Germany-based OLED lighting developer Inuru announced that it has raised $10 million, from Aper Ventures, Adamed Technology (the venture capital arm of Polish pharmaceutical company Adamed Pharma), ARIA, and a group of business angels. Inuru says that the new funds will enable it expand into new industries with its interactive OLED labels.
Inuru says it is now focusing on two sections: medication and entertainment. Inuru's main focus for the medication industry is to use its OLED labels to assist patients in learning the expiration date on medication and to adhere to the prescribed guidelines. The company says that the repercussions of non-adherence and medication mismanagement contribute to an estimated $600 billion in preventable healthcare expenses and 325,000 annual fatalities.
Finally Inuru says that as the company aims to rapidly scaled its operations and marketing, it is looking at further financing avenues, including the prospect of an IPO.
The company updates on a new project it is now introducing, a game board enhanced with OLED lighting that will be sold at Walmart. Inuru expects a fast growth in revenue this year (triple-digit growth) thanks to this project.
Earlier this year Inuru's OLEDs powered French Champagne maker Cattier illuminated and interactive labels. The Cattier label lights up as the champagne is being poured from the bottle into a glass, and the illumination can be also enabled on demand, by a simple touch.
In 2022, Inuru announced that it is now capable to print OLED panels in any shape, on demand. The company says its new panels offers very small size, as required, and excellent homogeneity. The company can pair it with thin printed batteries to power the lighting panels.
Some other projects by Inuru include Look Labs Gamers' Hoodie, a perfume bottle (also with Look Labs) and a Coca Cola campaign in Singapore. In 2020 Inuru completed its 2.3 Million Euro Series-A funding round.