UbiQD Awarded $350k By Breakout Labs Fund
Thiel Foundation supporting development of quantum-dot-based luminescent solar concentrator technology
UbiQD, a New Mexico-based quantum dot (QD) manufacturer, has been recognised 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 $350k to focus on refining its luminescent solar concentrator technology (LSC) for sunlight harvesting windows. 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 commercialisation.
"Research development from scientists-turned-entrepreneurs is often under-supported when it comes to commercialisation," 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.
Its LSC technology is based on the development of a QD fluorophore technology based on CuInSexS2-x. Targeted customers will be window manufacturers that will sell products enabled by UbiQD's materials. A variety of potential markets are envisioned because windows are ubiquitous.
The newest funding from Breakout Labs, which also marks the organisation'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 presented the company at the Breakout Labs' annual Unboxing event in San Francisco on October 19th. "Breakout Labs recognises 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.