Fife, Scotland-based CRLO Displays (CRLO) has received $19 million in first-round financing from European venture capital firms Amadeus Capital and Doughty Hanson Technology Ventures.
The deal sees the company spin out from previous owner, Scipher plc. Its management team, headed by managing director Greg Truman, remains intact. Baraz Maoz of Amadeus Capital and Soren Hein of Doughty Hanson are joining the company’s board.
CRLO designs, develops and manufactures silicon-based micro-displays that will be used in next generation high-definition, rear projection televisions (RPTVs). Using full colour high resolution F-LCOS (ferroelectric liquid crystal on silicon) technology, CRLO is hoping its products will enable TV manufacturers to produce large-screen TV sets with high picture quality at low prices.
“Large screen TV is an exciting market that is expanding rapidly but is still limited by expensive technologies and high prices,” said Maoz. “Amadeus has been attracted by the CRLO team and the technology they developed because we believe that CRLO has the potential to make a real impact on cost and performance, and become a large, internationally recognised and successful company.”
Doughty Hanson Technology Ventures, which is investing a $272 million fund, has been busy over the last month on both the new investments and realisations front over the last month. During that period it has led a $7 million funding of IP telephony firm Citel Technologies, a £10 million first-round funding of Welsh digital sensors maker DeepStream Technologies and sold mobile technology specialist Alphamosaic to Nasdaq-listed Broadcom Corporation.