High level of interest secures £1.87m funding for LumeJet
COVENTRY-based technology developer LumeJet has raised £1.87m in a major funding round bringing the total investment in the company to £4.5m.
The funding round has been notable as one of the largest ‘angel’ rounds in the UK, a reflection of the interest in this company and its technology.
It is suggested up to 100 new jobs could be created as a result of the investment.
LumeJet was launched in 2010 with private angel investment and co-investment of £125,000 from Midven’s Early Advantage Fund.
The new investment money will be used to develop and commercialise LumeJet’s ultra-high quality imaging technology.
The firm has developed a new enabling imaging technology that can provide high precision “printed” solutions for a variety of specialist markets and will launch an LED-based printer product later this summer. LumeJet suggests the printer produces the best quality printing ever achieved from a digital file.
While the technology was originally developed to work on photographic media, with the advent of modern chemical design combined with the ultra-high precision of the heads, it now has far wider applications. Relevant sectors include labelling, packaging and patterning of electronics such as OLED displays.
The injection of the new capital will see the company grow substantially over the next three years, with a forecast of more than 100 new jobs being created by the end of 2014. LumeJet estimates it will ship 1,000 machines over the next five years from its West Midlands site.
Christopher McCann, chairman of LumeJet, said, “Completing this fund raising in the current climate is a major milestone for the company and a tremendous vote of confidence in our management team led by Paul Anson.”
Midven originally introduced Paul Anson to LumeJet as investor director before he was appointed CEO. 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.”
LumeJet was successful in securing angel investment from Wren Capital, Qi3 Accelerator, Martlet, LBA EIS Roundtable Syndicate Fund, private investors from LBA and Cambridge Angels and a number of independent investors.
The investment round received support in fund raising from Cormorant Corporate Finance and received further investment and support from Midven’s Early Advantage Fund, which has invested the maximum permitted by its constitution.
Harrison Clark provided legal support with tax advice from James Cowper.
