FlexEnable raises $11 million to $25 million to advance mass production of flexible displays and active optics

Coretronic actively participates in investment and provision of display technology to help FlexEnable expand into Greater China

Cambridge, UK - Media OutReach - 22 February 2022 - FlexEnable, a leader in the development and industrialisation of flexible organic electronics, has raised $11 million in Series B funding. LCD backlight module manufacturer Coretronic has entered into a strategic investment partnership with several major European family businesses, with an initial investment of $11 million, including an option for an additional $14 million. The financing is expected to provide FlexEnable with sufficient funds to mass-produce flexible displays and LCD optical modules with multiple Asian display manufacturing partners. The funds will also be used to expand the company's organic material production capacity to meet the growing demand of display manufacturing partners entering mass production.

Coretronic With a high profile in the Greater China market, the company established an FPD production base in Kunshan in 2000, an LCD backlight module plant in Suzhou in 2002, and a projector and optical device manufacturing plant in Kunshan in 2005. Subsequently, Coretronic established LCD backlight module and optical device production bases in Ningbo, Guangzhou and Wujiang. Now, the company is actively contributing investment and proprietary technology to bring the game-changing advanced organic optical technology into mass production.

FlexEnable 's award-winning organic electronics platform includes a complete set of manufacturing processes and FlexiOM™ organic semiconductor materials, which together can open glass-free flexible organic LCD displays (OLCD) and liquid crystal optical films (LC Optics) manufacturing operations in existing display factories. This major technological breakthrough allows almost any surface to be used to display information or control, adjust and focus light. OLCD and LC Optics products are ultra-thin, lightweight, flexible and even 3D conformable, targeting a $100 billion target market including laptops and tablets, smart home devices, AR/VR headsets, automobiles, monitors and TVs.

Chuck Milligan, CEO, FlexEnable

Chuck Milligan, CEO of FlexEnable, said: “Having optoelectronics powerhouse Coretronic join the collaboration as an investor and partner further validates that FlexEnable has an excellent business model and technological leadership in materials and processes to enable volume production of unique flexible optical modules and displays. Coretronic’s deep industry expertise as a key player in the LCD supply chain will be a significant benefit as we move from production setup to mass production. We warmly welcome Coretronic, a strong new investor in the industry, and are grateful for the continued strong support of Rusnano and Novares, who have helped us develop our advanced technology and excellent commercial program over the past few years.”

FlexEnable's business model leverages existing and underutilized display manufacturing capabilities to produce flexible displays and liquid crystal optical films (LC Optics) using FlexiOMTM organic semiconductor materials and manufacturing process IP through technology transfer, licensing, and contract manufacturing arrangements with Asian flat panel display (FPD) production lines. The company has four active technology transfer programs with several leading display manufacturers in Asia, with first mass production to begin in the second half of 2022.

Huizi Lin, General Manager of Coretronic, commented: “Our consumer electronics partners and customers continue to demand increased product functionality and improved form factors. Using FlexEnable technology enables new functionality in lighter, thinner and even curved devices. We look forward to fully collaborating with FlexEnable’s technical team and moving new products into volume production.”

Milligan added: “The next 12 months will be an exciting and significant period of development as we move into volume production for the first of a series of manufacturing partnerships that will deliver rapid growth in recurring revenue and scale. In addition to the manufacturing partnerships, we have significant commercial programs with some of the world’s largest consumer electronics OEMs/brands, where FlexEnable technology is needed to deliver breakthrough display capabilities for flat panel displays in future consumer products.”