Isorg raises €24M to finance the ramp up of large-scale commercialization
Isorg, a pioneer in printed organic photodetectors and large-area image sensors, is announcing today it has raised €24M in a Series B financing round. New Science Ventures (NSV), a US-based investment firm and Bpifrance, through its fund Large Venture, are leading the round alongside Financière Fonds Privés (FFP) and current investors, Sofimac Innovation, CEA Investissement and Dynalim.
Isorg’s groundbreaking technology addresses many clients’ needs through various value-added applications, primarily in personal electronic devices such as smartphones, wearables, tablets and laptops, biometrics for homeland security and medical imaging. Isorg is ready and well-positioned as the market takes off to meet growing demand thanks to its ability to offer various business models from manufacturing to the licensing of its technology for mass markets.
The €24M funding will be used to support the different qualification steps of its production site based in Limoges and continue the development of subsystems ready to be integrated in the various applications. It will significantly support the engineering work to enable large-scale commercialization of leading-edge applications in the coming years.
“We are heading towards launching the large-scale commercialization of our image sensors and other printed electronics solutions, which are in high demand among manufacturers of consumer electronics and biometric devices,” said Jean-Yves Gomez, CEO and co-founder of Isorg.
“This investment reflects the shared trust and confidence that the managers and investors have in the value we have demonstrated in the market and the perspective of Isorg’s profitable growth,” said Emmanuel Guérineau, deputy CEO and co-founder of Isorg.
“NSV invests in companies commercializing breakthrough technologies worldwide to meet unmet needs or to deliver significantly stronger value proposition to customers. We are impressed by the strong team, robustness of Isorg’s product portfolio and the transformation its printed image sensors and photosensitive layers will bring to multiple customer applications,” said Somu Subramaniam, managing partner at New Science Ventures.
“We have backed the company since 2014 and we are convinced that the future is in printed flexible imaging technologies. Isorg is in a great position to reap the rewards of its superb technology platform. Today, we renew our support and are glad to welcome new shareholders to help Isorg enter this new phase of expansion,” explains Nicolas Herschtel, deputy managing director large venture at Bpifrance.
“FFP is delighted to support Isorg’s management who is successfully moving its technology platform to mass production. We believe that our strong network of entrepreneurs will support the business growth,” said Thierry de Chambure, managing partner at FFP.
Law firms EY (Lyon, France) and Room Avocats served as legal advisors.