Royole, company behind world’s first foldable smartphone FlexPai, reportedly seeks $1 billion funding

Royole Corp., a maker of flexible displays, is seeking about $1 billion in a funding round ahead of an initial public offering, people familiar with the matter said.

The Shenzhen, China-based company is seeking a valuation of at least $8 billion in the round as it seeks to expand its sales and marketing and research facilities, the people said, requesting not to be named because the matter is private. While the company is weighing an IPO, it hasn’t set a listing destination, the people said.

Royole, which unveiled the world’s first commercial foldable phone last year, competes with Samsung Electronics Co. and BOE Technology Group Co. to produce bendable screens using organic light-emitting diodes. After showing off its technology embedded in hats at the 2018 FIFA World Cup, the company is working with Airbus to install displays in planes as it also works with clothing, furniture and kitchen supply customers.