LONDON – ScienceWorks Ventures plc has announced that its subsidiary company InfiniLED Ltd. has closed a first round of funding from IL Investment Group (Quebec, Ontario).
InfiniLED (Cork, Ireland) is a spin-out company from the Tyndall National Institute and University College Cork develops a range of LED light source modules based on its patented microLED technology, which it has licensed from Tyndall. The technology uses on-chip micro-structures to enhance extraction efficiency and produces the quasi-collimated light beam.
ScienceWorks is an incubations holding company that helps companies spin out and find capital.
The investment in InfiniLED is worth up to 1.6 million euro (about $1.9 million), including support from Enterprise Ireland and will result in the creation of eight jobs.
InfiniLED has a number of development contracts and is aiming to bring the first microLED-based products to the market before the end of 2012. The areas of application for InfiniLED technology range from diagnostic testing devices to consumer products, according to owner ScienceWorks.
The microLED technology can be used for a variety of purposes including reducing power consumption in displays and for use in medical, microscopy and printing applications, according to Joe O’Keeffe, chief operating officer of ScienceWorks and interim CEO of InfiniLED.
The microLED technology was invented by a team of researchers led by Brian Corbett at Tyndall National Institute, supported and funded by Enterprise Ireland. The company was founded in April 2011 by Bill Henry who serves as chief commercial officer.
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