Metal mask maker Atapex pockets hundreds of millions of CNY with Series A+ funding round

Metal Mask Maker Atapex today completed its Series A+ funding round worth hundreds of millions of CNY and began preparation for the Series B funding round. The high-precision metal mask developed by the company should break the monopoly of foreign companies in this area.

Zhejiang Atapex (Chinese: 众凌科技), an OLED Thin Metal Mask (FMM) manufacturer in China, today announced its Series A funding round worth hundreds of millions of CNY, led by CMB International and Changjiang Securities, with participation from Haichaungtou, Pingyang Qianjia, New Alliance Capital, Yunjin Capital and Linglong Capital, according to news portal

The company completed its Series A funding round worth hundreds of millions of CNY in October 2021. In addition to this funding round, Atapex has enough money to invest in equipment and materials and increase its working capital.

The company develops FMM etching processing technology at the micron level. It is currently the only company in China with the technical solution to independently solve the raw material quality problem. After mass production, the product will fill the gap of domestic fine metal mask products, and achieve safe, self-sustaining and controllable import substitution and import substitution.

At the beginning of its creation, Atapex invested 430 million CNY (63.898 million USD) to build the first phase of the project. It is also the largest single FMM production line in the world. It has a production capacity of 30,000 to 50,000 pieces per year, corresponding to different current AMOLED panel factories, with different product sizes and specifications.

The cumulative investment of the second-phase plant, which was launched together with the first-phase project (in 2021), will exceed CNY 1 billion in the next four years, the annual production capacity will be 200 000 to 250,000 FMM, and the total production income will be 1.5 to 2 billion CNY. The objective is to occupy 50 to 70% of the domestic market.

The company’s competitors are BOE (Chinese: 京东方), TCL China Star Optoelectronics Technology (Chinese: 华星光电), Junyi Technology (Chinese: 浚漪科技), Dai Nippon Printing (DNP), and Toppan Printing.

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