Light Blue Optics Signs Exclusive Licensing Agreement and Secures
Additional US$1 Million in Funding
Light Blue Optics (LBO), the industry-leading developer of
miniature laser projection technology, today announced the closing of a US$1
million extension to its seed funding round. 3i, the FTSE 100
listed global venture capital firm, led the round which also included
investment from NESTA, 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 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 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 * 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 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, Dr Chris Harris said, “This
funding demonstrates the significant confidence our investors have in
LBO and our fast-paced technology roadmap. 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
See the original story at: http://eon.businesswire.com/releases/light_blue/cambridge/prweb492708.htm
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