QustomDot, founded in January 2020 as a spin-off of Ghent University, makes quantum dots based on indium phosphide rather than toxic cadmium, and formulates them into inks that can be printed directly onto microLED chips to convert blue light into pure red and green. That would let display makers build full-colour microLED screens from blue LEDs alone, avoiding costly red microLEDs. It was selected in the EIC Accelerator's June 2023 cut-off with blended finance and received an EU grant of €2.50 million for a €3.57 million project that ran from March 2024 to August 2026, according to CORDIS. In November 2024 it announced a €2.7 million round in which the EIC Fund became a shareholder, according to Qbic.
The only public report, to February 2025, describes a strategic shift: QustomDot "initially targeted the OLED market" but moved to microLED because "limited market access due to the dominance of two major players" blocked OLED. It was sampling its inks with Innolux, AUO, Coretronic, PlayNitride, BOE and Aledia, had "entered product qualification with at least one major customer", and planned pilot-to-volume production with partners "for 2026 and beyond", according to the CORDIS reporting page. The report also says the company now focuses on "sourcing best-in-class QDs" and adapting their surfaces for inks. No volume supply deal has been announced.
Company file
- Legal entity
- QustomDot, BE 0742.565.880, Ghent
- CEO
- Kim De Nolf
- Product
- QustomJet cadmium-free quantum dot inks
- Investors
- PMV, Qbic, Vigo Ventures, Noshaq, EIC Fund
- Companies sampling
- Innolux, AUO, Coretronic, PlayNitride, BOE, Aledia
- Total funding, per company
- €14.2M public and private
- EIC funding
- Blended finance
Where QustomDot Stands Now
QustomDot lost €1.25 million in 2025 and ended the year with equity of €471,489, down from €1.72 million a year earlier, and 6.2 full-time staff, down from 14.2 in 2023, according to Belgian accounts on Companyweb. It reported turnover of €127,261 in 2024. Filings in November 2025 and June 2026 record changes to its capital and articles, and in early 2026 changes to its board. Its website says it has "€14.2M secured in public & private funding" and a PhD-only research team.
"Initially, we targeted the OLED market. However, limited market access due to the dominance of two major players necessitated a strategic shift."
QustomDot, first periodic report to the EICThe Technology: Colour From Nanocrystals
MicroLED displays promise brightness and efficiency beyond OLED, but making red microLEDs is hard and assembling millions of tiny LEDs of three colours is costly. Quantum dots absorb blue light and emit a precise colour, so a single blue LED array can produce all three. Cadmium-based dots work well but are restricted by EU rules; indium phosphide dots are safer but less stable, which is the problem QustomDot says its surface chemistry solves.
What the EIC Award Promised, and What the Record Shows
The award aimed to take heavy-metal-free colour conversion inks to market. At the halfway point, QustomDot had changed its target market, was sampling with major manufacturers and had one customer in qualification, with efficiency targets rising from under 35% for sample kits to above 40% for production inks. Whether the production-grade inks were reached is not public, and there is no final report.
- MicroLED ink samplesDeliveredSix makers sampling.
- Customer qualificationStartedAt least one, 2025.
- Production-grade inksUnverifiedNo final report.
- Volume salesNot announcedTurnover €127k, 2024.
The Money
The EU paid 70% of the project, and the EIC Fund invested in the 2024 round. The company's annual losses have been larger than its equity at the end of 2025, and its team has more than halved since 2023. Filings in November 2025 and June 2026 record changes to its capital and shares; no amounts have been announced.
What Cannot Be Checked
Questions for the EIC
How much the EIC Fund invested, whether any customer completed qualification, what the 2025 and 2026 capital changes were, and why no final report is public are not public.
Why Europe Should Care
Display manufacturing is concentrated in Asia, and advanced materials are one of the few places European firms can compete. A cadmium-free quantum dot supplier also helps the industry meet EU environmental rules. QustomDot has the chemistry and the customer contacts; it has not yet shown the sales to sustain itself.
What the award promised
Heavy-metal-free quantum dot inks for displays, taken to market.
What the record shows
A pivot to microLED, samples with six makers, a shrinking team and no volume deal.
The Verdict
Promising, under strain
QustomDot put its inks in front of the world's display makers with EIC support. The company that has to deliver them has become smaller and financially thinner.
QustomDot and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
