AIM-listed investment management firm Braveheart Investment has led a funding round into mLED, a micro light emitting diode (LED) business.
Braveheart Investment has teamed up with the Scottish Enterprise Co-Investment Fund and members of mLED’s board and technical advisory council to close a new funding round in mLED.
Glasgow-based mLED has netted £378,000 of growth capital to go with the £150,000 of seed capital it secured when it launched in June 2010.
The business started life as a spin-out from the Institute of Photonics of the University of Strathclyde and now produces LEDs which can be used in products such as smartphones.
The new funding round will allow mLED to ‘develop a roadmap’ of products for use in embedded applications (internal devices) and become more commercially engaged with system integrators.
Additionally the company will now increase its personnel and enhance its intellectual property as well as market its proprietary technology to initial customers.
Geoffrey Thomson, chief executive of Braveheart Investment, says the investment firm is pleased to support mLED which has ‘pioneering technology and an impressive management team’.
Founded in 1997 by a small group of investors, Braveheart now has operations in Perth, London, Yorkshire, Jersey and the Isle of Man as well as franchises in Dubai and Manchester.
Its last deal came when its wholly owned subsidiary Envestors closed an equity fundraising into Squease in May.