VueReal, the Kitchener-Waterloo company focused on revolutionizing semiconductor fabrication, has announced the completion of its Series C funding round, securing $40.5 million USD (approximately $58.4 million CAD). The round closed with all primary funding sourced from existing investors, including Export Development Canada (EDC), Cycle Capital, BDC Capital’s Cleantech Practice, and TDK Ventures.
The significant influx of capital is poised to help VueReal expand its microprinting technology, aimed at enhancing the yield, efficiency, and cost-effectiveness of microLED manufacturing. The latest funding this past December reflects the growing confidence of investors since VueReal's last funding round, which raised $14.4 million USD nearly three years ago.
“We think giving people access to this will open many applications in the hardware domain,” stated Reza Chaji, founder and CEO of VueReal, emphasizing the transformative potential of their technology.
VueReal has ambitious plans to utilize this Series C capital primarily to ramp up its microLED production capabilities, thereby enabling partners to integrate VueReal's MicroSolid Printing platform within their commercial production environments around the globe.
With the company currently employing about 60 staff members, Chaji revealed they aim to nearly double their workforce by the end of 2026, highlighting the company's rapid growth and increasing market presence.
EDC has joined VueReal’s board as part of this funding round. Meanwhile, Samsung Ventures has exited, marking important changes as VueReal continues its expansion efforts. This round brings the startup’s total equity funding to $73.3 million USD, alongside approximately $30 million USD secured previously in non-dilutive capital.
Chaji declined to disclose the exact valuation of VueReal or comment on whether this Series C funding was at a higher or lower valuation than the previous round. Nevertheless, he noted the round remains open, potentially inviting new investors with expertise in semiconductor and sustainable manufacturing sectors.
Lissa Bjerkelund, EDC's vice-president of investments and mid-market lending, affirmed VueReal's innovative role saying, “EDC recognizes VueReal as a pioneer shaping the future of the global microLED market.”
The semiconductor industry faces various challenges, particularly when integrating technologies like microLEDs and microsensors onto surfaces to create advanced products. According to Chaji, traditional methods of producing microLED displays can be prohibitively expensive due to high yield losses, throughput issues, and material costs.
VueReal's microprinting technology is focused on addressing these challenges by enhancing efficiency and overall cost-effectiveness. Currently, the company is actively engaged with suppliers and foundries to outsource production of its cartridges and microLEDs, aiming to scale faster and with less capital investment.
Chaji pointed out future prospects for their new technology, including potential applications for biometric sensors and security solutions. He stated, “We think giving people access to this will open many applications for hardware advancements.”
Looking forward, VueReal will cover displays and lighting sectors for automotive applications, transitioning eventually toward the consumer electronics market. The ability to efficiently integrate microLED displays opens doors to numerous applications, such as automotive light systems, smart wearables, and next-generation consumer gadgets.
VueReal’s focus on enhancing manufacturing processes aligns with the surging demand for microLED technology—a sector the company hopes to capture through its innovative solutions. By simplifying manufacturing and improving output yields, VueReal is setting the groundwork for significant advancements across multiple technology sectors.
With their latest funding securing both their immediate and long-term goals, VueReal stands as a prime example of how innovative startups can attract substantial investment by targeting industrial challenges with cutting-edge solutions.