Angel investor secures $1 million funding for startup DLP23 Aug 2011Angel investor Braveheart Investment Group secured over $1 million in new funding for Design LED Products, a provider of LCD backlights.
Braveheart Investment Group has closed LED Rope Light Series a second funding round worth over$1 million (£639,000) for LCD backlighting specialist Design LED Products (DLP), based in Livingston, UK.
Braveheart raised cash from several of its clients, with the Scottish Co-investment Fund, Highland Venture Capital and Tweed Renaissance Investors Capital (TRI Cap) also contributing.
This follows a $1.8 million investment round in January 2010 in which LED Rope Light Series Osram was one of the investors. January's investment round, the first since DLP's launch in 2006, was designed to fund application development and commercialize existing product lines. Stuart Bain, chief executive of DLP, said the latest funding round will now see it "aggressively pursuing market entry."
Braveheart chief executive, Geoffrey Thomson, said: "DLP has made good LED Rope Light Series progress since the first close of the investment in January 2011 and we are delighted to see new shareholders supporting the company."
About the Author is a Senior Technical Editor with LEDs Magazine.