Fusion IP plc (AIM: FIP), the university IP
commercialisation company that turns world class research
into business, is pleased to announce that Seren Photonics
Ltd ("Seren"), its LED technology company, has raised £1.8M
in equity funding to enable Seren to transfer its cutting
edge technology to manufacturing partners around the globe.
The first of these exploitation agreements was recently
announced with an Indian manufacturer.
Seren's revolutionary new processing technique, developed
by Professor Tao Wang from the University of Sheffield, has
been shown in tests to greatly increase the efficiency at
which a high brightness (HB) LED converts an applied
voltage into light and significantly reduces heat
generation under normal running conditions. Successful
demonstrations of the patent pending technology have
resulted in a significant increase of the light output
compared to untreated devices, which means that either much
brighter LED lamps can be manufactured or that the power
consumption of LED lamps can be reduced.
Seren's technology is targeted at the large and fast
growing white light HB LED markets, such as back lighting
for laptops and TVs, signs and displays, as well as
domestic, architectural and street lighting. Dr
Godfrey Ainsworth, Seren's Chairman said, "This market is
currently worth an estimated $7bn in 2011 and is set to
grow to $20bn by 2014. HB LEDs are set to
replace incandescent lamps as governments around the world
bring in legislation banning the manufacture and sale of
incandescents and concerns increase about the poor light
quality and environmental contamination fears from compact
fluorescents. The rate of adoption will accelerate as
the brightness of HB LEDs increases and the cost of
Seren's funding round raised a total of £1.8M from a number
of investors, including I2BF Global Ventures (£1,100,000),
Fusion IP plc (£300,000) and IP Group plc (£400,000).
The funding will be used to purchase key capital equipment
for HB LED pilot scale development and create a specialist
engineering team for the transfer of Seren's processes to
its commercial manufacturing partners.
Post funding Fusion will have a 40.2% undiluted
shareholding in Seren.
Dr Carl Griffiths, CEO of Seren Photonics Ltd said:
"We are delighted to have secured this significant
investment from our existing shareholders and from
I2BF. The funds will enable us to accelerate the
transfer of Seren's technology to manufacturing partners.
This will start with our existing collaboration partnerin
India and we are already in discussion with HB LED
manufacturers in China about the possibility of licensing
or creating a joint venture manufacturing facility. We will
continue to look for other potential partners outside of
David Waserstein, Partner and Director of Investments at
"We believe LEDs will play a large role in reducing energy
intensity for a range of municipal and industrial users,
and that Seren is well-positioned to help drive that growth
due to the double impact of its technology on both
brightness and reduction of heat loss. We are also pleased
to be supporting a UK university spin out at this time,
which has been ably supported by our co-investors Fusion IP
Peter Grant, Operations Director for Fusion IP said:
"We are very pleased to join I2BF Global Ventures and IP
Group in this funding round, which will enable Seren to
continue its impressive development of its LED technology.
We remain confident that Seren can make a significant
contribution to enabling the use of LEDs in a variety of
different energy efficient applications where there is a
continuous need to reduce power consumption and improve
product performance. With this funding in place we
look forward to the Company securing further deals for the
use of its technology internationally."
Hybridan acted as placing agent to this placing.