Manchester-based company Nanoco Group has spent around eight years developing the nano-sized, florescent particles of semiconductor materials.
These can emit light in specific colours, depending on the size of each particle and have the potential to be used in a range of different applications, Crain's Manchester Business reports.
It is thought that the technology could be a replacement for existing liquid crystal displays in TVs, monitors and other screens.
Dr Peter Rowley, chairman of Nanoco Group, said: "We are currently at discussion stages with further potential commercial partners and look forward to announcing additional signed agreements with companies active in Nanoco's core markets in due course."
The company has strong links to Manchetser University and was first established by research fellow Dr Nigel Pickett and Professor Paul O'Brien from the establishment's Materials Science Centre and chairman of the School of Chemistry.
