Plastic Logic, which spun out from the University of Cambridge Cavendish Laboratory in 2000, has announced that it will build its first flexible display manufacturing plant in Germany after raising $100 million in equity to finance its technology.
The firm said Wednesday it has chosen a site in Dresden to build a facility to manufacture flexible active-matrix display modules for take anywhere, read anywhere electronic reader products.
Plastic Logic has created a pioneering technology that will revolutionize the way that people interact with their media on the move, said Bandel Carano, Managing Partner at Oak Investment.
To fund the program, the U.K.-based firm has completed a first closing of $100 million of equity finance led by Oak Investment Partners and Tudor Investment Corporation. Existing investors Amadeus, which led the seed financing, Intel Capital, Bank of America, BASF Venture Capital, Quest for Growth and Merifin Capital also participated.
This investment is a perfect fit with Oakâ€™s vision of future media interaction through handheld devices. Carano added.
Plastic Logic has already developed 12-inch display working prototype that combines a plastic backplane with a display using technology from E Ink. The result is a flexible digital display, mimicking actual paper.
Our displays will enable electronic reader products that are as comfortable and natural to read as paper whether youâ€™re on a beach, in a train or relaxing on the sofa at home. stated John Mills, Chief Operating Officer at Plastic Logic.
The Dresden factory will be completed by the end of the year and have an initial capacity of more than a million display modules per year. Production is set to start in mid 2008.
Correction: An article posted on January 4, 2007 incorrectly stated that Plastic Logic is a spin-off from Philips Electronics. The firm is a spin-off from the Cavendish Laboratory at the University of Cambridge.