Cambridge-based image fusion firm Spectral Edge has closed a £1.5m (about $2.1 million) seed funding round.
The round was led by IQ Capital and Parkwalk Advisors and also drew support from various other firms including Cambridge Angels, Wren Capital and Cambridge Capital Group.
A statement said the new funding would be used to grow Spectral Edge’s team, increase investment in sales and marketing and to continue developing its product portfolio.
Max Bautin, managing partner at IQ Capital, commented on his firm’s involvement in the round. He said: “Spectral Edge is a true pioneer in the field of photography. They are set to disrupt and transform the imaging sector, not just within consumer and professional photography, but also across a broad range of business sectors.
“Backed by a robust catalogue of IP, Spectral Edge’s technology enables individuals and companies to take pictures and record videos with unparalleled detail by taking advantage of non-visible information like near-infra red and heat. We are proud to add Spectral Edge to our portfolio of companies. We back cutting-edge IP-rich technology which pushes the boundaries but also has a proven track record of experiencing stable growth, and Spectral Edge fits that mould perfectly,” added Bautin.
Founded in 2011, Spectral Edge spun out of the Colour Group of the School of Computing Sciences at the University of East Anglia.
Christopher Cytera, managing director of Spectral Edge. “The significant investment from IQ Capital, Parkwalk Advisors, Midven, Iceni and Cambridge angel groups demonstrates their faith in our technology, approach and overall strategy.
“We can now accelerate commercialisation of our intellectual property portfolio and grow by licensing our technology to consumer electronics manufacturers and service providers in our key markets of computational photography, visual accessibility and security,” concluded Cytera.
This post first appeared on Tech City News.