OLED Microdisplay-maker eMagin announced the company will raise around $6 million in a registered direct offering of shares and warrants. eMagin will use the new capital to upgrade its manufacturing equipment, balance our production line and improve its yield.
An eMagin OLED microdisplay
eMagin requires the added capacity as it aims to enter the commercial headset market which requires much higher volumes than the current military and industrial markets it targets.
Last month, when eMagin announced its financial results for Q3 2015, it said that it supplied OLED microdisplay samples to Tier-1 companies working on VR and AR applications. These clients will require a very large volume and the company is in talks with potential foundry partners and will also require a large investment in in-house capacity - which is obviously what it is now planning to do.
eMagin developed its own 2000x2000 OLED microdisplay-based VR headset, which it is using to demonstrate the advantages of a microdisplay-based VR compared to the current range of VR headsets that use smartphone-sized OLEDs.
Disclosure: the author of this post holds shares in eMagin
