Kitchener-Waterloo’s VueReal, which aims to transform semiconductor fabrication through its proprietary microprinting technology, has closed $40.5 million USD ($58.4 million CAD) in Series C funding.
This all-primary, all-equity financing closed in December and came entirely from existing investors. Export Development Canada (EDC) led with participation from Cycle Capital, BDC Capital’s Cleantech Practice, and TDK Ventures. It comes nearly three years after VueReal’s $14.4-million USD Series B.
“We think that giving people access to this will open a lot of applications in the hardware domain that [weren’t] possible before.”
In a statement, VueReal founder and CEO Reza Chaji described the startup’s latest funding as “a testament to our partners’ confidence in our technology and vision.”
Founded in 2016, VueReal has set its sights on improving the yield, efficiency, reliability, and cost of microLED and micro semiconductor manufacturing through its microprinting solution, which is designed to help other companies build these products.
VueReal plans to use its Series C capital to scale its microLED lighting and display production capabilities and help partners integrate its MicroSolid Printing platform into commercial production lines around the world. In an interview with BetaKit, Chaji said the 60-person company aims to nearly double the size of its workforce by the end of 2026.
EDC is joining VueReal’s board and Samsung Ventures is leaving as part of this round, which brings the company’s total equity funding to $73.3 million USD. VueReal has also secured approximately $30 million USD in non-dilutive capital to date.
Chaji declined to disclose VueReal’s valuation or confirm whether the startup’s Series C financing was an up, down, or flat round relative to the company’s Series B. He noted that VueReal has kept the round open in the hopes of bringing on some additional capital from new investors with experience helping semiconductor and green manufacturing firms scale.
“As a lead investor, EDC recognizes VueReal as a pioneer shaping the future of the global microLED market,” EDC vice-president of investments and mid-market lending Lissa Bjerkelund said in a statement. “VueReal’s cutting-edge technology and commitment to establishing a world-class production platform are pivotal in unlocking the vast potential of microLED and other micro semiconductor innovations across industries.”
One of the challenges in the semiconductor space, Chaji said, is efficiently integrating devices like microLEDs and microsensors into surfaces to create products. He noted that making microLED displays today is expensive given the yield, throughput, and material costs.
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According to Chaji, VueReal has developed a microprinting tech platform and process that can do this more efficiently, increase the yield and throughput, and reduce the cost of materials. In the microLED space, VueReal is currently working to help build displays and lighting for automotive applications and moving toward consumer electronics.
“We think that giving people access to this will open a lot of applications in the hardware domain that [weren’t] possible before,” Chaji said.
VueReal has partnered with microLED suppliers and foundries to outsource the production of its cartridges and microLEDS in the hopes of helping the company scale up faster and with fewer capital requirements on its own facilities.
Down the road, VueReal plans involve working to enable the integration of sensors for biometrics, security, and other potential use cases.
Feature image courtesy VueReal.