Cambridge expertise and capital was to the fore in the successful closing of what is described as one of the UK’s largest angel rounds.
Coventry based photonics technology company LumeJet secured £1.87m from Wren Capital, Cambridge based Qi3 Accelerator and Martlet, London Business Angels’ EIS Roundtable Syndicate Fund, private investors from LBA and Cambridge Angels and a number of independent investors. Launched in 2010, the company has now raised more than £4.5m.
The technology, which it is claimed produces the best quality printing ever achieved from a digital file, has been developed over 12 years by Dr Trevor Elworthy, a former Kodak Research Scientist. The first product is due for launch later this summer.
LumeJet’s CEO is Paul Anson, Qi3 associate, business angel and co-founder and former COO at Cambridge Consultants spin-out, Inca Digital.
The injection of new capital will see the company grow substantially over the next 3 years, according to the press release, with a forecast of over 100 new jobs being created by the end of 2014. LumeJet intends to ship 1000 machines over the next 5 years from its West Midlands site.
The release says LumeJet’s technology uses LEDs to generate light of various wavelengths, spot size and power to "print" on photo or thermally activated substrates or coatings, with applications in labelling, packaging and printing electronics.
Anson said, "Attracting investment to High Value Manufacturing propositions can be difficult, but our new and existing Angel investors see potential of the LumeJet technology. Now we can get on and deliver a digital printing system that will change the market completely for some sectors."
The company completed development of its printhead last year. Features include high-speed ethernet communication with individually addressable pixels.blog comments powered by Disqus