Technology developer LumeJet has raised £1.87 million to commercialise its ‘high quality’ imaging technology that allows for high precision printed services.

According to a statement, its technology was originally created to aid with photographic media but now has ‘far wider applications’ on the back of the creation of modern chemical design and the high precision of printing heads.

West Midlands-based LumeJet is set to use the new funding to create 100 new jobs between deal closing and 2014. The business was originally created back in January 2010 out of technology acquired from a Warwick University spin-out.

Christopher McCann, chairman of LumeJet, comments, ‘Completing this fundraising 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.’

Anson, CEO of LumeJet, says that attracting investment can be difficult but that new and existing angel investors see the potential of LumeJet technology.

Its latest funding round involves investment from Wren Capital, Qi3, Accelerator, Martlet, LBA EIS Roundtable Syndicate Fund and private investors from LBA and Cambridge Angels. A number of independent investors also took part.

Anson adds, ‘I have built up many good investor relationships via Qi3 Accelerator as a lead investor in other large syndicated deals.

‘These have been critical, together with the fantastic support form existing shareholders. Wren Capital and Martlet making significant early commitments was a key success factor.’