What Nanoco does

Nanoco Group PLC (LSE:NANO), founded in 2001 as a spin-out from the University of Manchester, is a UK-based nanomaterials company that develops and manufactures cadmium-free quantum dots (QDs) and other engineered nanomaterials for sensing, display, and emerging technology applications. The company's core technology is a patented "molecular seeding" process that enables cost-effective, large-scale production of high-quality monodisperse quantum dots — a manufacturing barrier that has historically constrained QD commercialisation. Its two principal product families are CFQD® (Cadmium-Free Quantum Dots) for visible-light display colour conversion, and HEATWAVE® (infrared QDs based on PbS, InAs, and InSb chemistries) for CMOS-compatible NIR/SWIR image sensors operating between 900nm and 1800nm+. The portfolio is backed by approximately 300 granted and pending patents spanning synthesis, surface chemistry, encapsulation, and device integration.

Nanoco generates revenue through three streams: (i) material sales of CFQD® and HEATWAVE® QDs to component manufacturers and electronics materials companies, (ii) IP licensing of its cadmium-free quantum dot patent portfolio (most notably a 2023 licence to Samsung for QLED TVs), and (iii) joint development agreements (JDAs) with customers such as Asian chemical companies for scale-up of QD materials. The company sells primarily through direct enterprise engagement, with a small e-commerce storefront for research samples. End-use segments include image sensors (machine vision, ADAS, industrial QC, defence, agriculture), consumer displays (TV, mobile, AR/VR), security tagging, and emerging quantum technology applications.

For FY2024, the company reported revenue of £7.9 million against billings of £61.0 million and a loss after tax of £1.3 million, reflecting the significant gap between contracted billing milestones and revenue recognition typical of long-cycle component qualification. The company is headquartered in Runcorn, UK, with an ISO 9001/14001-certified production facility capable of mass-market volumes (up to ~1.5 billion sensing die and ~1.3 billion display units per production cycle). It employs approximately 100 staff, including multiple PhDs and a leadership team that was substantially refreshed in 2024 with the appointment of CEO Dmitry Shashkov.

Name

Nanoco

Legal name

Nanoco Group PLC

Website

https://evolutec.co.uk

Company type

Public

Founded year

2001

Operating status

Operating

Short description

Nanoco is a UK-listed nanomaterials company that develops and manufactures cadmium-free quantum dots (CFQD® for displays, HEATWAVE® for SWIR sensing) using a patented molecular seeding process, selling materials and licensing IP to global component manufacturers and electronics materials companies.

Ownership category

akta.pro rank

Product category

Quantum Dot Materials

NAICS

Research and Development in Nanotechnology (541713)

SIC

Semiconductors & Related Devices (3674)

akta.pro primary industry

Semiconductor Process Chemicals (Wet & Dry) (IMAEAKAA)

akta.pro secondary industries

Thin-Film Deposition Materials (PVD/CVD/ALD Targets & Precursors) (HDAHAGAH), Deposition Precursors (CVD/ALD Precursors, Metalorganics) (IMAEAKAG)

Keywords

• Cadmium-free quantum dots
• SWIR sensing materials
• Nanomaterials manufacturing
• Display color conversion
• Quantum dot licensing

Headquarters

HQ city

Runcorn

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Quantum dot material product sales: Sale of cadmium-free quantum dot materials (CFQD® for display, HEATWAVE® for sensing) to component manufacturers and electronics materials companies. Revenue is product-based, likely recurring as customers qualify and scale adoption.
2. IP Licensing: Licensing of Nanoco's extensive patent portfolio to global technology companies. Most notably, Samsung took a licence to Nanoco's patent portfolio in 2023 in settlement of litigation regarding cadmium-free quantum dot technology in QLED TVs.
3. Joint Development Agreements (JDAs): R&D collaboration agreements with customers such as Asian Chemical companies, involving development and scale-up of quantum dot materials for consumer electronics applications. Signed three-year extension with existing JDA customer and new one-year JDA with second Asian Chemical customer.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Nanoco develops, manufactures, and licenses cadmium-free quantum dots and advanced nanomaterials using its patented 'molecular seeding' process. Its core product lines are CFQD® (cadmium-free quantum dots for display color conversion) and HEATWAVE® (infrared quantum dots for NIR/SWIR image sensing). The company supplies these materials to component manufacturers, electronics materials firms, and OEMs, and licenses its IP portfolio to global players such as Samsung.

Product overview

Nanoco is a nanomaterials company offering cadmium-free quantum dot technology as a platform. The core product lines are CFQD® (cadmium-free quantum dots for visible light display applications) and HEATWAVE® (infrared-absorbing quantum dots for SWIR sensing applications). The company uses its patented 'molecular seeding' process to synthesize and scale production of quantum dots. CFQD® materials are used in displays (LCD, OLED, μLED color conversion) while HEATWAVE® materials extend CMOS sensors into NIR/SWIR wavelengths. Emerging products include QD-EL (electroluminescent quantum dot displays) and singly-doped quantum dots for quantum computing applications. Products are sold as materials to component manufacturers and materials companies in the electronics supply chain.

Differentiator

Problem solved

Functional benefit

Brands

• CFQD: Cadmium-Free Quantum Dots - core fluorescent semiconductor nanoparticle technology for display applications
• HEATWAVE
• IRQD

Products and services

• CFQD® (Cadmium-Free Quantum Dots) Cadmium-free quantum dot nanomaterials that emit visible light when excited, tunable across the spectrum for color conversion in LCD, OLED, and µLED displays (TVs, tablets, smartwatches, smartphones, gaming monitors, automotive, AR/VR). Targeted at display manufacturers and consumer electronics OEMs requiring RoHS compliance and wide colour gamut.
• HEATWAVE® Infrared Quantum Dots Infrared-absorbing quantum dot materials (PbS, InAs, InSb) that extend CMOS image sensors into NIR/SWIR wavelengths (900–1,800 nm and beyond), enabling high-resolution, low-cost SWIR cameras as an alternative to InGaAs. Targeted at component manufacturers, SWIR camera makers, and integrators in machine vision, ADAS, industrial QC, agriculture, robotics, wearables, AR/VR, and security/surveillance.
• IRQD (Infrared Quantum Dots) Product Line Family of infrared quantum dot materials (PbS, InAs, InSb) for SWIR/NIR sensing applications, with a product roadmap covering established PbS, launched InAs, and InSb in development/sampling.
• CFQD® Security Tagging Solution Optical anti-counterfeiting tagging using highly tunable, narrow-emission cadmium-free quantum dots that create complex optical fingerprints dispersible in ink for printing onto luxury goods, pharmaceuticals, currency, and brand protection applications.
• Singly-doped Colloidal Quantum Dots (Quantum Technology) Precisely doped colloidal quantum dots with single dopants, serving as platforms for optically-addressable spin-qubits for quantum repeaters, quantum encryption, quantum computing, and nanoscale magnetic sensors. Co-funded by Innovate UK.
• Cadmium-Free Quantum Dot IP Licensing Licensing of Nanoco's ~300-patent portfolio covering cadmium-free quantum dot technology to global display and electronics manufacturers, exemplified by the 2023 Samsung licence covering QLED TVs.

Quantifiable outcome

• Sensing production capacity: up to 1.5 billion devices (3.5mm×3.5mm die) and ~700 million (5mm×5mm die) per 300mm Fab process
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• SamsungflagshipOEM/ Whitelabel/ Licensing Partner · 1 January 2023In 2023, Samsung took out a licence to Nanoco's patent portfolio in settlement of litigation for alleged infringement of certain Nanoco patents relating to cadmium-free quantum dot technology in Samsung's QLED TVs. The licence grants Samsung access to Nanoco's unique IP for cadmium-free quantum dot displays. Samsung subsequently received SGS certification verifying its QLED TVs as RoHS-compliant and completely free of toxic cadmium.
• EmberioncoreTechnology or IntegrationEmberion is a collaboration partner that has built SWIR cameras using Nanoco's HEATWAVE® quantum dot materials. Images from Emberion's QD-CMOS camera have been used by Nanoco in marketing and technical blog posts to demonstrate the performance of its technology in real-world imaging scenarios (smoke penetration, industrial quality control, etc.).
• STMicroelectronicscoreTechnology or IntegrationNanoco's quantum dot materials are used by STMicroelectronics in the development of CQD global shutter image sensors. STMicroelectronics demonstrated a 1.62µm pixel CQD sensor at 1400nm with peak EQE of 60% and dark currents of <2.5nA/mm2 (2V, 60°C), showing wafer-level processing capability — validating Nanoco's materials at mass-manufacturing scale.
• Asian Chemical Company (Primary JDA Customer)flagshipStrategic or Co-development PartnerA major Asian electronic materials company engaged in a three-year joint development agreement (JDA) extension with Nanoco, covering the scale-up of quantum dot materials for consumer electronics applications. This represents a key commercial relationship for mass-market deployment.
• Second Asian Chemical CustomercoreStrategic or Co-development PartnerA second Asian chemical company with a one-year joint development agreement (JDA) for quantum dot material development and scale-up. Represents Nanoco's expanding customer base in the Asian electronics supply chain.

Scale indicators8 records

Recent moves2 records

Direct peers

• Nanosys (acquired by Shoei Chemical): Nanosys was the long-standing market leader in cadmium-containing quantum dots for displays before being acquired by Shoei Chemical in 2023. Most directly comparable to Nanoco as a QD material supplier to display OEMs and the natural competitor in cadmium-free development.
• Avantama: Swiss specialty materials company producing high-quality quantum dots and other nanomaterials for display, lighting, and sensor applications. Closely comparable to Nanoco as a QD materials specialist focused on cadmium-free formulations for European and global display customers.
• Quantum Materials Corp: US-based developer of cadmium-free quantum dots and heavy-metal-free nanomaterials for display, solar, and lighting. Direct competitor in the same cadmium-free QD niche as Nanoco's CFQD product line.
• Hansol Chemical: Korean specialty chemicals company that has built a significant cadmium-free QD material business supplying Samsung and other Asian display OEMs. Most direct Asian-headquartered competitor to Nanoco in CFQD display materials.

Emerging players

• UbiQD: US-based nanotechnology company developing cadmium-free quantum dots primarily for agriculture (greenhouse films) and solar applications. Comparable emerging player in cadmium-free QD technology with overlapping nanomaterials IP focus.
• Saphlux: Yale spin-out developing nanoporous GaN and quantum-dot colour-conversion technology for next-generation displays including QD-µLED and AR/MR. Comparable as an emerging display-nanomaterials player targeting the same applications as Nanoco's CFQD roadmap.
• NS Nanotech: University of Michigan spin-out developing short-wavelength nitride-based nanomaterials (nano-LEDs) and quantum-dot technologies for displays and disinfection. Emerging competitor in the QD and display-nanomaterials space with comparable academic-spinout origin.

Broad incumbents

• Samsung Display: Samsung's display subsidiary manufactures QD-OLED and QLED panels using licensed Nanoco cadmium-free QD technology. Relevant as the largest customer/licensing partner and a vertically integrated incumbent that could in-source or rival Nanoco's materials.
• TCL CSOT: Chinese display manufacturer producing QD-enhanced Mini-LED TVs and large-area display panels. Comparable as a broad incumbent display OEM that consumes or develops competing QD materials for the same end-applications as Nanoco.

Others

• STMicroelectronics: Key customer/integration partner using Nanoco's HEATWAVE QDs in commercial CQD image sensors. Comparable as the foundry partner that defines the wafer-level validation path for Nanoco's SWIR sensing materials.

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/nanocotech
• LinkedInlinkedin.com/company/nanoco-technologies

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nanoco