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Lightspace Technologies raises 800 thousand euros

Oct 22

HansaMatrix’s associated company Lightspace Technologies has attracted investment in form of a convertible loan of 800 thousand euros from Estonian and Danish business angels and existing shareholders. These investments will help Lightspace Technologies to further develop existing and new products.

The names of investors, in accordance with the terms of the agreement, are not disclosed.

The board of Lightspace Technologies is pleased that the agreements confirm the ability of the company’s team to attract investments and the ability to convince investors about the potential of augmented reality products produced in the company.

Earlier LightSpace Technologies has signed Grant Agreement with European Commission to receive grant funding of 2.25 million euros from European Union’s Horizon 2020 research and innovation program. Further 1.7 million euro equity investment has been approved by EIC Fund Board in June 2021 as blended financing contribution to be used until Dec 2022.

Accomplishes three product validation projects

During Q2 2021 LightSpace Technologies accomplished three product validation projects with 3 globally leading MedTech corporations with applications in surgical navigation and robotic surgeries. The company participated in two accelerators – Health Venture Lab, sponsored by GE Healthcare and Bright Sparks in consumer and enterprise AR applications hosted by EU largest mobile operator Vodafone.

LightSpace Technologies cross functional team at beginning of 2020 has accomplished AR headset project IG1000. It is first multi focal image headset been built with matched accommodation. So use of it does not create eye strain, brain stress and other symptoms associated with vergence accommodation conflict. Also it appears that quality of 3D visual objects seen by eyes are perfect to the smallest detail. Multifocal image AR VR headsets has been considered as enabling requirement for near range 3D visualization in high performance 3D graphics, digital and smart manufacturing, digital and image guided medicine, training and simulations in realistic 3D environments. LightSpace has set iG2000 on the commercialization path and planning to complete the product design by end of 2021 and start industrialization and manufacturing in the year 2022.

In 2020 LightSpace Technologies has won strong 4000 project competition in Horizon 2020 EIC accelerator program call focused on Covid-19 treatment initiatives with action Next Generation Enhanced Augmented Reality 3D Glasses for medical education, pre-procedural planning, intra-procedural visualization, and patient rehabilitation – NGEAR 3D.

Source: Labs of Latvia

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