28 April 2005

Launch of new Hi-tech spin-out company

A new company which aims to tap into a (Euro) 70 billion market has been created in Dundee as a cross-border "spin-out" from the Universities of Dundee and Surrey.

Quantum Filament Technologies will build on joint research findings from the two universities to develop radical new technologies in the field of flat panel displays, which are becoming ubiquitous in devices from mobile phones and digital cameras to home cinema.

The company has been established in a £750,000 equity deal led by Braveheart Ventures in Perth, and also involving Dundee-based business development company Amcet, Dundee University, Surrey University and the Scottish Co-investment Fund.

Roy Clarke, managing director of QFT, explained the company's objectives. "We have acquired the rights to exploit some remarkable research from Merv Rose at Dundee and Ravi Silva at Surrey which we believe can alter people's expectations from flat displays. We are planning to create a technology for the manufacture of display panels which have the brightness, speed and definition of the highest quality cathode-ray tube but can be configured into the thinnest panel. Although liquid crystal displays have improved dramatically over the last few years they are limited in scope compared with the field emission technology we are developing.

"The market for displays continues to grow at a remarkable rate and already exceeds EUR70bn but we know that if a radically superior display can be demonstrated there are endless possibilities for new applications for display technology.

"In the longer term, our technology can contribute to the development of flexible, even wearable, displays or display panelling to replace conventional lighting In the nearer term we know the medical and avionics industries are seeking high performance displays to replace conventional instrumentation in life-critical environments."

Dundee University played a significant role in the development of the kind of flat LCD displays we already see widely employed on laptop computers and flatscreen TVs. The technology underpinning those kind of flat screen displays, that of thin film transistors, was developed at Dundee University in the late 1970s.

QFT hopes to put the city back at the centre of new display technologies.

James Houston, Director of Research and Innovation Services at University of Dundee, commented, "We have always believed that this technology had great commercial potential and we were fortunate to be able to make use of Scottish Enterprise's Proof of Concept Scheme to lay the early foundations for this spin out. Given that we were able to complete this locally with funding coming from Braveheart Ventures this deal is particularly pleasing and is indeed very good for the Tayside Region".

"QFT's technology and approach is sufficiently differentiated to allow it to be a real commercial winner and we wish the company and its management team great success for the future."

The executive Chairman of QFT is technology entrepreneur Professor Peter Denyer, founder and former Chairman of Vision Group PLC and Rhetorical PLC and currently Chairman of Microemissive Displays PLC. He said, "I am delighted to assist in the exploitation of this world-class technology from two British universities."

Legal work on the formation of the new company was carried out by Morton Fraser, with tax advice by Henderson Loggie. Braveheart was represented by law firm Semple Fraser of Edinburgh.

NOTES TO EDITORS:

The University of Dundee has created thirteen spin-out companies, nine of them since 1999. Spin-outs from the University include Cyclacel, named the most promising spin-out venture in Scotland, CXR Biosciences, Star Dundee and Calico Jack.

The University has a strong track record in promoting intellectual capital, with more than 70 licences in operation, 285 patents granted, and more than 250 patents pending.

The Incubator Unit at University of Dundee is designed to encourage new business start-ups, and is home to a number of new businesses.

By Roddy Isles, Head of Press 01382 344910, out of hours: 07968298585, r.isles@dundee.ac.uk