Kubos Semiconductors, a microLED material technology company, is pleased to announce it has raised over USD 2.1 million to accelerate development of its cubic GaN technology. The investment includes the award of a Growth Catalyst project grant from Innovate UK, part of UK Research and Innovation (UKRI). This funded project will explore the potential of Kubos’ patented cubic GaN microLED technology to deliver Gigahertz switch speeds at low operating powers for optical communication applications. The fundraise brings the company’s total funding to over USD 8 million and will enable Kubos to enter the microLED market within three years through IP licensing.
The financial support from Innovate UK is matched by investor funds from strategic investors Development Bank of Wales (Lead Investor), the Low Carbon Innovation Fund 3 (LCIF3) and S4C Digital Media Limited. The fundraise also includes follow-on investment from Kubos’ existing shareholders.
Dr Susan Gormley, CEO of Kubos commented:
“We are deeply grateful to UKRI and our existing shareholders for this investment, which will accelerate the development of high speed microLEDs for optical interconnects. The project perfectly complements Kubos’ ongoing development of a platform-material solution for high efficiency microLEDs emitting across the visible wavelength spectrum.
This is an exciting opportunity to strengthen Kubos’ pathway to commercialisation through the delivery of transformational technology for AI and datacentre infrastructure, next generation displays and high efficiency lighting.”
Gareth Mayhead, Investment Executive at the Development Bank of Wales, said:
“Kubos is exactly the kind of Welsh tech venture that demonstrates the strength and potential of South Wales’ compound semiconductor sector. Since our first investment, the team has made encouraging progress in developing technology that could improve the efficiency and scalability of microLED production for global markets.
Our follow-on funding is a relatively small investment, but it plays an important role in unlocking further capital, including Innovate UK grant support, and gives Kubos the runway it needs to continue proving its technology at scale. The continued support of LCIF3 also reflects confidence in the company’s progress and the opportunity for Wales to build on its growing reputation in this key growth sector.”
The Development Bank of Wales has a track record of supporting breakthrough technologies and compound semiconductor businesses. The Low Carbon Innovation Fund 3 (LCIF3) is a co-investment fund operated by the University of East Anglia, focused on developing environmentally beneficial technologies, products or services. S4C Digital Media plays a key role in the delivery of digital content to consumers. This investor group brings experience and knowledge that touches on all aspects of the opportunity that Kubos aims to exploit.
Notes for Editors
Contacts about this press release:
Susan Gormley, CEO
susan.gormley@kubos-semi.com
07538864445
Martin Lamb, Chairman
martin.lamb@kubos-semi.com
About Kubos Semiconductors Ltd:
Kubos Semiconductors is developing a patented cubic GaN material technology for use in microLEDs, which promises high efficiency emission across the full visible spectrum. Once mature, Kubos plans to license the technology to major LED manufacturers and LED integrators to deploy in next generation display technologies, including extended reality, optoelectronic communications and high efficiency LED lighting. The LED stacks built on Kubos technology can be easily integrated into pre-existing commercial LED production lines providing a cost-effective and capital light solution for increased efficiency devices operating in the visible spectrum.
About LCIF3:
Set up by the Innovation Funding Team of the University of East Anglia (UEA), managed by Turquoise International, and utilising returns from funds originally financed by the European Regional Development Fund (ERDF), LCIF3 is the newest chapter of a 16-year co-investment venture capital initiative. Across its previous funds, the programme has invested more than £30 million and leveraged over £160 million of private co-investment into portfolio companies. LCIF3 continues this proven co-investment model, backing early to growth stage companies developing environmentally beneficial technologies, products and services.
Having backed more than 80 companies across its first two funds, the portfolio spans energy and infrastructure, transport and mobility, resource efficiency, agriculture and biodiversity, and sustainable health.
As part of the LCIF initiative, UEA provides a dedicated Investment Readiness Programme for early-stage businesses operating in these sectors. For more information, contact lcif@uea.ac.uk.
For more information about LCIF3 please contact info@turquoise.eu
About Innovate UK:
Innovate UK, part of UK Research and Innovation, is creating a better future by inspiring, involving and investing in businesses developing life-changing innovations. We provide targeted sectors with expertise, facilities and funding to test, demonstrate and evolve their ideas, driving UK productivity and economic growth. Join our network and communities of innovators to realise the potential of your ideas and accelerate business growth. Innovate UK: inspiring business innovation.