Investment planned in expansion
Angels lead £1.2m Optoscribe fundraising
Optoscribe, a Livingston-based optical technology business, has received £1.2 million from a group of investors.
The funds, which will be invested in manufacturing and hiring staff, were raised from Archangels, which provided £825,000, supported by £325,000 from Par Equity, the Edinburgh venture capital firm, and £50,000 from Scottish Investment Bank (SIB).
Optoscribe was founded in 2010 as a spin-out business from Heriot-Watt University and has developed technology for the data communications, telecoms and mobile phone markets.
It already has contracts with a range of technology companies and supplies its products worldwide to these companies for research and development.
Nicholas Psaila, chief executive, said: “This investment round will enable a significant transformation of Optoscribe, allowing the company to substantially increase its capabilities through hiring further experienced staff and expanding our manufacturing facilities.
“The investment is a tremendous boost to the company, and we are excited to be embarking on a new phase of growth.”
David Ovens, chief operating officer at Archangels, said: “Supporting Scottish businesses to generate economic growth, innovate and create high value, sustainable jobs is what Archangels is all about.
“Optoscribe is an impressive business with innovative technology that has the potential to disrupt the market in which it is used and underline Scotland’s reputation in technological development. Our members were clearly impressed by Optoscribe’s potential as this fundraising round was significantly oversubscribed and we look forward to supporting the business further as it grows.”
Robert Higginson of Par Equity said: “Optoscribe is selling into a very large and fast growing market, and one which is quick to adopt new technologies that reduce costs or increase capacity.
“Although Optoscribe is still a young company, the route to commercialisation in its sector is accelerated by strong customer pull for technological progress. When combined with the development agreements the company has with banner names in its industry and the quality of the people involved, we are excited to play a part in the company’s future.”