Pixelligent of Baltimore Raises $5.1 M of Funding and On High Demand
Baltimore, Maryland – Pixelligent, a nanotechnology company and developer of the unique and patented nanocrystals semiconductor has raised $5.1 million of new funding 2 days ago (Sept. 27, 2011). The funding came from new investors Abell Foundation, WISE and an undisclosed angel investors from the Baltimore area. The Baltimore Development Corp. (BDC) and the Maryland Department of Business and Economic Development (DBED) also joined the backing of the funding with $200,000 and $100,000 of equity funding. According to reports, the funding was over subscribed by investors which prompted the company’s board to raise the amount of funding to accommodate more rooms for investors.
The on-demand nanotech company started at College park, inside University of Maryland and has moved on to a 10,500-square-foot manufacturing facility in Baltimore to meet Pixelligent’s increased production rates and at the same time offers huge rooms for growth and expansion. Currently, the company has been searching for additional senior level positions in the fields of technology, marketing, sales and finance.
One of Pixelligent’s best milestones is being the first company to supply commercial nanocrystals for electronics, industrial and military markets with high quality of Zirconium and Hafnium which were used for mission critical applications.
According to the Pixelligent’s press release, the new funds will be used for purchasing production equipment, installing new systems and hiring employees. “The closing of this round marks a major turning point for Pixelligent as these funds will enable us to significantly increase our manufacturing capacity to both meet current customer demand and accelerate the introduction of our NanoAdditives to a broader market,” said CEO Craig Bandies. With the new funding, Pixelligent has raised $9 million in venture capital rounds and received backing and government grans of more than $9 million for over 3 years now.
Visit Pixelligent’s website for more info.
