LumeJet has just raised £1.87 million in a major funding round. The new investment will be used to develop and commercialise LumeJet’s ultra-high quality imaging technology and brings the total investment in the company to more than £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.
LumeJet 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 believes the printer produces the best quality printing ever achieved from a digital file.
The LumeJet technology has been designed from the ground up to exploit the proven, continuous tone quality of Silver Halide (AgX) media and its extended colour gamut (larger than CMYK inks). This produces vibrant, smooth and colour accurate images. It also exploits the inherent micron-sized (1/1000th mm) grain resolution of the media for ultra sharp text and graphics.
While the technology was originally developed to work on photographic (AgX) media, with the advent of modern chemical design combined with the ultra high precision of the heads, it now has far wider applications. Light of various wavelengths, spot size and power can be used to effectively “print” on a whole range of photo or thermally activated substrates or coatings. Relevant sectors include Labelling, Packaging and patterning of electronics such as OLED Displays, all of which offer multi billion £ market opportunities.
LumeJet was launched in 2010 with private angel investment and co-investment from Midven’s Early Advantage Fund. The injection of the new capital will see the company grow substantially over the next 3 years, with a forecast of over 100 new jobs being created by the end of 2014. LumeJet intends to ship 1000 machines over the next 5 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 the Investor Director before being appointed CEO. Paul 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.
“I have built up many good investor relationships via Qi3 Accelerator as a lead investor in other large syndicated deals”, Anson said, “and these have been critical, together with the fantastic support from existing shareholders. Wren Capital and Martlet making significant early commitments was a key success factor. ”
Anthony Clarke, Managing Director of LBA said, “When Paul Anson came to LBA it was clear that LumeJet was a strong opportunity with the potential for explosive growth and this is reflected in the very significant financial contribution from LBA members and our EIS Fund. Paul’s belief in the business, due to his past successes in the printing industry, started as an angel investor in the company and led to his current position as CEO. A great example of the Power of Angel investing.”
The investment round received essential 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 LLP provided legal support with tax advice from James Cowper LLP.