Cambridge, 22nd March 2016, Spectral Edge, (http://22creativeprojects.co.uk/spectral/) today announced the successful completion of an oversubscribed £1.5 million second funding round. New lead investors IQ Capital and Parkwalk Advisors, along with angel investors from Cambridge Angels, Wren Capital, Cambridge Capital Group and Martlet, the Marshall of Cambridge Corporate Angel investment fund, join the Rainbow Seed Fund/Midven and Iceni in backing the company.
Spun out of the University of East Anglia (UEA) Colour Lab, Spectral Edge has developed innovative image fusion technology. This combines different types of image, ranging from the visible to invisible (such as infrared and thermal), to enhance detail, aid visual accessibility, and create ever more beautiful pictures.
Spectral Edge’s Phusion technology platform has already been proven in the visual accessibility market, where independent studies have shown that it can transform the TV viewing experience for the estimated 4% of the world’s population that suffers from colour-blindness. It enhances live TV and video, allowing colour-blind viewers to differentiate between colour combinations such as red-green and pink-grey so that otherwise inaccessible content such as sport can be enjoyed.
The new funding will be used to expand Spectral Edge’s team, increase investment in sales and marketing, and underpin development of its product portfolio into IP-licensable products and reference designs. Spectral Edge is mainly targeting computational photography, where blending near-infrared and visible images gives higher quality, more beautiful results with greater depth. Other applications include security, where the combination of visible and thermal imaging enhances details to provide easier identification of people filmed on surveillance cameras, as well as visual accessibility through its Eyeteq brand.
“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,” said Max Bautin, Managing Partner at IQ Capital. “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.”
“We are delighted to support Professor Graham Finlayson and his team at Spectral Edge,” said Alastair Kilgour CIO Parkwalk Advisors. “We believe Phusion could prove to be a substantial enhancement to the quality of digital imaging and as such have significant commercial prospects.”
Spectral Edge is led by an experienced team that combines deep technical and business experience. It includes Professor Graham Finlayson, Head of Vision Group and Professor of Computing Science, UEA, Christopher Cytera (managing director) and serial entrepreneur Dr Robert Swann (chairman).
“After having proved the potential of our innovative Phusion technology, this new funding provides Spectral Edge with a springboard for growth,” said Christopher Cytera, Managing Director, 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.”