LG and Samsung invest €25 million in CYNORA
CYNORA, a leading provider of highly efficient organic emitter materials for OLEDs, announced that the two Korean tech giants have decided to support CYNORA on its way to becoming a major player for OLED emitting materials.
CYNORA is developing a new type of organic emitting materials for OLED displays based on TADF (Thermally Activated Delayed Fluorescence) technology. With this technology, CYNORA will be able to commercialize the first high-efficiency blue emitting material on the market, which is the most sought-after material by OLED display makers. High-performance blue materials will enable a significant reduction of power consumption and allow higher display resolution.
LG Display and Samsung Venture Investment Corporation (“Samsung Ventures”) have decided to invest €25 million in a Series-B round to support the German company in the development of a portfolio of organic emitting materials for AMOLED displays that covers the full range of colors. The new shareholders will join the existing investors MIG, Wecken & Cie and KfW, who have strongly supported CYNORA’s growth in the last few years. CYNORA has worked closely with LG Display and Samsung during the last months to prepare this strategic investment.
LG Display and Samsung Display, both major companies in display technologies, will engage each with CYNORA via this investment and separate joint developments to advance CYNORA´s R&D and its IP portfolio. The investment will lay the groundwork for enabling commercialization of advanced display technologies.
“I am delighted to welcome LG Display and Samsung Ventures as CYNORA’s shareholders” says, Gildas Sorin, CYNORA’s CEO “This investment confirms that our materials are highly attractive for the OLED display industry. CYNORA will work in close collaboration with LG and Samsung to support their respective activities. The cash injection will also be used to strengthen our worldwide presence as a supplier of high-efficiency emitting materials. We will commercialize our first blue product by the end of 2017, followed by green and red.”
Growing use of AMOLED panels in premium TVs and smartphones will drive the OLED panel market to reach $75 billion, with a CAGR of 31%, in sales by 2021 (UBI Research, 2017).
Founded in 2008, CYNORA is a leader in TADF technology. The company’s focus is currently on high-efficiency blue OLED emitting materials, but it has plans to offer materials of all colors by 2019. CYNORA has established representation in Korea and China and is working closely with its customers on material and device development. The company owns a broad IP portfolio with over 100 patent families.