£1.8m for sensor firm
Investors ‘hit jackpot’ with Pyreos investment
Pyreos, the Edinburgh-based sensor developer, has secured £1.8 million of funding from new and existing shareholders to accelerate growth and marketing of its products.
The company, which was spun out from German industrial firm Siemens in 2007, has received funding from current investors Robert Bosch Venture Capital GmbH, the Scottish Investment Bank (the investment arm of Scottish Enterprise), Seraphim Capital and Siemens Technology Accelerator.
They were joined by new investor London Business Angels.
The investment comes on top of a £2.5m funding package that Pyreos secured from its investors in March 2015.
Andy Laing, chief financial officer of Pyreos, said: “The continued support of major shareholders and the introduction of a knowledgeable new investor both validate the huge opportunities available to Pyreos. Their confidence in this business, and their cash from this funding round, will help us to accelerate the development and commercialisation of a number of strategically important innovations.”
London Business Angels was founded in 1982 and typically invests between £100,000 and £1m in high growth technology companies, through its private investors and in-house EIS Funds.
Its chief executive Anthony Clarke, said: “We’re always on the look-out for companies that have innovative and disruptive technology and with Pyreos we think we have hit the jackpot.
“Not only do its sensors have a wide variety of applications across a broad range of industries but they are also well-suited to the £18bn wearable technology market. Our investors are always excited when we introduce them to businesses like Pyreos because they can see the potential for its technology.”
Pyreos, which is based at the Scottish Microelectronics Centre in Edinburgh, has filed 148 patents to protect the intellectual property it has created so far.
Its technology is based on the equivalent of 75 man-years and more than €10m (£8.5m) of investment and research at Siemens in ceramic thin-film technology.
Kerry Sharp, head of the Scottish Investment Bank, the investment arm of Scottish Enterprise, said: “Pyreos is an excellent example of a Scottish technology business that is operating in a global market.
“The company is already trading internationally and exports 90 per cent of its sales. The diverse range of customers that use Pyreos’ sensors means that the company is not reliant on one single market.
“This is just the kind of business that the Scottish Investment Bank is here to support – innovative, disruptive and internationally-focused.”