Light Blue Optics Signs Exclusive Licensing Agreement and Secures Additional US$1 Million in Funding.**Exclusive Licensing Agreement Gives Company Strong IP Position on Miniature, Full-Colour Laser Projection Systems** **Financing to Accelerate Product Development Programme** CAMBRIDGE, England -- Light Blue Optics (LBO LBO See: Leveraged buyout LBO See leveraged buyout (LBO). ), the industry-leading developer of miniature laser projection technology, today announced the closing of a US$1 million extension to its 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, 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 business angels. The money will enable the Company to accelerate its product development programme, and follows the closure of a US$2.5 million seed funding round in July 2006, also led by 3i plc. LBO has also announced signing an exclusive licensing agreement on a key patent with Cambridge Enterprise Ltd, the University of Cambridge's technology commercialisation service. The patent is a method for real-time, full-colour holographic See holographic storage. laser projection, and was invented in 2003 by LBO's Director of Business Development, Dr Edward Buckley, and Chief Technology Officer, Dr Adrian Cable, while they were PhD students at the University of Cambridge. Founded in 2004, LBO has developed an innovative projection system that uses 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 to deliver high-quality, real-time, full-colour video images in focus at all distances - even on curved or angled surfaces. This patented technology offers a unique combination of features and benefits including: * Compact size * Focus free operation * Wide throw angle * 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. * Low power consumption * Simple, low cost manufacture Dr Edward Buckley explained, "Light Blue Optics offers a unique and very elegant solution which meets the needs of a rapidly-growing market for projection-enabled applications. The efficiency, robustness and cost advantages of our technology make it ideally suited for deployment in multiple markets; including automotive, digital signage Digital signage is a form of out-of-home advertising in which content and messages displayed on an electronic screen, or digital sign, can be changed without modification to the physical sign, typically with the goal of delivering targeted messages to specific locations at and consumer electronics." Since closing the US$2.5 million seed-funding round in July, Light Blue Optics has been building relationships with strategic customers and development partners. Laurence Garrett, 3i Partner said, "We have been very impressed by the traction LBO has gained with launch customers - it indicates a strong demand for LBO's technology across a range of markets. At 3i, we invest in cutting-edge technology companies that have the potential to be market leaders. LBO is realising that potential and we're pleased to support its accelerated product development programme by providing this additional funding." Light Blue Optics' CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Dr Chris Harris Chris or Christopher Harris may refer to:
The existence of product managers in the product software industry indicates that software is becoming more and more commercialized as a standard product. . We're particularly pleased to have reached a licensing agreement with Cambridge Enterprise. We now have a strong, clear IP position, and are ideally placed to become the world's leading supplier of miniature laser projection systems." Notes to Editors: Light Blue Optics (http://www.lightblueoptics.com) Light Blue Optics (LBO) is a dynamic, privately-owned company based in Cambridge, UK. The company has developed a unique, patented technology which enables the realisation of ultra-miniature laser projection devices. The power, robustness and cost advantages provided by this technology make it ideally suited for deployment in multiple markets; including automotive, digital signage and consumer electronics. LBO is funded by a group of investors including 3i plc, the FTSE 100 listed global venture capital firm. 3i (http://www.3i.com) NESTA (http://www.nesta.org.uk) Cambridge Capital Group (http://www.cambridgecapitalgroup.co.uk) Cambridge Enterprise (http://www.enterprise.cam.ac.uk) To read the press release with full notes for editors, CLICK HERE (http://www.lightblueoptics.com/news/1206) Optimized by Newsforce |
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