NeuDrive acquired a portfolio of organic semiconducting material patents and the FlexOS trade mark from CPI Innovation Services (CPIIS), the commercial arm of the Centre for Process Innovation (CPI). In a series of related transactions, NeuDrive has also acquired patents and licences relating to OTFT technology developed by CPIIS, while securing a significant additional investment from its founding shareholders.
The FlexOS technology platform enables the manufacture of high-performance, ultra-thin, HD display screens on flexible plastic substrates, particularly suitable for portable devices such as smartphones and tablets and the emerging market for wearable devices.
NeuDrive has committed to the further development of the FlexOS platform so to enable sensors, biosensors and diagnostic devices. It is anticipated that these devices will play an important part in the development of the pharmaceutical and life sciences industries, as there now exists a capable interface between traditional electronics and organic materials.
Diagnostic Capital Limited has acted as advisors to NeuDrive’s shareholders for this transaction and has taken a 5% shareholding in NeuDrive.
Nigel Perry, CEO, CPI, commented: ’We are delighted to have completed this transfer and to take our relationship with Ray Fisher and his team to the next stage. This transaction represents a successful development through the challenging technology readiness level chain TRL 5 to TRL8 where it is now ready for commercialisation. The relationship with Peakdale Molecular and now NeuDrive is an example of how an entrepreneurial UK company bid its way into a technology space and used its skills and people to add value and out-innovate global companies to develop a viable product.’
Ray Fisher, Founder and CSO, NeuDrive, said: “We are delighted to finalise these arrangements with CPIIS which builds upon a successful eight year relationship and consolidates our position at the forefront of the commercialisation of this exciting area of technology. We look forward to continuing to work with CPI and the High Value Manufacturing Catapult in developing applications for OTFTs.”