INNOVISION Completes Financing of 100 Million Yuan to Accelerate the Commercialization of Micro-LED Display Chips

Recently, our company completed a Pre-A2 round of financing of 100 million yuan. This round of financing is led by Lihe Capital, with old shareholders Peakview Capital, Shanhan Fund and Unity Ventures continuing to increase their investment. The funds raised in this round of financing will mainly be used for the construction of Micro-LED display chip mass production lines and further R&D of Micro-LED chips based on VSP technology.

Micro-LED, as a new-generation display technology, miniaturizes and matrixes LEDs, offering such advantages as higher brightness and resolution, lower power consumption and longer lifespan compared with traditional display technologies. INNOVISION adheres to the concept of "integration of chip and screen" and "combination of display with lighting", with its products covering wearable devices (e.g. AR/MR), micro projectors, HUDs and digital car lights.
Currently, there are still many industry pain points in the Micro-LED industry that hinder its rapid commercialization. Firstly, the process flow of Micro-LED involves driver backplanes, pixel preparation and wafer bonding, which is complex and requires extremely high precision, with a very high technical threshold. Secondly, as the pixel size decreases, the EQE of Micro-LED will decrease, which has a particularly significant impact on the red light part. Thirdly, issues such as insufficient yield and difficulty in reducing costs have hindered the large-scale commercial implementation of Micro-LEDs.

Our independently developed VSP technology is expected to become the optimal solution to overcome industry challenges. This technology solution deeply integrates the integrated circuit manufacturing process and LEDs, and stacks single or multiple light-emitting units in the vertical direction through such technologies as large-scale epitaxy, homogeneous integration and non-destructive substrate removal, thus achieving dual improvement of luminous efficiency and yield, reduction of pixel volume and BOM cost, and providing a feasible solution for the large-scale production and commercialization of Micro-LED display chips.

Advanced technology and outstanding preparation processes will accelerate the commercialization process of INNOVISION. In September 2023, it successfully launched the VSP process flow, achieving wafer level integration of AlGaInP and GaN material systems, and lighting up RGB stacked engineering chips. That was another major breakthrough for INNOVISION after successfully lighting up the world's smallest 0.12" monochrome RGB micro-display chips. Founder Wang Yazhou stated that the company launched the construction of its first Micro-LED display chip mass production line in February 2024, which would contribute significantly to the global commercialization of Micro-LED displays.

According to Xu Benbo from Lihe Capital, the leading investor in this round of financing, the vertical stacking technology chosen by INNOVISION is one of the most sufficiently discussed and experimentally verified feasible silicon-based Micro-LED display chip technology paths in the industry over the years, and can also be said to have the highest consensus. What is commendable is that INNOVISION quickly completed the engineering verification of the technology by utilizing the good industry-university-research process conditions at the beginning. According to public information, the chip samples from INNOVISION's current process line are also an outstanding achievement globally in terms of process completeness, performance, and repeatability. Lihe Capital adheres to the idea of deeply empowering enterprises and integrating into the industrial chain, assisting INNOVISION in launching its first mass production line in Deqing, Zhejiang. Not only has it received strong policy support, but it has also formed a highland of industrial chain aggregation in the region together with other related enterprises invested in by Lihe Capital.

According to Wang Xiaohui, Managing Partner of Peakview Capital and an old shareholder and co-investor in this round of financing, Micro-LED is currently the relatively optimal micro-display solution, but cannot be well industrialized due to technical and process reasons. INNOVISION focuses on this field, and its disruptive VSP technology is a globally outstanding single-chip full-color technology solution. In this round of financing, the reasons why we continue to increase our investment are as follows: on the one hand, we support INNOVISION in building production lines and promoting commercialization; on the other hand, we continue to be optimistic about the potential market size of Micro-LEDs in various display applications, and believe that with the continuous development and maturity of XR technology, its market space will be further opened up.

According to Wang Xiao, Founder of Unity Ventures and an old shareholder and co-investor in this round of financing, Unity Ventures has been laying out in the AR industry chain for a long time and has been focusing on technological innovation in the upstream of the micro-display field. The vertical stacking colorization solution provided by INNOVISION can provide high-performance, high-yield and low-cost solutions for Micro-LED displays, rapidly promoting the commercialization of the XR industry. We look forward to INNOVISION becoming a leader in the Micro-LED industry!

According to Fang Nan, Founding Partner of Shanhan Fund and an old shareholder and co-investor in this round of financing, Shanhan Fund has always regarded seed/angel round venture capital as its core targets. The founding team of INNOVISION is one with technological competitiveness and firm entrepreneurial determination, and its decision on investment in INNOVISION is also the fastest one among all projects of Shanhan. The INNOVISION team has been engaged in the development of Micro-LED technology for a long time, firmly choosing the VSP technology path. Its R&D progress is exciting, and it has achieved remarkable results in such key indicators as light efficiency and colorization. Shanhan Fund has abundant resources in the upstream and downstream of the industrial chain, and can achieve better industrial synergy with INNOVISION.