Last month it was reported that JOLED raised around $400 million from four new investors - auto parts maker Denso ($270 million), major trading house Toyota Tsusho ($90 million) and Sumitomo Chemical and Screen Holdings.
JOLED now confirmed this funding round. The total sum raised was actually a bit higher than reported - JPY47 billion, or about $424 million. It also said that these new investors are not just financial ones - JOLED will cooperate with DENSO to develop automotive OLED displays, while Toyota Tsusho will support this business using its automotive sales channels. Sumitomo Chemical will also enhance its already existing collaboration with JOLED to further develop OLED Printing materials.
As we reported yesterday Screen Finetech will co-develop, produce and sale printing equipment with JOLED and Panasonic.
JOLED actually intends to raise $900 million, so the current amount is not enough of what it needs to complete its first mass production line. According to earlier reports, Panasonic and Sony also intend to to invest around $50 million each, and hopefully we will soon hear of the second tranche of JOLED's financing round.
JOLED recently started commercial low-volume production of its 21.6" 4K OLED panels, at the company's pilot 4.5-Gen line. JOLED has announced plans for a mass production 5.5-Gen line that will be established in Nomi City, Ishikawa Prefecture, by 2020.