Porotech secures $20m Series A investment
22 February, 2022 – Microdisplay technology pioneer Porotech has secured $20 million Series A investment to accelerate global expansion and mass production of its unique micro-LED products. The funding is designed to ensure the company keeps pace with growing demand from its world-leading customers and partners in the $140 billion display market.
A multinational electronics giant is among the participants in the Series A funding round, which has been led by Ameba Capital and includes previous investor Speedinvest.
Porotech has redefined what is possible by creating a new class of porous gallium nitride (GaN) semiconductor material called PoroGaN. The breakthrough is enabling the company’s micro-LED products to deliver monochrome and full-colour displays on a single indium gallium nitride (InGaN) material system, with the brightness, efficiency and resolution required for high-quality image projection against bright backgrounds – even outdoors in daylight. The company’s red micro-LED product is already achieving best-in-class performance.
Micro-LED displays will play a vital role in the next generation of TVs, wearables and smartphones. And GaN-based material technology is widely seen as the only technology that can deliver displays bright and efficient enough to meet the requirements of extended reality (XR) displays involving virtual reality (VR), augmented reality (AR) and/or mixed reality (MR).
Until now, the requirement to mix multiple material systems has complicated the manufacture of full-colour micro-LED displays – making the final products prohibitively expensive for mass-market applications. Porotech’s use of a single material system is a significant leap forward that opens the door to mass manufacturing of micro-LED displays.
“Porotech’s progress during its seed phase has been absolutely staggering – both technically and commercially,” said Porotech CEO and co-founder Dr Tongtong Zhu. “We have delivered the world’s first InGaN-based red micro-LEDs and displays and have set up production of our first products – shipping to some of the biggest global names in display technology.
“This latest funding will accelerate our work to ensure that PoroGaN drives the commercialisation of XR glasses and the new wave of user interface innovation. It will help us to continue our expansion plans to meet demand and to continue to provide world-class service and products to our rapidly expanding customer and partner base.”
Arthur Chen, a partner at Ameba Capital, said: “Porotech is poised to transform the $140 billion global display market as it accelerates mass production of its revolutionary micro-LED products. The fact that it already has industry leaders among its clients and partners is a testament to the game-changing potential of Porotech’s breakthrough.”
Notes for editors
Porotech is a gallium nitride (GaN) material technology developer and a spin-out from the Cambridge Centre for Gallium Nitride at the University of Cambridge. Founded in 2020, the company has been focusing on the development of high-performance and energy-efficient wide-bandgap compound GaN semiconductors by applying cutting-edge material technologies and solutions to unleash the full potential of GaN to revolutionise the electronics industry. For more information, visit: www.porotech.co.uk
Ameba Capital is a venture capital firm established in 2011, focusing on early and growth investments within technology sectors. Ameba Capital has accumulated rich insights and a successful track record in partnering with entrepreneurs with strong adaptability and agility. Today, Ameba Capital manages several venture and growth funds supported by global investors including sovereign wealth funds, family offices and fund of funds. For more information, visit: www.amebacapital.com
Speedinvest is a leading early-stage venture capital firm with more than €600M AuM and 40 investors based in Berlin, London, Munich, Paris, Vienna and San Francisco. Our dedicated sector focused teams are the first to fund Europe’s most innovative technology startups and our in-house operational experts are on-hand to offer founders ongoing support with growth, HR, US market expansion, and more. Wefox, Bitpanda, TIER Mobility, GoStudent, Curve, CoachHub, Schüttflix, TourRadar, Adverity, and Twaice are among our portfolio of 250+ companies. For more information, visit: www.speedinvest.com