Baltimore Nanotech Firm Pixelligent Raised a Sparkly New $38M

Pixelligent, a nanotechnology firm that produces materials used in augmented reality displays and sensors, recently raised $38 million in IP-backed financing from a funding vehicle by MVolution Partners LLC. These funds brings the total raised this round of funding to $45 million, with the other $7 million coming from existing investors.

The company is known for the PixClearProcess, which synthesizes materials at the nano-level, as opposed to breaking down larger materials into nano-sized materials. It manufactures all of its materials in Baltimore and has 25 tons of capacity. Current CEO Craig Bandes took control of the company in 2009 as the chief restructuring officer appointed by a bankruptcy judge. In that time, Pixelligent raised $100 million to get to its current place in the market.

Bandes accredited the new funds raised to its PixClearProcess, nearly 90 patents, and “dozens”of trade secrets.