BaltCap, the leading private equity and venture capital investor in the Baltic States, has provided financing for start-up liquid crystal display production company EUROLCDS. The aim of EUROLCDS is to create the specialised liquid crystal display production company with global customer base. This investment has been completed within the EU Structural Fund’s co-financed JEREMIE initiative managed by the European Investment Fund in Latvia.
The new enterprise based its success on experienced entrepreneurs team as well as on co-owner’s – LC-TEC AB (Sweden) – long term experience and contacts in production and R&D of liquid crystal displays. The potential customers are industrial and medicine equipment producers and sellers of EU countries, USA and Japan that use liquid crystal displays elements as parts for their products. As most demanded liquid crystal display application today, stereoscopic and volumetric 3D video projection equipment can be mentioned.
“We are delighted for the opportunity to finance the development of a new enterprise, competitive advantage of which is based on world class technology, patented products and new product development opportunity. We are also happy to provide new vacancies in global sales based company and to create additional motivation for young students to study engineering sciences,” said Peteris Treimanis, Investment Director at BaltCap.
As an answer to the question about choosing Latvia as the target country and BaltCap as co-operation partner, Ǻke Hornell, CEO of the company stated: “My main reason for choosing Latvia for this establishment was the good experience from starting the electronics manufacturing business, Hansa Electronics. In this venture we have had a good co-operation with Baltcap and it was natural to seek contact with Baltcap also for the new LCD venture.”
“Decision to establish the company in Latvia is a significant step for developing know-how based economy since it creates an opportunity for engineers’ intelligence to participate in one of the world’s hi-tech development streams. It is also very important for our potential customers that we are part of European Union and able to provide security on both -intellectual property and patented technology solutions,” added Ilmars Osmanis, Board Member of EUROLCDS.
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Member of the Board
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