Kent State professors snag $7 million to expand company
Kent Displays, a company founded by Kent State professors that produces a modern-day chalkboard called Boogie Boards, said today it has received $7 million in financing.
The capital, which includes $2 million in state loans and private investments, will be used to increase production of Boogie Boards and pad the company roster.
Kent Displays said it expects to hire 40 people to staff a second assembly line planned for the Boogie Boards.
The innovative Boogie Board allows users to write and erase messages on a screen the size of a sheet of paper.
“The Boogie Board LCD Writing Tablet is the first product of its kind in the world,” said Joel Domino, Kent Displays President and CFO. “It has created a new product segment – eWriters – that we expect will experience consumer acceptance and market growth similar to eReader products, another form of electronic paper. Both of these product segments offer significant advantages over their traditional paper counterparts in functionality and environmental-friendliness. Advanced materials like our Reflex LCDs have made these new product segments possible. This new funding will help us build on our leading position in the eWriter market as we expand our line of Boogie Board tablets and increase production capabilities. These products will further propel eWriters into the mainstream, decreasing the environmental impact of traditional paper use and helping us achieve our growth goals.”
Although one might expect the Board is directly competing with Apples iPad, thats not so, according to a company spokesman.
Cleveland.com reports that Boogie Boards cost $40-$60, depending on size, and are meant as a replacement for notepads and paper, not computers.
Company spokesman Kevin Oswald said he expects the orders to increase substantially once the company schedules an upgraded version for release. Orders have been coming in at a healthy pace so far, and Oswald reports the plant is running three shifts a day.
Oswald told Cleveland.com that people interested in applying for the jobs at Kent Displays can go to the companys website at www.kentdisplays.com/company/jobs.html.
