The Technology Strategy Board’s Smart programme has made its latest funding outlay, this time in an inkless printing company.
LumeJet has sewn itself up £250,000 of new capital to develop its LumeBar technology thanks to government help.
The Technology Strategy Board’s Smart programme has stepped in as backer to finance the research and development work which is needed.
Coventry-based LumeJet is a digital print company which is developing a photonics platform technology for inkless printing and patterning options.
The Smart programme provides funding to SMEs which need to undertake research and development projects in the areas of science, engineering and technology. Three types of finance are available: proof of market, proof of concept and development of prototype.
Having initially been run as an RDA initiative, the Technology Strategy Board took it over and relaunched it in April 2011. Since then, the programme has offered 930 grants worth £90 million, and will be matching its 2012 outlay of £40 million again in 2013.
The maximum outlay, which LumeJet has secured, is £250,000 and is followed by a careful monitoring of the business to ensure that the taxpayer’s money is spent in the right place.
Commenting on the £250,000 of new funding, Trevor Elworthy, CIO and founder of LumeJet, says, ‘It’s very gratifying to win the maximum Smart award against such stiff competition.’
LumeJet’s new product, LumeBar, uses photonic print head technology to produce documents such as photo books, inline labelling and plastic electronics.