Oxford spinout Living Optics raises $20M to scale hyperspectral cameras
What's the deal? Living Optics, a University of OxfordDealroom has a profile for this one. Try Dealroom → spinout making computational hyperspectral cameras, has closed an oversubscribed $20 million financing round. BRV Capital ManagementDealroom has a profile for this one. Try Dealroom →, a US and Asia-based venture and growth investor, led the round.
Who's in? New investors Lockheed Martin VenturesDealroom has a profile for this one. Try Dealroom →, Applied VenturesDealroom has a profile for this one. Try Dealroom →, Lam CapitalDealroom has a profile for this one. Try Dealroom →, GK Goh, and the British Business Bank joined the round. Existing backers Octopus Ventures, Foresight GroupDealroom has a profile for this one. Try Dealroom →, OTIF Ventures, Oxford Science EnterprisesDealroom has a profile for this one. Try Dealroom →, and Braavos Group also participated.
What does it do? Founded in 2019, Living Optics builds hyperspectral cameras based on technology from Oxford University's Physics Department. Its imaging platform targets industrial inspection, defence, life sciences, and environmental monitoring.
What's the money for? The company plans to scale global deployment of its camera platform across key vertical markets and geographies.
Why the state bank? The British Business Bank, the UK government's economic development bank, said the deal fits the UK's industrial strategy around advanced manufacturing and strategically important technologies such as semiconductors. "What an excellent syndicate of both financial and strategic investors!" said Mark Barry, senior investment director at the bank.
The signal: Hyperspectral imaging is drawing both financial and strategic capital — note Lockheed Martin Ventures and Applied Ventures on the cap table. For the UK, the round is a bet that an Oxford spinout can hold ground in next-generation sensing against global rivals.
Read more: british-business-bank.co.uk
Image credit: photosbylanty
