Hexagem and the EIC Accelerator: Tiny Red LEDs, Thin Finances

Hexagem, based in Lund, Sweden, and led by CEO Mikael Björk, grows indium gallium nitride (InGaN) crystals for microLEDs, the tiny light sources expected to power future AR glasses, watches and TVs. Its 2022 EIC project set out to "demonstrate ultra-small, sub-1-µm high efficiency microLEDs for red emission", scale the technology to 150 mm silicon wafers and secure a joint development programme with industry, according to the final report on CORDIS.

The European Innovation Council granted €2,230,784 towards a €3.19 million project from February 2023 to June 2025, according to CORDIS. The report says Hexagem demonstrated 0.8 µm red microLEDs emitting at 630 nm with internal quantum efficiency of up to 60%, "a factor of 6 higher than conventional technologies built on GaN", and signed "a joint development agreement with a large display manufacturer" it does not name. Its filed accounts show turnover of SEK 7.8 million in 2025, down from SEK 12.7 million, a loss of SEK 3.8 million and negative equity of SEK 1.6 million, according to allabolag.se.

Where Hexagem Stands Now

In May 2026 Hexagem raised €3.4 million in a late seed round led by Almi Invest and LMK Forward, with the EIC Fund, Almi Invest GreenTech and S-E-Bankens Utvecklingsstiftelse, according to MicroLED-Info. Almi put the round at about SEK 35 million. The money is for 200 mm wafer development, partner-led device integration and commercial pathways. Almi describes the technology as relevant to data communication as well as displays.

The Technology: Growing LEDs From the Bottom Up

Conventional microLEDs are cut from flat layers of gallium nitride, and efficiency drops as pixels shrink below 10 µm; red is the hardest colour. Hexagem grows defect-free InGaN pyramids through holes about 100 nm wide in a mask, then reshapes them into platelets about 700 nm across that carry the LED. The method avoids plasma etching, and the report says it can make red, green and blue on one wafer, which would simplify display manufacturing.

Before microLEDs, Hexagem's EIC support went to power electronics. In the EIC SME Instrument Phase 2 cut-off of 3 April 2019 it was selected, grant only, for eleGaNt, a nanowire-based method for growing high-quality gallium nitride layers for power electronics and RF devices, according to the European Commission's list of selected companies. CORDIS records an EU contribution of €2,044,471.63 towards a €2.92 million project from October 2019 to November 2021, according to CORDIS. The final report says the project "experienced delays" and produced 2 µm gallium nitride films on 50 mm silicon wafers with defect densities at par with commercial material, short of its targets of layers above 10 µm and 6-inch wafers, and that it ended in discussions with industrial partners rather than a signed joint development programme.

What the EIC Project Promised, and What CORDIS Shows

All three objectives are documented as met: sub-micron deep red microLEDs, growth templates on 150 mm silicon wafers and a joint development agreement. The efficiency claims come from Hexagem's own measurements; the report cites no independent test. The partner is not named, and the agreement's value is not disclosed. CORDIS lists the project as closed.

1. Sub-1 µm red microLEDsDelivered0.8 µm at 630 nm.
2. Scale to 150 mm SiDeliveredTemplates produced.
3. Industry development dealDeliveredPartner unnamed.
4. Commercial revenueFallingSEK 7.8M in 2025.

The Money

Hexagem's turnover moved between SEK 5.6 million and SEK 12.7 million from 2021 to 2025, and it lost money every year. The 2025 loss of SEK 3.8 million was its largest in that period, and its cash fell from SEK 4.9 million to SEK 0.6 million. The summary filings do not split sales from grant income. The 2026 round came after the company's equity had turned negative.

What Cannot Be Checked

Why Europe Should Care

The report pitches the technology as a way to bring LED manufacturing and jobs back to Europe. Hexagem is a seven-person company whose own measurements put its red microLEDs well ahead of conventional ones. The EIC funded the science and then joined its investors.

The Verdict

Hexagem and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.