LONDON Scottish Equity Partners (SEP) has led a £7.5 million (about $15.2 million) placing for AIM-listed MicroEmissive Displays (MED), which designs and makes miniature displays for consumer devices.
The funding was raised net of expenses and is intended to fund the company through to profitability. MED revealed its intention to raise the money in Sepetmber when it announced a net loss of £2.2 million (about $4.5 million).
SEP first invested in MED (Edinburgh, Scotland) in 2002 and MED’s largest shareholder following the placing in which a number of blue-chip investors participated.
“It is rare for us to invest in companies that have already gone public, but we know MED very well and having taken the early stage investment risk, we want to see the company realise its full potential as it moves to volume production and profitability,: said Calum Paterson, SEP managing partner. “Customer engagement is already very strong and we expect it to increase significantly.”
MED’s low power microdisplays use light emitting polymer on silicon technology and are produced at the company’s manufacturing base in Dresden, Germany. MED is targeting a range of consumer electronic markets.