The Shenzhen-based startup founded in 2012 has introduced what could be the world's first commercial foldable smartphone - the Royole FlexPai - combining mobile phone and tablet into one device with a flexible screen.
The breakthrough device was unveiled on Oct. 31 in a company event in Beijing. The Royole FlexPai was sold to consumers in flash sale on Nov. 1 priced between $1,295.49 and $1,871.33. The phones would be sold officially in December.
Royole is positioning itself as a global leader in producing flexible displays for tech and electronic devices. The company is producing its products at a facility in Shenzhen, China. The mass production campus is 100 percent self-designed with a total investment of around $1.7 billion. The facility could manufacture flexible display units of more than 50 million pieces.
At the press conference during the launch of the Royole FlexPai, Bill Liu, founder, and CEO of the startup also announced the "Global Developer Support Project" where the firm would invest about $29 million into companies that would develop exciting apps and software that be integrated into the device.
With Royole's launch of the FlexPai, the company pioneered a technology which big tech giants in the likes of Samsung and Apple have been racing to among each other.
If several media reports are true, Royole may have just launched the FlexPai barely a month before Samsung as the latter is reportedly planning to launch its own foldable smartphone later in November.
Apple, on the other hand, is reportedly in partnership with LG in the development of a foldable iPhone. There have been reports that the said product would be launched by 2020.
The Royole FlexPai was announced as the startup peaked into $5 billion valuations after receiving funds from Yingke Innovation Asset management. The undisclosed amount was reportedly given as part of Royole's Series E funding round. Royole has also been in the process of raising more funds for its Series round according to reports.
Royole had amassed a total of $1.1 billion from its initial funding rounds. By 2016, the tech startup upped that funding to $3 billion in 2016.
In 2017, Roroyale received a total of $800 million for its Series D round that may have propelled its accelerated product development. The round brought in $240 million from various equity financing firms which include China's Hanfor Capital Management, Warmsun Hoding Group, Shanghai Pudong Development Bank, Zhonghai Shengrong and Tanshi Capital.
Royole also received $560 million debt financing from China CITIC Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China and Ping An Bank Co.
In 2015, Royole collected $172 million in its Series C round participated by IDG Capital, Shenzhen Capital Group, and Green Pine Capital.
