Korea's H&Q, Helios back Japan's Kyulux in $37.3M OLED materials round
What's the deal? Korean private equity firms H&Q Partners and HeliosDealroom has a profile for this one. Try Dealroom → PE have invested US$41.9M in KyuluxDealroom has a profile for this one. Try Dealroom →, a Japanese developer of next-generation OLED emissive materials, in a late-stage venture round. H&Q put in roughly US$38.5M and Helios about US$7.69M, according to local reports.
What does Kyulux do? Founded in Fukuoka in 2015 out of Kyushu University research, it develops third- and fourth-generation OLED materials based on its HyperFluorescence and thermally activated delayed fluorescence (TADF) technology. Unlike the second-generation phosphorescent materials in wide use today, its approach achieves high luminous efficiency without costly rare metals such as iridium.
Why now? Korean capital, facing a domestic deal drought, is turning to Japan, where companies hold deep technical assets but trade at relatively low valuations. In June, BNW InvestmentDealroom has a profile for this one. Try Dealroom → and Samsung Venture Investment reportedly invested about US$30.8M in the company.
By the numbers: The round ranks in the 93rd percentile for late-stage venture deals in Japanese deep tech, drawn from a sample of 284 comparable rounds. The median Japanese startup raise last year was US$480K, against roughly US$3.35M for Korean startups — a gap that, with a weak yen, lets investors buy deeper technology for the same money.
The Korea connection: Kyulux has long ties to Korean industry. Samsung Display and LG DisplayDealroom has a profile for this one. Try Dealroom → joined its 2016 Series A led by Samsung Venture Investment. Former Samsung executives Lee Jung-gil and Kim Sam-jin took senior roles in late 2025. Business cooperation with Samsung and LG panel makers is expected to deepen once product shipments scale.
What could go wrong? Foreign investment screening remains a real constraint. In April, Japanese authorities recommended halting MBK PartnersDealroom has a profile for this one. Try Dealroom →' proposed acquisition of machine-tool maker MakinoDealroom has a profile for this one. Try Dealroom → over national-security concerns, and an earlier IMM PEDealroom has a profile for this one. Try Dealroom →-led bid for materials firm Yasojima was canceled.
The signal: The deal marks a shift from conventional cross-border buyouts toward targeted technology investments, as Korean capital chases Japan's technical depth and low valuations — though regulatory exposure and a long road to commercialization stay in play.
Read more: mk.co.kr
Image credit: Generated with Gemini
