Cryo H&I secures 2 billion won in Series A funding round

Cryo H&I said on Tuesday that it has secured 2 billion won from its Series A funding round.

The company is the only one in South Korea that offers ultra low-temperature high vacuum cryopump technology used in semiconductor and display panel production.

Industrial Bank of Korea and Quantum Ventures Korea and others took part in the funding round, Cryo H&I said.

The company will use the fund to expand its production facility and conduct research and development, it said.

Cryopump, or cryogenic pump, is a vacuum pump that traps gases and vapors by condensing them on a cold surface. It is used for advanced processes in chip and display panel production that are vulnerable to oxygen and water.

It is used in ion implant and metal sputtering in chip production; for displays, it is used during OLED deposition and oxide sputtering.

This sector is dominated by Japanese firms ULVAC and Sumitomo as well as European companies. 

Following the successful funding round, Cryo H&I said it aims to localize the technology to South Korea as well as become the top company in this space going forward.

The technology can be used in hydrogen liquid conversion, cold storage, healthcare, and quantum computing areas as well, the company said. Cold chain is gaining high interest from the recent problems that occurred during COVID-19 vaccine supply.

An investment principal of a firm that took part in the funding round said it decided on the investment into Cryo H&I as its technology had multiple applicable areas. The technology could also be important for hydrogen economy South Korea is pushing, they said.

Cryo H&I was formed in August 2020. It acquired the cryopump business unit of Hyunmin GVT, formed in 2003, last year.