Welsh semiconductor company SmartKem (www.smartkem.com) has secured an additional £3 million in funding from its existing investors — including BASF Venture Capital, Octopus Ventures and the Entrepreneurs Fund — to support its growth plans.

In September, the manufacturer secured a £1.5 million EU grant to support the development of its semiconductor technology in Asia.

Chief executive Steve Kelly said: “The funding will support our continued growth in Asia, where the SmartKem technology platform is currently under adoption by key manufacturers in the display industry for the manufacture of a new generation of lightweight and flexible organic light-emitting diode displays.

“Prior funding enabled us to capitalise on the strong traction with display manufacturers wanting to adopt our semiconductor technology platform.

“We have since made real progress in the transfer of our technology over to Asia, and this recent funding will support the move from pre-production to scaled-up production.”

SmartKem has its headquarters in St Asaph, North Wales, and an 8,000ft² technology facility in Manchester. It employs more than 35 people.