UK-based OTFT display backplane developer SmartKem has closed a $24.6 million private placement financing. Prior to the financing, the company also completed a reverse acquisition transaction with Parasol Investments Corporation (Parasol), a public Delaware corporation, whereby SmartKem became a wholly owned subsidiary of Parasol which later changed its name to SmartKem and will continue with the company's business as it is.
SmartKem says that the new financing will allow the company to continue and scale and expand the production of its ink material, its electrical design automation tools and its foundry services.
Smartkem is developing new backplane materials for OLEDs, ePaper and mini-LED devices. We recently posted an interview with the company's CEO and chairman, Ian Jenks.