The business attracted new investors in the second close from TRI Cap and Highland Venture Capital, while Scottish Enterprise and a number of Braveheart clients made further investments.
Geoffrey Thomson, chief executive of Braveheart, which specialises in growth capital investments for business angels, high net worth individuals and family offices, says, ‘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.’
The company will use the additional funding to accelerate its plans to enter the high growth lighting and LCD TV backlighting market.
Scotland-based DLP was started in 2004 and has developed and patented technology to embed light emitting diodes (LEDs) within printed light guide devices. This enables thin, flexible, high efficiency light panels and displays for consumer electronic devices.
DLP CEO Stuart Bain adds, ‘We are pleased to conclude this follow on funding and to aggressively pursuing market entry with our priority applications.’
Braveheart is based in Perth, Scotland, and invests in young, unlisted companies.