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Lighting technology firm nets £639,000 investment
Lighting technology firm Design LED Products has raised £639,000 in a second round of funding.
The money raised by the company, which is part of Braveheart Investment Group, follows on from the £1.1m investment round, which completed in January this year.
DLP, which was formed in 2004 and is based in Livingston, Scotland, has developed and patented technology to embed light emitting diodes (LEDs) within printed light-guide devices.
The technology produces thin, flexible, high-efficiency light panels and displays suitable for a range of applications from consumer electronic devices to large area LED lighting and LCD TV backlighting.
With the additional funding raised, the company aims to accelerate its plans to enter the high growth lighting and LCD TV backlighting market. Prototypes have already been shown to key participants and the firm said it had received encouraging feedback.
Geoffrey Thomson, Braveheart’s chief executive, said: “DLP has made good progress since the first close of the investment in January 2011 and we are delighted to see new shareholders supporting the company.”
Stuart Bain, chief executive of DLP, added: “We are pleased to conclude this follow-on funding and to aggressively pursuing market entry with our priority applications.”
New investors included members of TRI Cap and Highland Venture Capital. Scottish Enterprise also made a further investment alongside a number of Braveheart clients.
Perth-based Braveheart, which puts money into unlisted technology companies, owns the Harrogate-based specialist investment business, Viking Fund Managers, led by managing director Andrew Burton.
The fund was launched in January to provide UK investors with a portfolio of young companies with the potential to grow globally. It will be managed by Braveheart Ventures, a subsidiary of the group.
Braveheart bought Yorkshire investment firm Inkopo two years ago in a deal worth up to £1.31m, renaming it Viking Fund Managers – not to be confused with Viking Growth Fund.
Aim-listed Braveheart has interests in 45 portfolio companies, through either direct investments or the management of client or fund portfolios, and has completed more than 90 deals.
Braveheart was founded in 1997 by a small group of investors to encourage and syndicate investments in privately held companies that offered opportunities for significant growth.
The group, which works with universities and innovation centres, has offices in Perth, London, Yorkshire and Jersey with franchise operations in Dubai and Manchester.
In 2010 it acquired Envestors, the London-based specialist corporate finance advisory business.
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Wednesday 23 May 2012
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