MicroDisplay Corp. Raises $18 M

SAN PABLO, Calif., Jan. 14 -- MicroDisplay Corp., a developer of liquid crystal on silicon (LCOS) components, announced this week it has secured more than $18 million in its third round of financing. The company said it will use the funds to increase manufacturing, expand customer engineering support and double its research workforce. Participants in this round include existing investors such as August Capital and 2M Technology Ventures and new investors such as Nokia Venture Partners and Mobius Venture Capital.

Sandeep Gupta, MicroDisplay's president and CEO, said, "This new funding will permit us to move into volume production and expand our team and capabilities. Our E-HD single panel microdisplay devices have been well received by our target market -- the OEM manufactures of high-definition, rear-projection TVs -- and is expected to capture a large share of the multibillion dollar digital television market during the next 18 months."

MicroDisplay's new E-HD single panel LCOS, after almost 10 years of research and development, is ready for mass production, said John Malloy, a partner at Nokia Venture Partners. "The E-HD more than doubles the resolution for digital televisions, compared to products that are available today, and MicroDisplay's standard CMOS semiconductor production technique for LCOS panels also makes it the lowest-cost option for HDTV," he said.

For more information, visit: www.microdisplay.com