Waterloo-based VueReal has raised US$40.5 million in Series C funding and plans to use the investment to scale production and expand its global ecosystem. The company uses nanotechnology to improve the production process for microLED displays and other products requiring semiconductor technology. 

“This is a pretty exciting time for us,” said Rick Coccimiglio, CFO at VueReal. “This funding is really going to help us scale our microLED production.” 

After announcing its expansion in July 2024, VueReal has also been strengthening its leadership team to support its growing operations. The company says the new investment will help enhance its ecosystem and support partners in integrating microLEDs in commercial production.

“The biggest challenge in microLED adoption has always been the ability to scale efficiently and drive down costs,” said Coccimiglio. “With this investment, we’re able to accelerate the transition from lab innovation to mass production, making high-performance LED solutions more accessible for all industries.”

The round was led by Export Development Canada (EDC) with participation from Cycle Capital, BDC Capital's Cleantech Practice and TDK Ventures. Lissa Bjerkelund, Vice President at EDC, said VueReal is a “pioneer” that’s shaping the future of the global microLED market.

"VueReal's cutting-edge technology and commitment to establishing a world-class production platform are pivotal in unlocking the vast potential of microLED and other micro semiconductor innovations across industries,” said Bjerkelund in a release. “EDC is pleased to support VueReal’s global ambitions and help the company realize its bold vision for the future."

MicroLED technology uses tiny LEDs as pixels that produce their own light, which offers bright, accurate colours and energy efficiency, which is great for devices like smartphones or smartwatches. However, assembling microLED displays can be challenging because it requires placing millions of microLEDs precisely. VueReal says its solution is a simpler, more efficient printing technique to transfer microLEDs onto screens that’s both cheaper and faster than current methods.

In the automotive industry, Coccimiglio says microLED technology has the potential to reshape design possibilities, from creating smarter headlights to rethinking displays or interior lighting systems.

“These microLEDs are so small that you can also interchange other micro semiconductor devices with them. You can make technology really flat, really easy,” said Coccimiglio. “It can display information, act as a light, charge itself or it can also be a sensor. So, there are endless applications that you can grow from there. And very similarly, in consumer electronics and health care, there’s the ability to have micro sensors embedded in both industries.”

The ability to embed microLEDs and micro sensors into devices also opens up new possibilities for wearable health tech and smart home gadgets. In an interview with Tech News, Reza Chaji, CEO of VueReal, said the company’s technology could create a whole new world of connected devices through innovations in personalized health data collection and real-time sensor-based feedback.

Looking back, Coccimiglio points to the global supply chain disruptions during the COVID-19 pandemic as an important time for the company that helped set the stage for its growth.

“When I joined in 2022, I was already a believer in what VueReal’s capability was and that’s part and parcel as we learned in the earlier parts of 2020 and through the pandemic, that reliance on the supply chain on the other side of the world was too great and we needed to be able to find a way to diversify,” he said. “What VueReal is really bringing with its MicroSolid Printing technology is a way for semiconductor development, microLED development to happen anywhere around the globe, as opposed to one location.”