Pixelligent raises $5.1 million, scouts for additional space

Baltimore Business Journal

Baltimore nanotechnology company Pixelligent has raised $5.1 million.

The investment round was led by Baltimore’s Abell Foundation.

The company, which works with nanocrystals, plans to use the money to grow its manufacturing operations and hire new staff. Pixelligent recently released its first product, PixClear, and wants to add a second manufacturing facility within the next 12 months.

Pixelligent leaders are eyeing Baltimore, Pennsylvania and Delaware as potential sites to expand the company’s manufacturing business. Company CEO Craig Bandes said he is looking for a new manufacturing facility with between 25,000 square feet and 50,000 square feet.

The new manufacturing site would be in addition to Pixelligent’s 13,000-square-foot facility in Baltimore’s Holabird Business Park.

He said the company will need to expand to a second site within the next year to accommodate rising demand for its products.

The company manufactures nanocrystal additives to improve products. For example, PixClear can improve light output in touch screens, making them easier to read. The company also does custom formulas for clients.

Pixelligent currently has about six job openings and Bandes said he anticipates hiring an additional 10 to 15 people in the second half of the year.

When the new manufacturing facility opens, Bandes said he will need to hire between 100 and 150 people to handle operations there.

Pixelligent has about 30 employees.

The company has raised a total of $14 million and received more than $9 million in federal grants.

By Sarah Gantz on May 3, 2013

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