Light Blue Optics Signs Exclusive Licensing Agreement and Secures Additional US$1 Million in Funding

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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.

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.

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)

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Tamara Roukaerts
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