China-based microLED display developer Sitan Technology has successfully closed its B3 funding round, raising almost 100 million Yuan ($14.5 million USD). Several investors participated in the round, including Xiamen Advanced Manufacturing No. 1 Fund, Xiamen Science City Mother Fund, Industrial Capital, and Longhua Capital.
This latest B3 funding round brings Sitan's total funding in its Series B rounds to over $30 million USD. The company will use the funds to accelerate its R&D and scale-up commercial production of microLED microdisplays for AR and automotive projection applications. The company currently operates a small-scale pilot line in Longhua, Shenzhen.
Sitan reports that it has secured several development contract from top-tier automotive clients, for its microLED automotive modules. It has also, it seems, received some mass production orders for these modules. In the AR sector, Sitan is starting to produce green monochrome microdisplays, and has already secured some orders from customers.
