Cutting edge lighting technology company Seren Photonics has raised £1.8 million to accelerate commercialisation of its revolutionary LEDs.
News of the cash boost for the Sheffield University spinout comes days after the company signed a deal with a major LED manufacturer who wants to use its technology in India.
That deal with the unnamed manufacturer is the first that will make the Sheffield Bioincubator-based firm’s technology commercially available.
Seren’s technology can more than double the brightness of High Brightness Light Emitting Diodes (HB LEDs), which are used as back lighting for laptops and TVs and in signs and displays, as well as for domestic, architectural and street lighting. The firm will use the £1.8 million-worth of equity funding to buy key equipment for developing HB LEDs and create a specialist engineering team to work with commercial manufacturing partners around the world.
Seren is already holding talks with companiess in China.
Chairman, Dr Godfrey Ainsworth, said: “This market is currently worth an estimated $7 billion (£4.4 billion) and is set to grow to $20 (£12.6) billion by 2014.
“HB LEDs are set to replace incandescent lamps. The rate of adoption will accelerate as the brightness of HB LEDs increases and the cost of manufacture reduces.”
Seren has raised the £1.8 million from a number of investors, including I2BF Global Ventures, IP Group and Fusion IP, the company that helps Sheffield and Cardiff Universities to commercialise the results of their research.