Berlin-based Inuru announced that it has raised $10M (€9.5M), underscoring the growing confidence in the company’s cost-efficient OLED (Organic Light-Emitting Diode) technology.
The fund comes from Aper Ventures, Adamed Technology (the venture capital arm of Polish pharmaceutical company Adamed Pharma), ARIA, and a group of business angels.
While OLED technology offers several advantages, its high manufacturing costs have limited its widespread use. This recent infusion of investor support will enable Inuru to introduce its technology to a broader audience and expand into new industries that can benefit from more visible and interactive labels.
“Adamed’s investment validates the pressing need for improved medication delivery. Our OLED labels empower brands to enhance medication adherence and help patients regain control over their health,” Inuru CEO Marcin Ratajczak says.
“Today, our collaborations with global innovation champions like CEACO, Displate, and Cattier have helped us mature our technology and expand production capacities. This expansion will enable us to produce superior products more efficiently and cost-effectively, ultimately benefiting a broader market,” he adds.
Inuru’s strategic focus in medication, entertainment sector
The issue of patients at risk of taking expired medications and not adhering to prescribed guidelines has driven the need for smarter, more interactive labelling solutions. The repercussions of non-adherence and medication mismanagement contribute to an estimated $600B (€570B) in preventable healthcare expenses and 325,000 annual fatalities.
Inuru’s primary focus is to harness its technology, known for augmenting product visibility on store shelves, to create intelligent and interactive labelling solutions. These labels have the potential to revolutionise medication intake and prescription drug management.
As the printed electronics market continues to grow, the company is venturing into the entertainment sector. This sector is projected to grow from $9.9B (€9.4B) in 2021 to $23B (€21.85B) by 2026, offering significant opportunities for startups and investors.
“As we aim to capitalise on our OLED technology to disrupt the healthcare and FMCG industries, we rigorously evaluate multiple financial avenues, including the prospect of an IPO,” says CFO of Inuru, Robert Chudala.
“These considerations form part of a comprehensive capital strategy designed to sustain our rapid scaling efforts and facilitate our entrance into new markets, geographically and across different industry verticals,” adds Chudala.
Illuminating innovation in OLED technology
Inuru specialises in cost-effective OLED micro lighting, electro-lighting labels, and films produced through digital printing. Backed by a portfolio of 25 patents, the company is on a mission to “enlighten the world” with its innovative Surface Lighting technology.
Inuru’s self-powered and intelligent Embeddable Lighting Films (ELFs) provide manufacturers with a streamlined way to incorporate illumination into their products. This advancement paves the way for a brighter, more interconnected future.
The startup has been at the forefront of integrating OLEDs into everyday items, harnessing their potential for entertainment, safety, and marketing purposes. It has gained recognition for illuminating iconic brands like Coca-Cola and Cattier bottles using its printed OLED technology.
Inuru has also set its sights on the American toys and games industry with the introduction of the first OLED-infused game board set available at Walmart. With this product, Inuruis is expecting triple-digit revenue growth for this year.
The surge in demand has also prompted the company to complete its production line near Berlin. The automated production line will significantly reduce manufacturing costs and contribute to the popularisation of OLED technology in everyday applications.