Lightspace Technologies raises another 750,000 EUR

The Latvian 3D photonics and optical solutions startup Lightspace Technologies has raised another 750,000 euros. As a result, the previously reported 1.25-million-euro convertible investment loan before listing on the stock exchange has increased to two million euro. Investors include business angels, existing shareholders, and the investment fund Ardelta.

The investment raised will finance the development and launch of Lightspace Technologies’ existing and new products.

In October 2021, Lightspace Technologies raised an 800,000 euro convertible investment loan from Estonian and Danish business angels and existing shareholders, Labs of Latvia wrote. This amount was later increased to 1.25 million euros, and now to two million euros. In early December, Lightspace Technologies signed a 2.2 million head display supply contract with a major industrial customer for deliveries in 2022, Labs of Latvia wrote.

Lightspace Technologies has so far received 14 million euros in support. This includes equity investments, various grant support programs, and convertible loans. The most significant financial instrument received so far is the EIC Accelerator grant of 2.3 million with the possibility to accept 1.7 million in equity investment from the European Innovation Council Foundation.

Preparing for Stock Exchange

In March, Lightspace Technologies started the process to become a publicly listed company in North America on the TSX Venture Exchange in Toronto, wrote Labs of Latvia. This decision is based on an assessment of strategic development opportunities and the difficult investment climate in the region. The process is expected to attract at least 10 million euros of investment from private investors. The full listing process could take seven to eight months.

Lightspace Technologies is an associate of HansaMatrix. HansaMatrix, through its subsidiary Lightspace Holding, owns 67.7% of Lightspace Technologies. HansaMatrix’s shareholding in the company will be reduced by the conversion of convertible loans received from third parties prior to listing on the stock exchange.

Augmented Reality Glasses to Help Doctors

Lightspace Technologies traces its origins back to 2014 when the screen manufacturing company EuroLCDs turned to the development of volumetric displays. This technology has been transferred to the augmented reality glasses of Lightspace Technologies.

Lightspace Technologies has developed augmented reality glasses capable of displaying true three-dimensional coordinates. One of the first applications of this technology is in medicine, Labs of Latvia wrote. Lightspace Technologies plans to deliver 200 augmented reality glasses to its partners in 2022. The plan is to deliver 500 to 600 devices in 2023, with a rapid ramp-up thereafter.

“This year we are just warming up,” said Madara Kalniņa-Kalnmale, CEO of Lightspace Technologies.

It expects to be on the market within ten years with a consumer product that will be as easy to use as optical glasses. To this end, it is envisaged to license the technology to a larger company.

Glasses Can Also Be Used in Military Sector

Teters, a certified Latvian supplier of military weapons and equipment, and Lightspace Technologies have launched a donation campaign to support the Ukrainian armed forces, Labs of Latvia reported. The campaign aims to raise funds for remotely-controlled defense weapon systems controlled by augmented reality glasses.

The augmented reality glasses will provide high-resolution 3D data visualization with sub-millimeter accuracy, provide eye comfort, and give soldiers the freedom to use their hands, which will increase their mobility and the ability to remotely control the weapon system, Kalniņa-Kalnmale explained. 

“Ukrainian troops will be able to accurately control these systems remotely, performing a defensive function while not putting themselves at direct risk,” said Kalniņa-Kalnmale.

The two Latvian companies are cooperating to supply 50 systems worth more than 3 million euros to Ukraine. So far, 51,000 pounds have been donated on Fundly.

Source: labsoflatvia.com