Novaled AG, a developer and manufacturer of energy saving and long living organic light-emitting diodes (OLEDs) for lighting and display products, closed its third round of financing at €8.5 million. The investments came from the existing shareholders, eCAPITAL, TechnoStart, KfW and TUDAG, all from Germany, as well as Credit Agricole Private Equity, TechFund and CDC Innovation from France.
“Since we became an investor in Novaled at the end of 2005, the management has succeeded in developing the company into a major player within the OLED-field,” said Paul-Josef Patt, CEO of eCAPITAL. “We are happy to support the company as lead investor of this round in further strengthening its position as a key provider of technology and materials for energy saving lighting and display applications.”
“We are proud that in the context of the current financial market environment our shareholders have demonstrated their trust into the Novaled team and management by providing substantial equity financing for the company,” said Harry Boehme, CFO of Novaled AG.
Novaled will use the money to extend the commercialisation of OLED technology in the lighting and display field. OLEDs are semiconductors made of organic material layers of only a few nanometers thickness. They emit light in a diffuse way to form an area light source.
In the display market OLEDs can be used to create paper-thin, highly efficient displays with brilliant colors and great flexibility.