AUCKLAND (07/14/2000) - The New Zealand government has awarded Deep Video Imaging Ltd. (DVI) a grant of more than NZ$500,000 (US$230,000) to research and develop its revolutionary 3D liquid crystal display (LCD) screens.
The NZ$506,250 grant -- one of the largest under the Technology for Business Growth (TBG) program -- follows last month's announcement that DVI received a NZ$690,000 boost from Singapore's National Science and Technology Board (NSTB) to commercialize its desktop computer monitors in Asia.
The latest funding will be issued to DVI over the next 15 months and will be supplemented by DVI shareholders to total more than NZ$1 million.
DVI general manager Gabriel Engel says the New Zealand and Singapore government funding highlights the potential of DVI technology.
"We will use the capital to develop interactive kiosks for the huge U.S. market and support a next-generation development program for desktop computer monitors," he says.
The monitors use multiple layers of LCD screens giving 3D images that do not require viewers to wear special glasses.
The TBG program, part of the Foundation for Research, Science and Technology, fosters high-tech New Zealand innovations by providing funding of up to 50 percent of research and development, and technology transfer costs.
Foundation spokesperson Gowan Pickering says New Zealand needs more firms like DVI as Kiwi R&D is concentrated in a few firms and is only one-fifth of the OECD average.
"It makes good business sense for a firm to invest in R&D because innovation provides organizations -- and nations for that matter -- with fundamental competitive advantages.