Light Blue Optics (LBO), a Cambridge, UK-headquartered company developing miniature projection systems, has raised US$15m in a series A extension.
The investment was led by Robert Bosch Venture Capital (RBVC), the corporate venture arm of Robert Bosch, the German automobile components manufacturer. It was joined by existing investors 3i, Earlybird Venture Capital, Capital-E and NESTA.
The money will be used to accelerate its product development programme. The company is poised to launch its first one in Q4 this year – software for a mini projector, known as a pico projector, which can be attached to laptops or mobile phones and other devices. LBO’s technology means the projection system can be touch-enabled, turning any flat surface into a touch-sensitive display.
Dr. Claus Schmidt, managing director of RBVC said: “RBVC has a remit to invest in technologies of ground-breaking strategic importance and LBO has all the characteristics of a great investment. The Company impressed us with their potential to create and capture a new product category of mobile, energy-efficient, interactive displays. Their proprietary technology will open up entirely new applications and revenue opportunities in markets such as consumer electronics and we are pleased to join the existing investors in supporting this exciting venture.”
LBO was founded in 2004, and raised US$26m from Earlybird Venture Capital,
Capital-E, NESTA and the 3i in October 2007, in what was the largest series A funding round in the European electronics sector since 2000.
Headquartered in Cambridge, it also has a development facility in Colorado Springs, USA.