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02 Aug 2006
Seed funding from a 3i-led consortium will speed development of the laser-based mini-projection system and drive company expansion.
Light Blue Optics (LBO), Cambridge, UK, a developer of miniature projection technology systems, has been awarded $2.5 million in seed funding. Venture capital firm 3i led the round, which also included investment from NESTA, the Cambridge Capital Group, and local "business angels".
Founded in 2004, the company has developed a novel, patented laser projection technology, called PVPro, which uses laser light sources and diffractive techniques.
PVPro offers a unique combination of features and benefits including compact size, focus free operation, low power consumption, robust design with no moving parts and simple low cost manufacture.
LBO expects that the market for miniature projectors capable of displaying large, high-resolution video images will escalate over the next five years as mobile device manufacturers seek to overcome the limitations of current small screens and improve access to the growing quantity of rich multimedia content carried inside mobile phones, personal media players and the like.
Prototypes have been developed which occupy just 60 cm3, about the size of a mobile phone. Ultimately the company is expecting to market a range of small-sized projectors depending on the application. LBO says that the market could be worth an estaimted 60 million unit sales per year by 2010.
Nic Lawrence
"We offer an elegant solution which meets the needs of a rapidly-growing market," said Nic Lawrence, co-founder of the company. "PVPro has enormous potential in a range of business and consumer applications such as stand alone projectors, games consoles, mobile phones, media players and head up displays."
The new investment will enable Light Blue Optics to accelerate its product development plans by expanding its internal engineering team and building relationships with its strategic customers and development partners.
"We are very excited to be backing Light Blue Optics. The business has the features we look for in an early-stage start-up, including a talented and creative technical team, world-class technology, and large market opportunity," said Laurence Garrett, 3i Partner. "At 3i, we pride ourselves on investing in cutting-edge early-stage technology companies that have the potential to be the market leaders."
3i has worked closely with Light Blue Optics during the course of the investment process, and as well as providing a source of funding, has helped to strengthen the company's management team. Chris Harris, formerly president of Plasmon in the USA, and currently acting as the 3i "entrepreneur-in-residence", has been working closely with Light Blue Optics over the past few months and now joins the company as Interim CEO.
"I am delighted to be involved with Light Blue Optics at this important phase of the Company's growth and development," said Harris. "LBO has developed a novel projection technology that has the potential to deliver many of the features requested by our customers. I look forward to helping the company realise its potential by building a successful world-class business."
About Light Blue Optics
Light Blue Optics is a privately-owned company based in Cambridge, UK. The company has developed the ground-breaking PVPro technology for miniature projectors. PVPro laser projection technology will power a new generation of miniature digital video projectors, which are smaller, more power-efficient and more robust than before, and will enable a new class of projection-enabled products to be created.
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