Beringea LLC, a private equity firm in Farmington Hills, announced it is investing in an Elmhurst, Ill.-based manufacturer of highly durable touchscreen technology.
UICO — whose clients range from the military to the appliance sector — produces duraTOUCH touchscreens, which can withstand temperature extremes and rough handling, and still perform when wet or when the user is wearing thick gloves.
“UICO has a robust, growing customer pipeline in a variety of industries,” says Mark Donnelly, principal at Beringea. “Its superior water and glove touch performance is appealing to many different types of end users. The proprietary, differentiated products UICO offers, managed by an experienced team, makes this an extremely promising investment for us.”
Bahar Wadia, CEO of UICO, says the investment comes at a key time in the firm’s growth trajectory — the company nearly tripled production during 2013, and has established strategic relationships in China and throughout the United States to prepare for significant growth over the next year and beyond.
“We are now well positioned to capture an even larger portion of the rapidly growing global market for durable touchscreens,” Wadia says. He adds that the investment will support hiring plans and working capital needs as the company continues to grow and produce larger volumes.
Other participants in the financing round were existing investors Ann Arbor-based Plymouth Venture Partners and Chicago-based Hyde Park Angels.