Milton Park-based Living Optics, the University of Oxford spin-out developing computational hyperspectral cameras, has closed a $20m funding round, with the British Business Bank among the investors.
Founded in 2019, the company builds its cameras on technology developed in Oxford University's Physics Department, which the British Business Bank describes as world-record breaking. Its hyperspectral imaging platform has applications across a range of strategically important sectors. Its platform combines video-rate spectral imaging with on-device processing, enabling real-time analysis of data invisible to the human eye or standard cameras, with applications across industrial inspection, defence, life sciences and environmental monitoring.
The British Business Bank said the investment reflects its commitment to backing companies aligned with the UK's industrial strategy, particularly in advanced manufacturing and strategically important technologies such as semiconductors.
The round was led by BRV Capital Management, with participation from Lockheed Martin Ventures, Applied Ventures and Lam Capital, alongside existing investors including Oxford Science Enterprises and Octopus Ventures.
The funding will support Living Optics, led by Robin Wang and Steve Chappell, as it scales its technology and customer deployments.