Startup Smart Glass Business Financials and Product
The startup company provides a unique service to the glass industry. Croxall acquired technology that was intended to be used in the Amazon Kindle and slated to be divested by Hewlett-Packard. From this technology, the startup business developed a smart film that can darken and lighten within mere seconds. The film, dubbed “DynamicTint,” can be applied to existing glass, eliminating the need and energy cost associated with replacing ordinary glass with smart glass. The product designed by the startup company consumes little energy and can run on either solar power or a battery.
The business initially offered 4.15 million common stock shares, garnering $19.3 million in proceeds to spend on the development of the company as well as its technology. To meet the requirements for listing on the Nasdaq stock exchange, the business executed a 1-for-3 reverse stock split. Stock prices for the company currently sit at $5.55 per share, while the business boasts a market cap of $73.55 million. The startup also received $20.8 million in post-IPO equity from investors. Over the course of the quarter, the company reported a net loss of $0.45 per share.
Applying Smart Glass Film Across Industries
Market research predicts that the global window film market size will reach $14.22 billion by 2027, growing at a compound annual growth rate (CAGR) of 4.8% from 2020 to 2027. Crown Electrokinetics’s claims that its product can be applied to glass in the automotive, housing, and commercial industries. Since the startup company offers a solution that can be retrofitted to existing glass, there is a good chance that customers will gravitate toward the cost-effective and energy-efficient service.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.