QustomDot is developing cadmium-free quantum dots that are stable enough for advanced applications.
Ghent (Belgium), 26 November 2024 - QustomDot, a leading innovator in cadmium-free quantum dot technology for display applications, is pleased to announce the successful completion of a EUR 2.7 million financing round, accompanied by a EUR 2.5 million EIC accelerator grant. The round was supported by its key investors: the Flemish investment company PMV, QBIC, and Vigo Ventures, but also with Noshaq and EIC Fund becoming new shareholders. This investment strengthens QustomDot’s position in the rapidly growing microLED market, enabling the company to continue its development of environmentally sustainable and high-performance quantum dot solutions.
Founded in January 2020 as a spin-off from Ghent University, QustomDot specializes in the production of quantum dot based inks and resins. These advanced materials are crucial in enhancing display technologies, offering superior color conversion without using toxic heavy metals like cadmium, hence adhering to stringent environmental standards. The company’s headquarters are strategically located in Ghent’s Technology Park Zwijnaarde, a hub for innovation and technology. QustomDot has thrived in this environment, thanks to a team of deep experts who are dedicated to advancing the company's mission.
Emerging market
QustomDot focuses on the microLED market, an emerging market based on new technology with great potential to disrupt the advanced display market. At the core of its strategy, QustomDot is dedicated to supplying the market with quantum dot inkjet inks that enable high-precision, scalable manufacturing for microLED displays and other type of displays. Market studies expect microLEDs to break into the smartwatch, PID (Public Information Displays), AR/VR headset, medical imaging and automotive segments, with a high probability in the coming years. The microLED market is expected to grow to USD 27 billion by 2027. Although the company has a strong focus on the microLED market, where precision, brightness, and energy efficiency are critical, their versatile inkjet inks are also suitable for enhancing other display technologies, including OLED and advanced LCD systems. This adaptability allows QustomDot to address a wide range of industry needs.
QustomDot’s breakthrough technology addresses the urgent industry need for cadmium-free quantum dots, aligning with the European Union’s RoHS directive on hazardous substances. By using indium phosphide (InP)-based materials, QustomDot provides a sustainable alternative to traditional cadmium-based quantum dots while achieving superior photostability and performance tailored to demanding microLED applications.
Accelerate commercialization
The new financing round will enable QustomDot to further develop their inkjet technology and set up collaborative projects in order to meet the market demands.
"This financing validates the significant progress we've made and will help us accelerate commercialization of our next-generation quantum dot ink solutions," said Kim De Nolf, CEO and co-founder of QustomDot. "We are particularly excited about the growth opportunities in the emerging micro-LED display market, where our cadmium-free technology offers compelling advantages."
“During a recent trip to Taiwan, our technology and products have been embraced and endorsed by the world’s top microLED display manufacturers”, said Jan Vandesande, CEO ad interim and CCO. “We already started product sampling and testing activities with those, and plan to engage in the course of 2025 with many other advanced display manufacturers around the globe”.
International recognition
QustomDot's unique technology did not go unnoticed internationally either, earning them recognition from the European Innovation Council Scaling Club. The EIC Scaling Club is an EIC-funded community where 120+ European deep tech scale-ups with the potential to build world-class companies and solve major global challenges come together with investors, business innovators and other industry stakeholders to spur growth.
QustomDot has also been awarded EIC Accelerator blended finance, which includes a EUR 2.5 million grant to further develop and commercialize its cutting-edge quantum dot technologies. This significant funding highlights the European Union’s confidence in QustomDot’s ability to deliver impactful, sustainable innovations. Next to this EIC Accelerator grant comes an equity investment facility from the EIC Fund for an amount of up to EUR 3.5 million, of which part has been applied for this current round.
In addition, QustomDot was recently added by EIC Scaling Club to the Next Gen Computing group, which offers a unique advantage in accessing relevant business partners and investors.
Founded in January 2020 as a spin-off from Ghent University, QustomDot is a leading innovator in the advanced display market. The company’s proprietary cadmium-free quantum dot inkjet ink technology transforms blue microLEDs into vibrant red or green ones, significantly enhancing display energy efficiency while reducing manufacturing costs. Designed for precision and scalability, QustomDot’s high-performance inks address the industry’s urgent need for commercial-ready solutions. Headquartered in Ghent’s Technology Park Zwijnaarde, a hub of technological innovation, QustomDot thrives on its mission to revolutionize the display industry.
As an investment company, PMV is building a sustainable Flemish economy, the engine of our prosperity and well-being. We are the partner of ambitious companies and projects, focusing on social impact and financial return. PMV finances promising companies from the very start, through to growth and internationalization. PMV offers tailor-made financial solutions to all entrepreneurs with a good business plan and a strong management team. It does so with capital, loans and guarantees. It also realizes, with and for the government, and other partners, projects that are important for prosperity and well-being in Flanders. PMV has a portfolio with 1.8 billion euros under management.
Qbic is a sector-agnostic seed and early-stage venture capital fund, focusing on creating impact through the transformation of technological breakthroughs into sustainable business. The fund’s goal is to support young innovative companies that valorize research from Qbic's knowledge partners. The fund typically participates in the first external investment round of a company and continues to support and invest in these companies throughout their growth. Across 3 funds, Qbic has close to € 200M in AUM.
VIGO Ventures is an early-stage deep tech VC firm with a focus on photonics, investing globally. With their evergreen structure, access to industry experts and hands-on business approach, they support teams with outstanding, scalable technologies that solve identified problems or change the status quo. They have 10 portfolio companies in 5 EU countries and Canada. VIGO Ventures - shedding light on the future by investing in photonics.
Noshaq is an investment fund and project developer with a portfolio of 473 companies. It is the reference financial partner for the creation and development of SMEs in the Liège region. Over the years, Noshaq has developed a variety of financing vehicles, which are fully in line with market needs and trends, as well as its strategy. All services offered by Noshaq are always designed according to the needs and requirements of the client investor. The goal is to ensure that, at all times, we have a lever effect on the development of his business.
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The European Investment Bank acts as investment adviser to the EIC Fund.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialization of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.
The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
