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Hexagon Tower’s SmartKem gets funding boost

Hexagon Tower’s SmartKem gets funding boost

Disruptive technology company SmartKem is set to bring its flexible mobile technology and displays to the market thanks to a €3 million investment.

The company, with offices in Hexagon Tower, Manchester, will use the funding boost to further develop its tru-FLEX™ organic semiconductor material and move towards commercialisation.

SmartKem, which develops high performance organic materials for use in flexible displays and mobile technology, raised the funds through a syndicate of investors including BASF Venture Capital, Octopus Investments and Entrepreneurs Fund, plus further investment from Finance Wales, the company’s principal shareholder.

Steve Kelly, chief executive at SmartKem, said:

With the current traction in the markets for new form factor mobile displays and wearable technology, the timing of the latest round of investment is ideal.

We have a number of high value joint development agreements (JDA’s) that require support to ensure the commercialisation of our revolutionary semiconductors. With the market for printed, flexible and organic electronics set to grow to around $77bn by 2023, we are now well positioned to fully commercialise tru-FLEX™ and to satisfy the growing market demand.”

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