Isorg, a pioneer in Organic Photodetectors (OPDs) and large-area image sensors, today announces a capital increase of EUR16 million in series C financing.
Two major industrial investors, Sumitomo Chemical Co Ltd and Mitsubishi Corporation, participated in the round. Greece-based Integrated Systems Development SA and five new French investors represented by fund manager Financière Fonds Privés also joined the round. Legacy shareholders Bpifrance, through its large venture funds, New Science Venture, CEA Investment and Sofimac Group (Limousin Participations) contributed, reaffirming their commitment and confidence in Isorg. The company has raised EUR47.8 million (approximately USD58.4 million) to date.
“This third fundraising marks Isorg’s maturity and readiness to become the industrial player we set out to be at the very start of our venture 11 years ago,” says Jean Yves Gomez, CEO of Isorg. “The addition of new industrial investors from Japan and Greece, alongside our historical partners, is confirmation of our international ambition, the strength of our business model and product maturity.”
Isorg develops large-area image sensors and biometrics solutions based on OPDs, a transformational technology that can convert a substrate, such as plastic, glass or CMOS, into an optical sensing surface. Isorg offers the security and ID market thin, lightweight OPD modules that can withstand outdoor light; key features required in mobile applications. Isorg operates the first industrial plant with capacity to mass produce OPD sensors.
Isorg attracted investors through its extensive patent portfolio and the uniqueness of its OPD technology. Other factors include the ability to address unmet needs in biometric devices, the diversity of applications it is targeting in consumer electronics – one of the fastest growing segments in the global OPD market – and its sales pipeline. The global photodiode sensors market is expected to reach a value of USD867.7 million by 2026, expanding at a CAGR of 7.7 per cent from 2018 to 2026.
“OPD technology can be used in a variety of applications. We expect the OPD market will soon boom and expand rapidly through Isorg’s technology,” says Isao Kurimoto, executive officer at Sumitomo Chemical Co Ltd.
“Besides integration in smartphones, Isorg’s solutions can be applied in a wide range of applications for different industry domains,” says Yoshiyuki Watanabe, general manager of the business creation & digital strategy unit at Mitsubishi Corporation.
Thierry de Chambure, partner and general manager at Financière Fonds Privés, says: “We are particularly happy to once again support Isorg in its development, enabling it to very soon become a major global player in its areas of excellence.”