20 JUNE, 2018

When it came time to search for funding, Delaware-based DeliveryCircle faced a dilemma: Let investors on the West Coast move their operation across the country or find money that would enable the delivery service company to stay where it’s rooted.

“I personally always wanted to stay in Delaware,” said CEO and founder Vijaya Rao. “I had been pushing back.”

DeliveryCircle works in a similar way as tech transportation companies such as Uber and Lyft, except it deals in packages instead of people. Drivers on the platform run the gamut from professional couriers, stay-at-home moms, seniors and part-time contractors.

The business that launched in February 2014 got the best of both worlds when it came to new financing. DeliveryCircle announced last week it had raised a “significant minority investment” from financial and strategic supply chain investors, led by Cambridge Capital, NFI and other strategic investors.

Now based at the Christiana Corporate Center after graduating from the incubator at New Castle County’s Emerging Enterprise Center, DeliveryCircle will continue its rapid expansion in the ever-growing delivery service space.

Rao said the strategic partnership is “not just somebody giving us a checkbook.” The supply chain investors, she said, will better position DeliveryCircle to continue to grow as “last mile delivery” from businesses to consumers becomes more critical, especially in same-day service, which DeliveryCircle now provides in 19 states and more than 5,000 zip codes.

For perspective, the startup opened service with five drivers and 20 zip codes. There are now more than 900 drivers – all are contractors – on the platform, Rao said.

The company has just eight employees but some funding will go toward hiring back office management and finance positions in Delaware, Rao said.

Staying in Delaware was more than just staying where the company has been rooted. The space between New York and D.C. has proved to be a good location so far.

“We have kind of saturated that belt,” Rao said. “Of course, there is still room to grow. For us it makes sense.”

The company has national aspirations, though.

Rao said the company has grown 300 percent year-over-year during the last three years.

DeliveryCircle’s software and mobile application enable clients to match package sizes with a pool of professional, safe drivers and a variety of vehicle types.

“It’s no longer a hypothesis of a model,” Rao said. “It’s very much a working model.”

Originally, Rao said DeliveryCircle focused on being a business-to-business company. But as activity in the retail space increased, the demand to adapt into a business-to-consumer model increased.

On its website, DeliveryCircle says it works with brands such as Zoe’s Kitchen, Honeybaked Ham, Philly Foodworks and other food companies. Rao said DeliveryCircle also has contracts signed with larger brands and retailers for delivery services.

Most of the small companies DeliveryCircle works with come from referrals, Rao said. The company has not spent any money on marketing.

Rao said money from last week’s Series A funding announcement will go to hiring more full-time employees, business development and the continued geographical growth.

Moving west, it appears, was inevitable anyway.

Contact reporter Jeff Neiburg at (302) 983-6772, jneiburg@delawareonline.com or on Twitter @Jeff_Neiburg.

Stay Up To Date With Delaware

11 DECEMBER, 2017

New Castle, Delaware – 

Adesis, Inc., a wholly-owned subsidiary of Universal Display Corporation (Nasdaq: OLED), today announced that it will open a new suite of state-of-the-art laboratories in Delaware and expand its organic chemistry team and R&D programs. This additional footprint is expected to help drive growth opportunities in areas including next-generation OLED (organic light emitting diode) emitter and host materials and meet the growing demand for the Company’s custom organic synthesis, research & development, and specialty manufacturing services. Adesis also announced that it became a sponsor of The Innovation Space™ and joined its entrepreneurial innovation community. Working with The Innovation Space™, Adesis signed an agreement for approximately 7,000 square feet of laboratory space at the Experimental Station in Wilmington, Delaware. The new suite of laboratories, which includes additional ancillary work and meeting space, is expected to augment Adesis’ on-going operations and recently-purchased 47,500 square feet headquarter building in New Castle.

“Delaware is home to a number of great chemical and manufacturing companies like Adesis, who are committed to making a world-class product with a great local workforce,” said U.S. Senator Christopher Coons (D-Del.). “I am delighted to see Adesis and their parent company UDC grow in Delaware as they expand their market reach and product offerings to more users around the world.”

“We are pleased to announce our expanding footprint and increased investment to further boost research, innovation and job opportunities in Delaware,” said Andrew Cottone, President of Adesis, Inc. “As a leading organic synthesis CRO (contract research organization), we are adding to and extending our discovery services and process development capacity for customers across the pharmaceutical, chemical, biomaterials, and catalysts industries. We are enhancing our productivity and effectiveness by streamlining the technology transfer and optimizing the workflow from basic research to specialty manufacturing. Furthermore, by co- locating in our New Castle headquarters and the Experimental Station, we believe that we are building a world-class technology and manufacturing hub to support our customers from innovation to commercialization.”

“Adesis continues to invest in Delaware, and we are thrilled that the company will bring its long track record of innovation to The Innovation Space™,” said Governor John Carney. “We partnered with DuPont and the University of Delaware to create The Innovation Space™ to foster growth of early-stage scientific- based companies, and encourage collaboration among Delaware’s most talented innovators. The addition of Adesis will support that mission, and we’re thankful for the company’s continued partnership.”

This recent expansion by Adesis was rapidly enabled by the seamless cooperation of the Delaware government and business leaders who have fostered a robust scientific ecosystem.

“The Innovation Space™ is pleased to be able to support the growing needs of Adesis and accelerate its business forward right here in Delaware,” said Bill Provine, CEO of The Innovation Space™. “Adesis will be a great new member of our science-based innovation community, and we look forward to working with them to further capitalize on the strengths of our new entrepreneurial ecosystem.”

Adesis has also been assisted by the newly formed Delaware Prosperity Partnership (DPP). The DPP was recently created by Delaware as a public/private partnership to accelerate economic development efforts.

“It has been a pleasure working with Andrew Cottone and Adesis to help facilitate their Delaware expansion, both in New Castle and at The Innovation Space™,” said John Riley, Interim CEO of the DPP. “This would have been difficult to accomplish had the State, DuPont, and the University of Delaware not set the foundation for success with the formation of The Innovation Space™ earlier this year.”

About Adesis, Inc.

As a wholly-owned subsidiary of Universal Display Corporation, Adesis, Inc. is a contract research organization (CRO) supporting the pharma, biotech, catalysis and a number of other industries. The CRO specializes in organic and organometallic synthesis, in milligrams to multi-kilogram quantities. Adesis has a business model of providing clients with organic chemistry services in three areas: early stage research, scale up and development, and specialty manufacturing. With over 20 years of success and approximately 60 chemists with extensive industry and professional experience, Adesis supports companies in various industries with small molecule organic chemistry expertise. Adesis provides a range of services that can supplement research and development efforts. It can also act as a specialty manufacturer to reinforce supply chains. To learn more about Adesis, please visit http://adesisinc.com/.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. To learn more about Universal Display Corporation, please visit http://www.oled.com.

About The Innovation Space™

As home to one of the nation’s first and most successful entrepreneurial ventures founded by Eleuthére Irenée du Pont in 1802, Delaware’s legacy of transformational scientific innovation continues with the establishment of The Innovation Space™ in 2017. The organization is a vital resource in the scientific startup ecosystem and is a non-profit, public-private partnership that offers multi-dimensional, resource-rich support for scientific entrepreneurs at the Experimental Station campus in Wilmington, Delaware. The Innovation Space™ offers a centric location and proximity to world-renowned research institutions, global multi-national corporations and a thriving scientific innovation community. More information is available at www.innovationspace.org.

About Delaware Prosperity Partnership

The Delaware Prosperity Partnership (DPP) was formed in 2017 as a private entity to lead the state of Delaware’s economic development efforts. Establishment of this private entity was a critical step to enhance the state’s ability to attract, grow and retain companies; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent.

This initiative brings together the resources, commitment, and energy of both public and private sectors and is charged with certain tasks related to economic development. As Delaware faces a more competitive environment and intense global competition for businesses, the DPP will provide the strategic direction for the state’s economic development activity by tapping private sector expertise and resources to work in conjunction with the state.

All statements in this document that are not historical, such as those relating to the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED and CRO market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward- looking statements in this document, as they reflect the Company’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s annual report on Form 10-K for the year ended December 31, 2016. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

Stay Up To Date With Delaware