Waterloo-headquartered VueReal has secured $18.1 million CAD ($14.4 million USD) in what the microprinting tech firm described as an oversubscribed Series B round.
The financing was led by cleantech investor Cycle Capital, with participation from Japanese multinational electronics company TDK and Mexico-based glass manufacturer Vitro.
“This is a new platform that includes display products and sensors that can augment human interaction with our glass products.”
– Martin Bracamonte
Investment partners in the round also include Economic Development Canada and BDC Capital’s Cleantech Practice, joining existing investors Samsung Ventures, LG Electronics Inc., and Veeco Instruments Inc.
Founded in 2016, VueReal is developing technology designed to enable energy-efficient production and integration of micro-and nano-devices. The company claims its solutions are made to enable the true-life displays needed by the next generation of smartphones, TVs, laptops, virtual and augmented reality systems, heads-up displays, instrumental panels, infotainment systems, and wearables.
According to Reza Chaji, CEO of VueReal, “VueReal’s microprinting solution has been validated by several major companies – including leaders in automotive and consumer electronics as well as major equipment vendors.”
Martin Bracamonte, vice president of marketing and innovation at Vitro, said that Vitro’s partnership with VueReal will allow the former to tap into new functionalities with devices integrated with its residential, architectural, and automotive glass.
“This is a new platform that includes display products and sensors that can augment human interaction with our glass products,” Bracamonte said. “This completely enhanced experience will create value for consumers that interact with our glass through touch, visualization, security, and protection from digitally enhanced glass products.”
Armed with fresh funding, VueReal plans on expanding its customer base, scaling up its team, and enhancing its current facility. The startup noted the investment will also help in accelerating the commercialization of its microprinting platform and offer users a wider range of custom display products.
VueReal’s past funding includes an $8.5 million grant from Sustainable Development Technology Canada, which was part of a cumulative $58.6 million distributed across 14 Canadian clean tech companies in 2018. Crunchbase data also shows that VueReal raised $10.5 million for its Series A in 2018.
In 2019, VueReal took part in the fifth cohort of the Lazaridis Institute’s ScaleUp Program, which aims to help companies accelerate their growth with mentorship, programming, and access to a global network of experts.
Featured image courtesy VueReal