Germany-based organic light-emitting diode (OLED) technology developer Cynora has secured $25m in series C funding from investors including consumer electronics producer Samsung and OLED display maker LG Display.
SBI Cross-Border Advantage Fund, an investment fund owned by financial services provider SBI, also participated in the first close, as did Wecken & Cie, RF Partners Group, Dboled and MIG Funds. Samsung contributed to the round through its corporate venturing unit, Samsung Venture Investment.
Founded in 2008, Cynora develops thermally activated delayed fluorescence materials that are used to produce emitter systems required for OLED displays. The materials are intended to improve the efficiency of blue emitters to reduce power consumption and lower the manufacturing costs of OLED systems.
The funding represented the first close of Cynora’s series C round, and the company said it has now raised $80m to date.
Cynora received $29.8m in a series B round backed by LG Display and Samsung subsidiary Samsung Ventures in 2017. MIG Funds had joined KfW’s ERP Startfonds initiative to provide $4.4m in series A funding for the company in 2011.