Coventry-based LumeJet gets GBP 250,000 new capital courtesy of the government-backed Technology Strategy Board's Smart programme. The funding will be used by the company for research and development and to develop its LumeBar technology.

LumeJet is a digital printing company that seeks to develop a photonic platform technology that can accommodate inkless printing and patterning solutions.

Meanwhile, TSB's Smart programme gives financing to small and medium enterprises that necessitates research and development undertakings in the fields of science, technology and engineering. They provide three types of financing, which are development of prototype, proof of concept and proof of market.

TSB gives a maximum pay out in the amount of GBP 250,000, which LumeJet was able to secure. After the funding is given, a careful monitoring of the business is done to make sure that the taxpayer's money is properly spent.  

"It's very gratifying to win the maximum Smart award against such stiff competition," Trevor Elworthy, founder and CIO of LumeJet, said about the new funding.