Shanghai-based rollable display firm Royole Corporation has reached a valuation of $5 billion after raising an undisclosed amount from Yingke Innovation Asset Management for its ongoing Series E round.
According to a China Money Network report, Royole Corporation did not disclose the amount of the new capital injection but said it is in the process of securing more investments for the ongoing round.
Founded in 2012 by a team of scientists headed by Tsinghua and Stanford graduate Bill Liu, the company creates and manufactures next-generation human-machine interface technologies and products, such as flexible displays, flexible sensors, and smart devices.
On its website, Royole sells t-shirts and caps embedded with flexible wearables, where instead of the traditional prints, the wearer can display the moving graphics he or she wants using a smart phone.
Last year, Royole raised a total of $800 million in Series D to support its R&D efforts and accelerate production and sales.
The round included $240 million equity financing from Chinese investment firms including Hanfor Capital Management Co., Ltd, Warmsun Holding Group, Shanghai Pudong Development Bank Co., Ltd., Zhonghai Shengrong and Tanshi Capital.
It also involved $560 million debt financing from China CITIC Bank, Agricultural Bank of China, Industrial and Commercial Bank of China Ltd, Bank of China and Ping An Bank Co., Ltd.
In 2015, Royole raised $172 million in a Series C round co-led by IDG Capital, Shenzhen Capital Group, and Green Pine Capital.
According to Crunchbase data, Royole’s total funding amount has reached $1.1 billion from six funding rounds. The Shenzhen-based company’s valuation has gradually climbed from $3 billion in 2016 to $5 billion currently.
“Within six years of starting business, Royole has grown to a team of over 2000 highly skilled employees from around the world, and has earned a global valuation of $5 billion, adding to our reputation as one of the world’s fastest growing tech startups,” the company said on its website.