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Latvian evOLED, a product of the Commercialization Reactor, has obtained 50,000 Euro in pre-seed loan financing from the Imprimatur Capital Seed Fund, according to Deniss Belajevs, an advisor for the Reactor.
evOLED is a startup which looks to build cheaper organic light-emitting diode (OLED) panels by using inexpensive chemical elements instead of rare-earth elements, Belajevs says. The new financing will be directed towards defining and testing their international business strategy, developing a working prototype or product, carrying out targeted market research, and formulating an IP strategy. Ultimately, the team’s goal is to develop cheap OLED panels which can be integrated into windows or can be used to cheaply convert entire walls, ceilings, and floors into electronic displays, as long as the price is right. Further, OLED luminaries which they intend to develop will be able to replace existing luminaries and basically provide the light of day at night from the walls, ceiling, and floor. The team behind the project is from Moscow State University.
Back in April, we had a post about the Latvian-based Commercialization Reactor, which is designed to help researchers in high-tech fields to commercialize their discoveries and scientific advances. There have been a couple of investments from the Reactor that we missed, like the announcement that the Amber Sea Business Angel Club invested 100,000 Euro in nano-coating producer Naco Technologies and that the Amber Sea Business Angel Club invested 10,000 Euro each in 5 other high-tech startups in early July. The startups to receive investment at that time were Phos4LED, ET Tech, DNX Dental Exclusive, ForbioSystems, and evOLED.
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