Scottish Investment Bank further invests in Design LED Products

The Scottish Investment Bank has joined Borders based investment syndicate TRI Cap in a second close of funding of circa £639,000 for Design LED Products Ltd (DLP), specialist lighting and LED enterprise.

TRI Cap, Braveheart Investment Group and Highland Venture Capital members have all taken part in this round along with the Scottish Investment Bank’s Co-Investment Fund. Braveheart led the first close of £1.1m in January 2011.

DLP, formed in 2004 and located in Livingston, has developed and patented technology to embed light emitting diodes (LEDs) within printed light-guide devices, enabling its clients to produce thin, flexible, high efficiency light panels and displays suitable for a range of applications, from consumer electronic devices to large area LED lighting and LCD TV backlighting.

Andrew Sloane, head of the Scottish Investment Bank’s Co-Investment Fund, said: “DLP is a great example of an innovative Scottish company using cutting-edge technology to develop new products for a growing global market.

"Scottish Enterprise supported the company from inception through its High Growth Start Up Unit and recently licensed technology to DLP from one of its large-scale R&D programmes. The Scottish Investment Bank is pleased to invest further in the company’s second close and we look forward to seeing DLP achieve significant market share and further enhance Scotland's reputation as a leading location for innovative technologies.”

TRI Cap chairman Rob Dick commented: “DLP is a highly innovative business which is making a significant mark in its specialist field. Members of TRI Cap have been impressed by the company and its management team: there is a strong ambition and a design-led approach which we trust will see the company achieve its intended outcomes.”

With the additional funding, DLP aims to accelerate its plans to enter the high growth lighting and LCD TV backlighting market where it will seek to displace traditional and emerging LED technologies. Prototypes have already been shown to key participants in these markets with encouraging feedback.

Geoffrey Thomson, Braveheart’s chief executive, said of the investment: “DLP has made good progress since the first close of the investment in January 2011 and we are delighted to see new shareholders supporting the company.”

Stuart Bain, CEO of DLP added: “Conclusion of this funding marks another key milestone in the company's progress. Working with our strategic partners we are well positioned to gain significant market share in our specific sectors.”

Design LED technology was developed under Scottish Enterprise’s Backlighting with Polymer Optics R&D commercialisation programme which was originally commissioned as part of the Intermediary Technology Institutes (ITIs).