Cleantech Startup VueReal Receives $10.5M for Microscopic LED and Sensor Production Expansion
Source：newswire
From：Taiwan Trade Center, Toronto
Update Time：2023/05/11
VueReal Inc., a Waterloo-based startup that specializes in making microscopic LEDs and sensors, has received $10.5 million in federal and provincial funding. The investment is intended to support the expansion of VueReal’s workforce over the next three years. Since its founding seven years ago, the company has successfully overcome technical challenges to create LEDs and sensors ranging from two microns to 20 microns in size, which are expected to have a range of futuristic applications in sectors such as biotechnology, healthcare, and advanced manufacturing. The funding from Sustainable Development Technology Canada and Invest Ontario will be combined with the $18.5 million US investment raised in April 2022 and anticipated sales revenue to finance a $40 million expansion of the company.
VueReal's CEO, Reza Chaji, noted that the company focus on scalable nanotechnology for next-generation applications. VueReal has developed cutting-edge technology that lowers the cost of making LEDs while using much less power to operate, compared to traditional devices. The company’s technology is described as an advanced display technology that does not use organic materials, lasts longer than traditional LEDs, and provides clearer images on screens. The global market for micro LEDs was approximately $592 million US in 2021, and it is expected to grow by 80% a year until 2030.
The funding will help the VueReal scale production to meet a strategic market, said Chaji. The company plans to work with smaller companies in the consumer market following the expansion. VueReal is one of the region’s startups that employs engineers for hardware, software, and advanced manufacturing. It makes hundreds of millions of super-tiny LEDs and sensors, and also sells the technology so other companies can make them.
Described as a semiconductor and Cleantech company, VueReal developed a printing platform for the efficient, practical, and scalable production of micro LEDs and sensors. This platform extends the use of micro LEDs and sensors to several sectors of the economy, including automotive, aerospace, smartwatch, smartphone, television, information technology, medical, and more, according to Sustainable Development Technology Canada. The company has collaborated with the University of Waterloo, where it has hired a significant number of engineers.
In announcing the government funds, Waterloo MP Bardish Chagger described VueReal as the type of startup that is trying to transform the world and solve some of its major challenges. Leah Lawrence, the president, and CEO of Sustainable Development Technology Canada, praised VueReal’s micro LED technology, noting that it will not only make screens brighter, but also use less energy and create less waste in the production process.
VueReal’s technology is intended to provide critical supplies of LEDs and sensors during the first three years of the pandemic, which caused some companies to return manufacturing to North America. Chaji said VueReal’s technology to print LEDs and sensors is made in that market. “This is a solution that can be scaled,” he said. “You can do it anywhere.” With the new funding, VueReal plans to more than double its workforce over the next three years and further establish itself as a key player in the micro LED and sensor market.
Source: https://www.newswire.com/news/vuereal-inc-awarded-10-5m-in-support-from-government-of-canada-and-21993852