A Midland firm has raised more than £4.5 million from angel investors in anticipation of its new ultra high quality printer technology.
Coventry-based LumeJet’s most recent funding round saw them receive £1.87 million to launch an LED-based printer later this summer.
The company hope to move into markets including labelling, packaging and patterning of electronics.
It said it will create more than 100 jobs by the end of 2014 and intends to ship 1000 machines over the next five years.
Christopher McCann, chairman of LumeJet, said: “Completing this fund raising 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.”
The company was launched in 2010 with private angel investment and co-investment from West Midlands venture capital company Midven, to develop technology acquired from a Warwick University spin-out.
The technology was developed over 12 years by Dr Trevor Elworthy, a former Kodak research scientist, who had a vision for developing a printer that ‘sprayed’ light onto photographic paper to produce high quality print.
Midven introduced Mr Anson to LumeJet as the investor director before being appointed chief executive.
Mr Anson said: “Attracting investment to high value manufacturing propositions can be difficult, but our new and existing Angel investors see potential of the LumeJet technology.
“Now we can get on and deliver a digital printing system that will change the market completely for some sectors.”
LumeJet secured angel investment from Wren Capital, Qi3 Accelerator, Martlet, LBA EIS Roundtable Syndicate Fund, private investors from LBA and Cambridge Angels and a number of independent investors.
Mr Anson added: “I have built up many good investor relationships via Qi3 Accelerator as a lead investor in other large syndicated deals and these have been critical, together with the fantastic support from existing shareholders.
“Wren Capital and Martlet making significant early commitments was a key success factor.”
Anthony Clarke, managing director of LBA, said: “When Paul came to LBA it was clear that LumeJet was a strong opportunity with the potential for explosive growth and this is reflected in the very significant financial contribution from LBA members and our EIS Fund.
“Paul’s belief in the business, due to his past successes in the printing industry, started as an angel investor in the company and led to his current position as CEO.
“A great example of the power of angel investing.”
Midland firm Harrison Clark LLP provided legal support with tax advice from James Cowper LLP.