Plextronics Inc. said Tuesday that is has raised $13.1 million in early-stage financing, with local venture capital firms Birchmere Ventures and Draper Triangle Ventures part of the funding mix.
The company, a world leader in the development of what's known as active layer technology for electronic devices, will use the funding to expand its development and commercialization staff, as well as its operations related to its Plexcore technology.
"The financing is a major milestone in our company's development," said Plextronics CEO Andrew Hannah, in a statement.
"Plextronics has proven itself to be a leading force in the field of printed electronics, a market that is expected to grow to $50+ billion by 2015," said Ned Renzi, a partner with Birchmere Ventures, in a statement. "The evolution of Plexcore into a solid and stable multi-application technology platform was the catalyst for our investment decision."
In addition to Birchmere and Draper Triangle, the other venture capital firm taking a stake in Harmarville-based Plextronics was Firelake Capital, Palo Alto, Calif.
Since it was spun out of Carnegie Mellon University four years ago, Plextronics has raised $16.4 million in investments.
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