BASF Venture Capital and other venture capital providers including 3i are to invest $7.5 million in Edinburgh, Scotland-based MicroEmissive Displays (MED).
Scottish Equity Partners are to act as lead investor.
Chaired by Professor Peter Denyer, founder and former CEO of Vision Group, the CMOS image sensor company acquired by STMicroelectronics in 1999, MED has developed microdisplay technology based on light-emitting polymers that is now ready for market.
The polymer displays can be used in displays such as viewfinders in video camcorders, digital still and video cameras. When compared with liquid crystal displays, they have significantly lower power consumption and lower production costs.
According to market data from DisplaySearch, the display technology used by MED is set to challenge the ubiquitous LCD technology over the next few years, and is expected to reach a market value of $2.2 billion by 2006.