Solid State Technology
Pixelligent LLC, nanocrystal additive maker, closed $5.1 million in funding. The round was 6 times over-subscribed, requiring the company board to significantly upsize the round.
Pixelligent will purchase production equipment, install new systems and hire employees. It will provide the resources for Pixelligent to bring NanoAdditives to a broader market, said Craig Bandies, CEO Pixelligent Technologies.
New investors included the Abell Foundation, WISE LLC, and an Angel group. The Baltimore Development Corporation (BDC) and the Maryland Department of Business and Economic Development (DBED) added funds, $200,000 and $100,000 respectively. Pixelligent has raised nearly $9M in equity and has been awarded more than $9M in government grant programs during the past 30 months.
Pixelligent “demonstrated tremendous progress” over 24 months, said Robert Embry, president of the Abell Foundation. The nanotechnology products address critical challenges in electronics, industrial, and lubricants sectors, added Lisa Gordon-Hagerty of WISE LLC.
Pixelligent recently moved into a new 10,500sq.ft. pilot manufacturing facility in Baltimore, MD. The facility has room for expansion, and Pixelligent is recruiting senior manufacturing, sales, and finance staff. The facility will open in Fall 2011.
Pixelligent Technologies supplies nanocrystal additives for the electronics, industrial and military markets. Learn more at www.pixelligent.com.
September 27, 2011
http://www.electroiq.com/articles/stm/2011/09/pixelligent-raises-over-5m-on-high-demand.html