There’s plenty going on in London and Cambridge with Weavr, Porotech, FlexEnable and PerchPeek getting tech funding.
London-headquartered technology provider Weavr has closed a $40 million (£29.5 million) Series A funding round led by Tiger Global. The financing will support Weavr’s international expansion plans, beginning with an official US market launch.
Microdisplay technology company Porotech has secured a $20 million (£15 million) Series A investment in Cambridge for expansion and mass production of its micro-LED products.
Also in Cambridge, FlexEnable, a provider of flexible organic electronics, has raised $11 million (£8 million) in Series B financing.
Over in London, PerchPeek, which provides an app for employee relocation, has raised $11 million in its Series A funding round.
Weavr offers embedded financial services and was founded in 2018, according to LinkedIn. It introduced its embedded finance platform in late 2020.
The fintech firm says the funding, which includes participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous Weavr backers QED Investors, Anthemis and Seedcamp, marks the company’s third funding round in 18 months for a total of $55 million (£40.5 million).
Alex Mifsud, Co-Founder and CEO of Weavr, comments: “In the past, industry disruptors, like Uber and Amazon, had no choice but to build their finance integrations from the ground up in what was a costly, complex and time-consuming process. Weavr shortens the time to launch embedded financial solutions from many months, or years, down to weeks or even days, while eliminating the hassle of managing compliance and data security.”
The company provides ‘Plug-and-Play Finance’ that preconfigures APIs into tailored embedded finance solutions. The Weavr platform can integrate into mobile apps, SaaS applications and other digital properties.
Weavr’s customers include finway, a finance operating system for SMEs; Barcelona-based fintech firm 11Onze; and benefits platform Ben.
Porotech Brightens Up
Porotech explains that a “multinational electronics giant” is among the participants in the Series A funding round, which has been led by Ameba Capital and includes previous investor Speedinvest.
According to Porotech, it has created a new class of porous gallium nitride (GaN) semiconductor material called PoroGaN. This means the company’s micro-LED products offer monochrome and full-colour displays on a single indium gallium nitride (InGaN) material system.
Naturally, Porotech predicts happy times and reckons micro-LED displays will play a role in the next generation of TVs, wearables and smartphones. For example, GaN-based material technology can deliver displays “bright and efficient enough” to meet the requirements of extended reality (XR) displays involving virtual reality (VR), augmented reality (AR) and/or mixed reality (MR).
The tech firm was founded in 2020 and is a spin-out from the Cambridge Centre for Gallium Nitride at the University of Cambridge.
Mass Production for FlexEnable
FlexEnable says Coretronic, a Taiwanese LCD backlight module manufacturer, has made an investment alongside European family offices.
The initial investment includes options for a further $14 million (£10 million) and is “expected to finance FlexEnable through to mass production ramp up of flexible displays and liquid crystal optical modules at Asian display manufacturing partners”. The funds will also be used for the company’s organic materials production capacity.
FlexEnable’s platform comprises a set of manufacturing processes and FlexiOM organic semiconductor materials that are used in the manufacture of glass-free organic LCD displays (OLCD) and liquid crystal optical films (LC Optics) in existing display fabs. This allows “almost any surface” to display information or steer, modulate and focus light. It’s a lively market that includes notebooks and tablets, smart home devices, AR/VR headsets, automotive, monitors and TVs.
The company has four active technology transfer programs underway with several display manufacturers in Asia, with the first volume production ramp starting in the second half of 2022.
FlexEnable was established in 2015 and has around 700 patents.
According to PerchPeek on LinkedIn, Stage 2 Capital and AlbionVC were lead investors in the funding round.
In a joint statement, PerchPeek founders Paul Bennett, Ace Vinayak and Oliver Markham state: “By bringing all the destination services processes into one platform, with great support at accessible price points, we help both the relocating employee with their move but also their employer provide a high-value employee benefit.”
PerchPeek uses AI to guide people through stages of their relocation from search to settling in. It serves as an AI-powered home search assistant to help flat-hunters find a new home. The company was founded in 2017.
Based on Crunchbase data, PerchPeek has raised a total of $14.7 million (£11 million) in funding to date.