LBO Secures $1M in Funding, Signs Licensing Agreement
Light Blue Optics (LBO) of Cambridge, England, a developer of miniature laser projection technology, announced the closing of a $1 million extension to its seed funding round. Venture capital firm 3i plc led the round, which also included investment from NESTA, the Cambridge Capital Group and other businesses. The money will enable the company to accelerate product development and follows the closure of a $2.5 million funding round in July 2006, also led by 3i plc. LBO also announced signing an exclusive licensing agreement on a key patent with Cambridge Enterprise Ltd., the University of Cambridge's technology commercialization service. The patent is for a method of holographic laser projection invented in 2003 by LBO Director of Business Development Edward Buckley and Chief Technology Officer Adrian Cable while they were PhD students at the University of Cambridge. The projection system uses laser light sources and diffractive techniques to deliver high-quality, real-time, full-color video images in focus at all distances -- even on curved or angled surfaces. Its applications include the automotive industry, digital signage and consumer electronics.