Manchester tech firm completes reverse takeover and raises $24.6million
A Manchester electronics firm, which specialises in flexible technology for screens, has closed a $24.6m fundraise.
SmartKem develops next generation organic semiconductor materials for the manufacture of flexible electronics for computing, televisions and smartphones.
It closed the fundraise, following a reverse acquisition transaction with Parasol Investments Corporation (Parasol), in Delaware.
As a result SmartKem becomes a wholly owned subsidiary of Parasol, with Parasol changing its name to SmartKem Inc.
The directors of SmartKem, Ian Jenks, Robert Bahns, Dr. Simon King, Klaas de Boer and Barbra Keck, have become the directors of the new company.
“The success of this financing surpassed our expectations, and we believe demonstrates investor confidence in SmartKem, our technology, product, current customer traction and the market opportunity,” explained Ian Jenks, Chief Executive Officer.
“This financing will allow us to continue to scale production of our truFLEX® inks, our Electrical Design Automation Tools and expand our Foundry Services.”
The truFLEX technology deposits organic ink on a substrate at a temperature as low as 80°C, enabling manufacturers to use a range of low-cost flexible plastic substrates using existing industry standard equipment and infrastructure. The transistor stacks are “flexible, bendable, wearable and lightweight” and can be used to everything from bendable smart-phone displays and laptops, to curved car displays and wearables.
SmartKem was founded in 2009 and has an 8000sq ft R&D facility in Manchester.