Coventry-based printing technology company, LumeJet, has launched a crowdfunding campaign on Crowdbnk to raise £2 million to continue expansion of its growing brand. According to its campaign, LumeJet has developed and brought to market a new concept in light-based, inkless digital printing, which, experts such as Professor Frank Romano and the London School of Photography, has the highest print quality available in the market.
The company’s “photonic” products aim to offer a high sales margin opportunity to print service providers due to its quality, which creates a strong potential return on investment. LumeJet also estimates that a single printer can generate an annual revenue of £250-£500k for a customer, with net contribution exceeding 60% in an industry where gross margin is typically 15-20%. LumeJet’s photonic technology, which has been developed by founder, Dr. Trevor Elworthy, has a strop IP protection. The company has developed its own range of innovative printer products, the core technology has wider potential.
Insider Media reported that LumeJet has already raised about £8 million to date from private angels, Midven, Angel CoFund, Wren Capital, Martlet, the ERA Foundation and the LBA EIS Fund. It has also received further support from Technology Strategy Board. CEO of LumeJet, Paul Anson stated, “Our ultra-high quality range of printers is a key part of our business, but we are also working on a printhead offering 50 times more output and are investigating new photosensitive coating technologies for volume applications.
“I spend a lot of my time trying to explain to investors, normally involved in Internet business, biotech and software, that the print industry is massive, diverse, and full of opportunity all over the globe. Then it occurred to me, the people that know this already are in the print industry and LumeJet’s culture is one of the openness and collaboration. Let’s let everybody and anybody be a part of building a new print technology business financially as well as commercially.”
Set to close on December 15th, that campaign has already raised £1,200,386.40. Those who offer a £1.47m investment will receive 20% of the equity. The LumeJet team stated, “The funding will be used primarily for increasing sales and customer support (24.8%) and the development of derivative products (39.2%). The remainder will be allocated to securing and developing IP (7.1%) and general overheads (24.1%) and working capital (4.8%) .”
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