Light Blue Optics secures key patent, raises extra $1m seed funding
Miniature laser projection innovators Light Blue Optics said it had closed a $1m extension to its seed funding round and secured exclusive rights to a key patent for its technology that clears up any lingering doubts about Intellectual Property ownership.
The funding round was led by global venture capitalists 3i plc and included investment from NESTA, the Cambridge Capital Group and business angels. The cash will enable Light Blue to speed up its product development programme and follows the closure of a $2.5m seed funding round in July, also led by 3i.
LBO has also said it had signed 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 Light Blue's Director of Business Development, Edward Buckley (pictured), and Chief Technology Officer, Adrian Cable, while they were PhD students at the University.
Light Blue's CEO Chris Harris said the Cambridge-based firm was "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."
Low power
Founded in 2004, Light Blue Optics Liimited has developed an innovative compact low power 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.
Dr Buckley said the technology "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 $2.5m seed-funding round in July, Light Blue has been building relationships with strategic customers and development partners.
Cambridge based 3i Partner Laurence Garrett said, "We have been very impressed by the traction LBO has gained with launch customers - it indicates a strong demand for its 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."
21st December 2006
