Aug 12 2008
QD Vision, developer of nanotechnology-based solutions for displays and lighting, experienced significant growth in the first half of 2008, driven by increased momentum behind its Quantum Light(TM) product platform.
Marking its transition from early stage development to a product company, QD Vision raised a $9 million round of venture-capital financing, initiated a multi-million-dollar development deal with In-Q-Tel, strengthened its intellectual and management capital by adding key personnel, and doubled the size of its facilities.
Also in the first half of 2008, four new U.S. patents issued from applications that were included in the patent rights in the nanotechnology field licensed to QD Vision by Massachusetts Institute of Technology (MIT).
The company also continued to design its Quantum Light™ product platform into new products being developed by strategic partners, including some of the largest firms in consumer electronics, flat-panel displays, and electronic signage.
"We are making great progress in our mission to deliver light emitting products and technology that will enable significantly improved color quality, efficiency and designs for next generation displays and lighting applications," said Dr. Dan Button, QD Vision CEO. "The combination of a new round of financing, new government contracts and ongoing work to design the Quantum Light™ lighting product platform into products being developed by some of the largest consumer companies is a clear indication of the company's momentum"
Key Personnel
Joining QD Vision is Dr. Sridhar Sadasivan, director of product development, and Dr. Anne Marie Baker, government program manager. Dr. Sadasivan, who will play a key role in bringing QD Vision's products to market, joins the company from Rohm and Haas, where he was director of product management for optical display films. He also has more than 10 years of experience with Eastman Kodak, where his responsibilities included senior manager for product development, and program manager for optical display films.
Dr. Baker is responsible for growing and managing QD Vision's government-funded development programs. She joins QD Vision from the technology transfer office at the University of Massachusetts, Lowell, where she focused on federal contract grant management, and sponsored research and licensing agreements. Previous experience includes director of R&D at Tyco Adhesives, and R&D positions with Polaroid Corp., Avery Dennison and W.R. Grace.
Expansion
QD Vision now occupies nearly 15,000 square feet of space at its Watertown, Massachusetts location, an increase of more than 80 percent. Much of the new space is dedicated to research and development, testing and pilot manufacturing.
The company expects to more than double its total number of employees from 15 at the beginning of 2008 to nearly 40 by the end of the year. QD Vision currently has 27 employees, having already doubled its technical staff in 2008.
Financing and In-Q-Tel Agreement
In April 2008, QD Vision announced it raised $9 million from two leading venture capital firms, Highland Capital Partners and North Bridge Venture Partners, and from In-Q-Tel, the strategic investment firm launched by the CIA in 1999. The funding will help it launch the first QD Vision Quantum Light™ lighting products into commercial markets. The company has now raised a total of more than $20 million in equity financing.
Highland Capital and North Bridge Venture Partners participated in all rounds of the company's financing, while In-Q-Tel is a new investor. The In-Q-Tel strategic investment included a technology advancement agreement with QD Vision to develop leading edge applications for the commercial and government markets.
QD Vision is perfecting the light-emitting qualities of a new class of nanomaterials called quantum dots. Using proprietary chemistry and process technology, QD Vision can engineer quantum dots to emit light spanning the complete spectrum of colors from the visible to the infrared when stimulated with photons or electrons. Leveraging an expanding patent portfolio, the company is enabling a new generation of practical lighting solutions that will set new standards for brightness, color precision and purity, power consumption and design flexibility.