Press release

OLED Materials Innovator CYNORA Secures US$25M in First Closing of Series C Round; Names Adam Kablanian as New Chief Executive Officer

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Marking the initial closing of its Series C funding round, CYNORA
today announced that it has secured US$25M in financing from investors
in Asia, Europe and the US. Germany-based CYNORA is an emerging
materials leader with a novel technology to produce
ultra-high-efficiency emitter systems required for next-generation
Organic Light Emitting Diode (OLED) displays. The company has raised
US$80M since its inception in 2008. Final closing of the C round with an
additional investment is expected shortly.

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Adam A. Kablanian (Photo: Business Wire)

Adam A. Kablanian (Photo: Business Wire)

In a related move, CYNORA appointed Adam Kablanian as Chief Executive
Officer (CEO). Kablanian joins the company as part of the C round. He
succeeds Gildas Sorin who led the company through R&D and early customer
engagements. Sorin will remain at CYNORA during the transition.
Kablanian previously led several Silicon Valley-based public and
privately-held companies, bringing complex technologies to market and
building large infrastructures to support global customers. They include
Virage Logic, an embedded memory leader he co-founded and took public
before it was acquired by Synopsys. He also led PlasmaSi, an OLED
encapsulation company acquired by Aixtron.

A Syndicate of Global VCs and Strategic Investors

The new Series C investors include: SRF Partners Group LLC (SRF), a US
fund that includes financing from a Korean technology corporation;
DBOLED LLC, a US fund, and SBI Cross-Border Advantage Fund, based in
Korea. Existing investors also participated in the round. They include:
MIG Funds, a leading German VC firm, and Wecken & Cie, based in
Switzerland. Previous investors include LG Display and Samsung Venture
Investment Corp.

Dan Rubin, a partner with SRF, joins CYNORA’s board.

The funds will be used to build a worldwide infrastructure to support
the production, sales and support of CYNORA’s Thermally Activated
Delayed Fluorescence (TADF) materials for next-generation OLED displays.
TADF materials will radically improve the efficiency of blue emitters,
which are currently the performance-limiting components of the OLED
device. Boosting the efficiency of blue emitters is a top priority for
display manufacturers. Not only can ultra-high-efficiency blue emitters
slash power consumption by up to 50 percent, they can also reduce the
manufacturing costs. CYNORA’s proprietary TADF blue emitter solution,
now nearing commercialization, has the proven capability to enable
low-power advantages, with performance metrics that lead the industry.

New Leadership to Accelerate Growth

Kablanian, a multi-time technology company CEO, will lead CYNORA from
the company’s HQ in Germany. Throughout his career, he has built several
successful global companies around disruptive science-based
technologies, creating value for customers and shareholders. With Virage
Logic, he took a pioneering semiconductor memory design IP solution to
the global market, breaching commercialization barriers and enabling
marquee customers with a differentiated embedded memory technology.

As CEO of PlasmaSi, Kablanian entered the OLED industry as the new
display technology seized the lead over LCDs as the preferred choice for
smartphones. Today, the trajectory for OLEDs continues. Display Supply
Chain Consultants (DSCC) predicts that the market for OLED displays will
nearly double in size over the next four years, soaring from US$28.7B
this year to US$52B in 2023. Beyond offering spectacular pixel quality
on smartphone displays and TVs, OLED technology also enables radical new
form factors, like foldable and roll-able devices. CYNORA’s technology
is an essential contributor to the sustained innovation.

Kablanian holds a B.A. in Physics from the University of California at
Berkeley and an M.S. in Electrical Engineering from Santa Clara
University in California.


“We’re pleased to welcome the new investors to CYNORA. As a longtime
investor, we have watched the company become a valued OLED industry
player under Gildas’ stewardship. We appreciate his commitment to
CYNORA’s success. We are fortunate to attract an executive of Adam’s
caliber to lead CYNORA. He brings significant expertise in productizing
complex technologies and growing international startups with an emphasis
on partnering and customer relationships. We look forward to working
with him and the executive team to continue the exceptional progress of
this venture.”
~ Kristian Schmidt-Garve, Partner, MIG
Funds & Chairman, CYNORA

“SRF selected CYNORA to make its first investment in the display
industry. Displays are the interface between consumers and information
so there’s relentless innovation to improve the viewer experience and
drive penetration into new applications. OLED is the future of display
technology. It can radically reduce power consumption and give shape to
flexible, foldable and even roll-able devices. Our investment focus is
on critical technologies that enable this ecosystem. That’s why we’re
delighted to support the CYNORA team.”
~ Dan Rubin, Partner, SRF
Partners Fund LLC

“Helping emerging technology companies become market leaders is my
passion and my forte. And when the technology promises meaningful
innovation for an industry as large as information displays, it’s
especially exciting. That’s what drew me to CYNORA. There’s work to do
to fulfill customers’ demanding specs for their next-generation OLED
displays. But our roadmap is aggressive, our talent is strong, and our
financials are solid. I’m grateful for the opportunity to lead this next
phase of CYNORA’s growth.”
~ Adam Kablanian, CEO, CYNORA

At Display
in San Jose, Calif., CYNORA executives will present the latest
developments on its TADF technology in three talks at the conference.
Hosted by the Society for Information Display, the conference is the
premier gathering of executives from the global display ecosystem.


CYNORA is an emerging materials leader in the global information display
industry. The company has pioneered a unique technology to produce
ultra-high-efficiency emitter systems required for next-generation
Organic Light Emitting Diode (OLED) displays. Known as Thermally
Activated Delayed Fluorescence (TADF), the technology promises to reduce
power consumption by as much as 50 percent. Founded in 2008 and
headquartered in Bruchsal, Germany, CYNORA is privately held and
supported by a syndicate of global investors.