Samsung and Veeco Invest in OLED Startup Kateeva

Kateeva today announced that it has closed its Series D round with US $38 million in financing. The newest participant is Samsung Venture Investment Corporation (SVIC). Existing investors also contributed. They include: Sigma PartnersSpark CapitalMadrone Capital PartnersDBL InvestorsNew Science Ventures, and VEECO Instruments, Inc.
 
The company has raised more than US $110 million since it was founded in 2008. According to an Associate Press (AP) report Kateeva was spun off from MIT to manufacture OLED using print inkjet technology.
 
Kateeva makes the YIELDjet™ platform – a precision deposition platform that leverages inkjet printing to mass produce flexible and large-size OLED panels. The new funds will be used to support the company’s manufacturing strategy and expand its global sales and support infrastructure. Production systems are currently being built at the company’s facility in Menlo Park, Calif. to fulfill early orders.
 
The funding news coincides with the 2014 OLEDs World Summit taking place this week in Berkeley, Calif.
“Kateeva is a technology leader and has built a significant business in the OLED space,” said Michael Pachos, Senior Investment Manager at SVIC. “The company has demonstrated both a technical and business vision in driving adoption of OLED displays and lighting, and we look forward to contributing to its progress.”
 
“We believe that OLEDs on flexible substrates play a major role in the insatiable quest for ultra-durable, high-performance, and unbreakable mobile displays, and Kateeva has proven to hold the keys to a critical industry problem,” said Fahri Diner, Managing Director of Sigma Partners and a member of the Board of Directors of Kateeva. “Moreover, we are very excited about Kateeva’s impressive innovations that are poised to make large-panel OLED televisions finally an affordable reality – perhaps the Holy Grail of the display world. In partnership with SVIC, we’re delighted to offer continued support to Kateeva as they rapidly scale operations to support accelerating demand for OLED manufacturing solutions,” Diner continued.
 
Kateeva Chief Executive Officer Alain Harrus said: “SVIC’s investment speaks volumes about our technology’s enabling value to world-class OLED producers. It will reinforce our leading position and help serve all our customers better. Also, we appreciate our existing investors for their enduring commitment and trusted guidance. Thanks to their confidence in our technology and execution, mass producing OLEDs will be much smoother for leading display manufacturers.”
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