Growing Quantum Dot Manufacturer, UbiQD, Named Breakout Labs Portfolio Company
The Thiel Foundation is supporting development of UbiQD's solar concentrator technology
LOS ALAMOS, N.M., Oct. 16, 2017 /PRNewswire/ -- UbiQD, Inc., a New Mexico-based quantum dot manufacturer, announced today that it has been recognized as one of the newest portfolio companies in Breakout Labs, a fund within the Thiel Foundation that finances and nurtures early-stage science-based companies. As part of its commitment to investing in UbiQD's growth, Breakout Labs has awarded the quantum dot company $350,000 to focus on refining its luminescent solar concentrator technology. In addition to providing capital, Breakout Labs also offers its portfolio companies access to an elite ecosystem of follow-on funders, corporate partners, and resources to drive commercialization.
"Research development from scientists-turned-entrepreneurs is often under-supported when it comes to commercialization," said Lindy Fishburne, Executive Director of Breakout Labs. "We want to help fill this void by providing companies like UbiQD with funding and business support."
UbiQD, which has developed a new kind of safer, brighter, cost-effective, and more reliable quantum dot, sees the biggest market opportunities in solar-related products, but also provides materials for other applications. Quantum dots are known for their highly efficient ability to convert one spectrum of light into another. The newest funding from Breakout Labs, which also marks the organization's first investment in the state of New Mexico, will enable UbiQD to specifically focus on developing a greenhouse product.
"I would like to offer my sincerest thanks for Breakout Labs' support, which will be transformative for UbiQD," said McDaniel, who will be presenting the company at the Breakout Labs' annual Unboxing event in San Francisco on Oct. 19. "Breakout Labs recognizes our tremendous potential in the agricultural industry and their funding demonstrates a level of confidence and commitment to our success."
Immediately prior to the Breakout Labs' funding, UbiQD closed a corporate restructuring, converting from an LLC to a C-corporation on Oct. 1. In August, the company completed the purchase of its 9,000-square-foot headquarters in Los Alamos after it secured financing from Los Alamos County via the Local Economic Development Assistance (LEDA) program. UbiQD is nearing completion of the first phase of its lab space renovations that will enable the company to supply pilot projects, and it now employs 10 full-time individuals.
About Breakout Labs
Breakout Labs is a seed-stage revolving fund operating out of the Thiel Foundation, backing bold scientist-entrepreneurs at the intersections of technology, biology, materials and energy. The fund supports early-stage companies as they transition radical scientific discoveries out of the lab and into the market. More than capital, Breakout Labs provides access to an elite ecosystem of follow-on funders, corporate partners and business resources to drive commercialization. The entire portfolio of Breakout Labs companies can be viewed at www.breakoutlabs.org/portfolio.
About UbiQD, Inc.
UbiQD is a nanotechnology development company based in Los Alamos, New Mexico that manufactures low-hazard quantum dots and nanocomposites. While the company's primary focus is in enabling windows to generate electricity, UbiQD also currently sells its materials for R&D purposes and provides materials technology development services. Spun out of technology developed at Los Alamos National Laboratory, Massachusetts Institute of Technology, The University of Washington, and Western Washington University, UbiQD envisions a future where quantum dots are ubiquitous in a wide spectrum of applications. For more information or to purchase high quantum yield cadmium-free quantum dots, visit www.UbiQD.com.
MEDIA CONTACTS
UbiQD, Inc.
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SOURCE UbiQD, Inc.
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