High-tech company Junyi Technology completed a Pre-Series C financing round worth tens of millions of CNY, led by Shenzhen High-tech Investment Group. The main purpose of the financing is to break the monopoly of foreign companies in the core consumables of the OLED display industry.
Shenzhen Junyi Technology (Chinese: 深圳浚漪科技有限公司), a developer and manufacturer of organic light-emitting diode (OLED) metal masks, recently announced a Pre-Series C round of financing worth tens of millions of CNY, tech news portal 36Kr.com reported.
This round was led by Shenzhen High-tech Investment Ventures, a state-owned venture capital firm, and Chengdu Small and Medium-sized Venture Capitals High-tech Investment Fund, managed by High-tech Investment Ventures.
This round of financing will be mainly used to accelerate the mass production of FMM (fine metal mask), and to break the monopoly of foreign companies on core consumables in the OLED display industry.
Zhu Xingliang, investment manager of High-tech Investment Ventures, said that the market penetration of OLED displays in consumer electronic products such as mobile phones will continue to increase.
With the improvement of the yield rate of domestic panel factories, domestic suppliers have obtained strong growth opportunities, Zhu added.
FMM represents the highest level of high-end precision manufacturing of new materials. Currently, only Japanese firm Dai Nippon Printing (DNP) can mass-produce G6H FMM and has over 90% of the global market share.
After completing its Series B and B+ round of financing in 2021, Junyi invested CNY 200 million (USD 29.723 million) to build the first domestic standard mass production line matching the 6th generation OLED production line with FMM, according to High-tech Investment Ventures’ official WeChat account.
In the future, Junyi Technology will continue to increase investment in R&D and breakthrough on the localization of FMM, and help domestic panel manufacturers to solve the situation that OLED core materials are monopolized by foreign companies, 36Kr.com noted.