LumeJet secures Midven growth funding

A COVENTRY technology company has become the latest recipient of investment from Midven’s Early Advantage Fund.

Fund managers have agreed to invest £125,000 in LumeJet as part of a funding round which could eventually total £500,000.

LumeJet technology allows laser quality print to be obtained using a less sophisticated print-head control mechanism similar to inkjet printers. Using this system, the print quality of letters and photographs exceeds that of competing technology.

Laser printers tend to have high maintenance costs due to the complexity of the imaging system whereas the LumeJet technology is relatively inexpensive to maintain.

LumeJet is targeting the technology towards mini-photolabs, photographic printing shops, photobook producers and short-run print shops.

Independent photo retailers, many of which have struggled during the recent digital boom, may also benefit from this new technology.

The company’s LumePress product range could also allow photo retailers access to new growth markets such as high margin photobooks and short-run image intensive brochures.

Phillip Jarvis, LumeJet chief executive, said the digital era initially reduced the volume of photographic material being printed.

“However, we are now seeing a complete upturn. Digital technology reignited an interest in photography and opened up new possibilities in editing and design,” he said.

“There is now a high demand for high quality printing that is simple, flexible and low cost. LumeJet’s unique products aim to meet this demand.”

Midven, a leading West Midlands-focussed venture capitalist, manages the £8m Early Advantage Fund, which is backed by Advantage West Midlands and the European Regional Development Fund.

The company handles five funds in total and it has a 15-year track record of successfully investing in SMEs in the Midlands.

It has invested in a wide range of sectors, including software, biotechnology, healthcare, engineering, manufacturing and distribution.

Duncan Kerr, investment director of the Early Advantage Fund, said: “LumeJet stands out as a company of the future due to its unique offering to the photographic and short-run image-rich printing market.

“Its proven patented technology is unique with further potential in labelling packaging and beyond. Investing in innovative companies is exactly what Midven is about and we are looking forward to a successful relationship.”

LumeJet will use the investment to progress its  multi-LED LumeJet® technology from prototype towards volume production which could eventually displace both laser print, which is bulky, expensive and difficult to deploy, as well as inkjet, which is low quality with expensive consumables.

LumeJet was established by Philip Jarvis and Trevor Elworthy  in January 2010 to commercialise technology developed by Digeprint.