£300,000 capital funding for Spectral Edge
Spectral Edge has secured £300,000 funding. This working capital will enable Spectral Edge to expand its team, complete the development of its ‘Eyeteq’ product-line and take it to market – helping those with poorer colour vision.
Spectral Edge was founded in 2012 as a spin-out from the University of East Anglia to exploit novel image fusion technology developed by Professor Finlayson’s ‘Colour Lab’.
The company has successfully completed a £300K financing round led by the Iceni Seedcorn Fund and the Rainbow Seed Fund, managed by Midven. This funding will provide working capital to enable Spectral Edge to expand its team, complete the development of its Eyeteq product-line and take it to market.
Image fusion is a large field and refers to the process of combining many different images into a single display image. Applications for image fusion can be found in photography (RGB + near infrared), remote sensing (merging the hundreds of bands from satellite images) and medical imagery (in diffusion tensor imaging).
One application that Spectral Edge is bringing to life is improving images for people who have poor colour vision. Colour blindness affects 4-5% of the world’s population. Spectral Edge has developed a platform technology that fuses images that appear much improved to those who suffer from poorer colour vision, whilst ensuring the images remain acceptable for everyone else – delivering colour clarity for all.
Commenting on the investment, Mark White, investment director of Midven’s Rainbow Seed Fund said, “The appeal of this technology to such a large market makes this potentially an exciting investment for Rainbow. Spectral Edge has already shown traction within its intended market and possesses a comprehensive patent portfolio that will allow it to maximise the scope of its technology.”
Dr Robert Swann, chairman of Spectral Edge commented: “Midven and Iceni have excellent records of supporting early stage technology companies and we are delighted to have them on board at this exciting stage in our development.”