Light Blue Optics Secures US$2.5 Million Seed Funding from 3i-led Consortium.CAMBRIDGE, England -- Light Blue Optics (www.lightblueoptics.com), developer of industry-leading miniature projection technology, today announced the closing of a US$2.5 million seed funding Seed funding is investing capital to begin a new project, so that it has enough funds to sustain itself for a period of development until it reaches either a state where it is able to continue funding itself, or has created something in value so that it is worthy of future rounds round. 3i plc, the FTSE FTSE A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. Notes: The FTSE is similar to Standard & Poor's in the United States. 100 listed global venture capital firm, led the round, which also included investment from NESTA NESTA National Endowment for Science, Technology and the Arts (UK) NESTA National Endurance Sports Trainers Association , the Cambridge Capital Group, and local business angels. Founded in 2004, Light Blue Optics has developed a novel, patented laser projection technology, PVProTM, using laser light sources and diffractive dif·fract intr. & tr.v. dif·fract·ed, dif·fract·ing, dif·fracts To undergo or cause to undergo diffraction. [Back-formation from diffraction. techniques. PVProTM offers a unique combination of features and benefits including compact size, focus free operation, low power consumption, robust design with no moving parts Moving parts are the components of a device that undergo continuous or frequent motion, most commonly rotation. "Parts" only include the mechanical components which does not include fuel, or any other gas or liquid. and simple low cost manufacture. The market for miniature projectors capable of displaying large, high resolution video images is expected to explode (1) To break down an assembly into its component pieces. Contrast with implode. (2) To decompress data back to its original form. in the next five years as mobile device manufacturers seek to overcome the limitations of current small screens and unleash the vast and growing quantity of rich multimedia content trapped inside. Dr. Nic Lawrence, co-founder of the company, explained, "Light Blue Optics offers a unique and very elegant solution which meets the needs of a rapidly-growing market. PVPro has enormous potential in a wide range of business and consumer applications such as stand alone projectors, games consoles, mobile phones, media players and head up displays." The seed funding will enable Light Blue Optics to accelerate its product development plans by expanding its internal engineering team and building relationships with its strategic customers and development partners. "We are very excited to be backing Light Blue Optics. The business has the features we look for in an early-stage start-up, including a talented and creative technical team, world-class technology, and a large market opportunity," said Laurence Garrett, 3i Partner. "At 3i, we have always prided ourselves on investing in cutting-edge early-stage technology companies that have the potential to be the market leaders. We look forward to working closely with the team as the company grows and develops." 3i has worked closely with Light Blue Optics during the course of the investment process, and as well as providing a source of funding, has helped to strengthen the company's management team. Dr. Chris Harris Chris or Christopher Harris may refer to:
"I am delighted to be involved with Light Blue Optics at this important phase of the Company's growth and development," explained Dr Harris. "LBO LBO See: Leveraged buyout LBO See leveraged buyout (LBO). has developed a truly unique projection technology that has the potential to deliver many of the features requested by our customers. I look forward to helping the Company realise its potential by building a successful world-class business." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion