Iceni Seedcorn Fund joined Midven’s Rainbow Seed Fund in the investment in Spectral Edge.
The company was founded in 2012 as a spin-out from the University of East Anglia to exploit novel image fusion technology developed by Professor Finlayson’s ‘Colour Lab’.
Image fusion is a large field and refers to the process of combining many different images into a single display image. Applications can be found in photography, remote sensing and medical imagery.
The funding will provide working capital to enable Spectral Edge to expand its team, complete the development of its Eyeteq product-line and take it to market.
Mark White, investment director of Midven’s Rainbow Seed Fund, said: “The appeal of this technology to such a large market makes this potentially an exciting investment for Rainbow. Spectral Edge has already shown traction within its intended market and possesses a comprehensive patent portfolio that will allow it to maximise the scope of its technology.”
Spectral Edge chairman Dr Robert Swann added: “Midven and Iceni have excellent records of supporting early stage technology companies and we are delighted to have them on board at this exciting stage in our development.”
The Rainbow Seed Fund is a £24m, early stage venture capital fund dedicated to kick starting promising technology companies developed at publicly funded research facilities in the science and technology campuses linked to them and in the field of synthetic biology.
The University of Cincinnati is spearheading a new initiative by launching its Lab2Market program, empowering the next generation of STEM researchers into the realm of