News

21 July 2009

 

LBO adds $15m to Series ‘A’ funding to accelerate product development roadmap across markets

Light Blue Optics (LBO) of Cambridge, UK, which develops and supplies miniature holographic laser projection systems, has closed a $15m extension to its Series ‘A’ funding round (which raised $26m in October 2007). Robert Bosch Venture Capital GmbH (RBVC) led the extension, joined by existing investors 3i Group plc, Earlybird Venture Capital, Capital-E and NESTA.

The new funds will enable LBO to accelerate its product development roadmap across multiple markets including automotive, industrial and consumer electronics. The firm’s first product – a projection engine suitable for integration into an accessory pico projector – is scheduled for release to OEM customers in fourth-quarter 2009.

Picture: LBO's projection technology.

Founded in 2004, LBO’s projection technology uses laser light sources and patented holographic techniques to deliver large, full-colour, high-quality video images that remain in focus at all distances (without needing a projection lens), whilst maintaining the Class 1 laser safety classification essential to consumer electronics applications. Uniquely, the projection system can be touch-enabled, meaning any flat surface such as a table can instantly be transformed into a touch-sensitive display, eliminating the need for a screen and allowing users to interact with multi-media content.

“RBVC has a remit to invest in technologies of ground-breaking strategic importance, and LBO has all the characteristics of a great investment,” says Robert Bosch Venture Capital’s managing director Dr Claus Schmidt. “The company impressed us with their potential to create and capture a new product category of mobile, energy-efficient, interactive displays,” he adds. “Their proprietary technology will open up entirely new applications and revenue opportunities in markets such as consumer electronics.”

LBO has also recruited Paul Goodridge as chief financial officer. Goodridge has 20 years of financial management experience and a track record for company growth, says the firm. Prior to joining LBO, he was director of Finance at CSR plc for eight years, managing its migration from being venture-backed through to its floatation on the London Stock Exchange and subsequent promotion to the FTSE 250. “It’s rare to find an early-stage company with the high-growth profile of LBO,” says Goodridge. “The company has clear competitive advantage, excellent customer traction and a vast market opportunity,” he adds.

“This $15m financing round will enable LBO to accelerate its product development roadmap and address a wider range of applications,” says CEO Dr Chris Harris, “not least in the consumer electronics space, where the market for pico projectors has been forecast to exceed $1bn within 5 years. We now have the world-beating technology, experienced team and strong investor syndicate in place to realize that opportunity and become the world's leading supplier of miniature projection systems,” he reckons.

See related item:

LBO raises $26m to speed laser-based projection system development

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Visit: www.lightblueoptics.com