C3Nano Inc. said it has closed an initial equity investment from lead investor Nitto Denko, as the first step in an anticipated $15 million funding round. 

Nitto Denko Corp., an Osaka-based diversified materials manufacturer, is a major supplier of films and touch panel display products for the global smartphone, tablet, and display industries. The two companies will collaborate on the further development of the supply chain channel for the global flexible display market.

Current investors include Nissha Printing Co., Ltd., Hitachi Chemical, Nagase America and Lens Technology.

“Our partnership with Nitto Denko is the latest indication that we offer superior technology in the global transparent film and touch display market,” said Clifford Morris, CEO, C3Nano. “C3Nano is the recognized performance leader, and we supply materials for foldable phones and other devices around the world. We are grateful for the opportunity to work with Nitto Denko and combine our technical skills to support innovation and expansion of this important sector as well as other new and novel emerging products and markets.”

One of the emerging markets C3Nano and Nitto Denko supply is the foldable device market, estimated by Display Supply Chain Consultants (DSCC) in its 2020 report, to exceed $70 billion in product revenues by 2025, with the foldable display segment growing to $7.9 billion and foldable panel shipments rising to 77 million units. 

According to DSCC Founder and CEO Ross Young, “C3Nano is well-positioned to help the foldable display market solve the scratch resistance issues that have plagued foldable adoption so far. 

“In addition, its strong IP position and technical advantages with its ActiveGrid technology should ensure continued strong growth in the mobile and large-area touch market.”

“C3Nano is a strategic investment for us and will enable us to partner more closely on developing innovative products and expanding the materials supply chain for the evolving device and touch display market,” said Nitto Denko in a statement. “We chose C3Nano due to its performance leadership and excellent technology which will facilitate growing our market with the confidence that we have the most effective team and product in this market segment.”