $13.1 million Series A financing. Birchmere Ventures led the round which included significant capital from Firelake Capital, Draper Triangle Ventures as well as other new and existing investors. Plextronics has raised a total of $16.4 million since its July 2002 inception.
Plextronics’ core technology platform, Plexcore™ technology, is designed to maximize the efficiency, lifetime and stability of printed electronic devices. The tunable nature of Plexcore allows many “knobs to be turned” in both the polymer design and ink formulation stages, resulting in an ink that is optimized for specific applications. The proceeds will be used to expand Plextronics’ development and commercialization staff as well as its operations to continue the commercialization of Plexcore in OLED displays and lighting, polymer solar cells and plastic circuitry.
“Plextronics has proven itself to be a leading force in the field of printed electronics – a market that is expected to grow to $50+ billion by 2015. The evolution of Plexcore into a solid and stable multi-application technology platform was the catalyst for our investment decision,” stated Ned Renzi, Partner, Birchmere Ventures.
“We look forward to supporting Plextronics as they develop critical active layer technology, the printed semiconductors and conductors that drive device performance, for the next generation of electronic devices,” said Marty Lagod, Managing Director, Firelake Capital. “Their technology will ignite the industry.”
“Improving the lifetime and performance of printed electronic devices is the key to unlocking the potential of the market. We believe Plextronics’ Plexcore™ technology will enable the broad market commercialization of these devices,” stated Jay Katarincic, Managing Director, Draper Triangle Ventures.
“This is an exciting time for Plextronics. The financing is a major milestone in our company’s development. I am proud to have the endorsement of such experienced venture capitalists,” stated Andrew Hannah, CEO. “Their collective knowledge will accelerate Plextronics’ next stage of development – global commercialization of Plexcore™ for OLEDs, organic solar cells and plastic circuitry.”
“Plextronics is a key player in the field of active layer technology for printed electronics. Their funding is an important indication of the growth of our industry,” commented Wolfgang Mildner, Managing Director of PolyIC, the leading producer of thin, flexible and low-cost RFID tags. “The continued commercialization of their products will spur printed electronics entrance into large industries such as radio frequency identification, flat panel displays and solar cells.”