EL display leader raises $5 million

EL display specialist Pelikon has successfully closed its third-round funding, and has secured GBP 3.2 million ($5 million) in new investment.

EL display specialist Pelikon has successfully closed its third-round funding, and has secured GBP 3.2 million ($5 million) in new investment.

The funding round, led by Advent Venture Partners also drew in Cardiff based Wales Fund Managers (acting on behalf of Finance Wales), alongside Gartmore and individual investments from company founder Dr Hans Wagner and Pelikon's CEO, Mike Powell.

Wales Fund Managers contributed GBP 650,000 to the multi-million-pound funding round.

Commenting on the new investment, Simon O'Sullivan, Pelikon's Financial Director says: "We are delighted to have successfully closed this funding round, particularly as this involves a new investor, Wales Fund Managers".

"Added to our existing income stream, these new funds will contribute to the expansion of our Caerphilly manufacturing facility and enable us to move from a sheet-fed batch process to a continuous web production system, and meet the growing demand for our new displays".

Dave Cheeseman, who led the Advent Venture Partners team says: "We have been consistent supporters of Pelikon since its earliest days.

It is a very exciting company at the forefront of EL technology and product development.

By staying close to its customers and continually pushing the boundaries of EL technology the company has made outstanding progress in the face of a protracted economic downturn".

Owen Sennitt, Investment Director for Wales Fund Managers says: "Pelikon is rapidly establishing itself as a high tech success story for Wales.

Solid investment opportunities for venture capital don't present themselves every day and Pelikon is a company with leading edge technology, an impressive product pipeline and huge market potential".

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