Japanese auto parts maker Denso is considering a 50 billion yen ($440 million) investment in organic light-emitting diode (OLED) panel maker JOLED, according to Kyodo news.

Kyodo's report added that Sony and Panasonic, which both own 5 percent in JOLED, are also expected to invest 5 billion to 10 billion yen each. JOLED was created in 2015 by merging the OLED divisions of Sony and Panasonic.

Sumitomo Chemical Co and Screen Holdings Co are considering chipping in, and the four companies are together seen investing 20 billion to 40 billion yen in JOLED, Kyodo said.

JOLED is trying to increase its OLED production in order to eventually gain a part of the market. The company has said it wants to raise 100 billion yen by the end of March.

The Nikkei reported earlier this month that Japan Display, which has a 15 percent stake in JOLED, had considered investing in JOLED but decided it did not have the funds. Japan Display has said it wants to start mass-producing OLED screens to better compete with Samsung and that it needs capital to do so.

A JOLED representative said the company was in talks with various materials and equipment makers about the investment.

JOLED is 75 percent owned by state-backed fund, the Innovation Network Corporation of Japan.